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Climate policies under climate model uncertainty: max-min and min-max regret

Abstract:

Temperature responses and optimal climate policies depend crucially on the choice of a particular climate model. To illustrate, the temperature responses to given emission reduction paths implied by the climate modules of the well-known integrated assessments models DICE, FUND and PAGE are described and compared. A dummy temperature module based on President Trump's climate sceptic view is added. Using a simple growth model of the global economy, the sensitivity of the optimal carbon price, r...

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Publication status:
Published

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Publisher:
University of Oxford Publisher's website
Series:
OxCarre Papers
Publication date:
2017-01-31
Paper number:
187
Keywords:
Pubs id:
1143567
Local pid:
pubs:1143567
Deposit date:
2020-12-14

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