G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16065
DP16065 Uncertainty in the Analytic Climate Economy
Christian Traeger
发表日期2021-04-22
出版年2021
语种英语
摘要The paper analyzes optimal climate policy under uncertainty. It endows a recent quantitative analytic integrated assessment model (IAM) with long-run risk, adapting methods from the asset pricing literature to deal with endogenous climate risk. The model solves in closed-form for general degrees of risk aversion, stochastic climate feedbacks, and a stochastic damage-adaptation process. The model permits an exact solution of the infinite horizon stochastic fixed-point problem of a complex IAM. The approach facilitates new quantitative evidence for the role of uncertainty as well as analytic insights into the drivers and sensitivities of the optimal carbon tax facing an uncertain future.
主题Research policy networks ; Climate Change
关键词Climate change Integrated assessment Uncertainty Risk aversion Social cost of carbon Damages adaptation Long-run risk Endogenous risk stochastic volatility
URLhttps://cepr.org/publications/dp16065
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/545043
推荐引用方式
GB/T 7714
Christian Traeger. DP16065 Uncertainty in the Analytic Climate Economy. 2021.
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