| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16050 |
| 来源ID | Working Paper 16050 |
| Ambiguity and Climate Policy | |
| Antony Millner; Simon Dietz; Geoffrey Heal | |
| 发表日期 | 2010-06-03 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Economic evaluation of climate policy traditionally treats uncertainty by appealing to expected utility theory. Yet our knowledge of the impacts of climate change may not be of sufficient quality to justify probabilistic beliefs. In such circumstances it has been argued that the axioms of expected utility theory may not be the the correct standard of rationality. By contrast several recently-proposed axiomatic frameworks account for ambiguous beliefs. We follow this approach and apply static and dynamic versions of a smooth ambiguity model to climate policy, obtaining general results on the comparative statics of optimal abatement and ambiguity aversion and illustrating this sufficient condition in some simple examples. Greater ambiguity aversion may lead to more or less abatement depending on the details of the model. We then extend our analysis to a dynamic setting and adopt a well-known integrated assessment model to show that the value of emissions abatement increases as ambiguity aversion increases, and that this "ambiguity premium" can in some plausible cases be very large. |
| 主题 | Microeconomics ; Economics of Information ; Environmental and Resource Economics ; Environment |
| URL | https://www.nber.org/papers/w16050 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573725 |
| 推荐引用方式 GB/T 7714 | Antony Millner,Simon Dietz,Geoffrey Heal. Ambiguity and Climate Policy. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16050.pdf（778KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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