| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16065 |
| 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 |
| URL | https://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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