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Global Warming Economics in the Long Run: A Conceptual Framework

Global Warming Economics in the Long Run: A Conceptual Framework Economic models of climate change typically analyze its short-run effects, for example, up to the year 2100 or for a doubling of atmospheric CO<sub xmlns:m="http://www.w3.org/1998/Math/MathML" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sub>. This is a potentially serious shortcoming since under a business-as-usual scenario, atmospheric CO<sub xmlns:m="http://www.w3.org/1998/Math/MathML" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sub> concentrations could more than quadruple. We introduce a framework that endogenously accounts for long-run climate change and examine the implications of alternative mitigation strategies: one in which the rates of annual emissions are reduced, and one that places absolute limits on the total amount of carbon released. We discuss alternative valuation frameworks, drawing on the debate surrounding the <i>Stern Review</i>. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

Global Warming Economics in the Long Run: A Conceptual Framework

Land Economics , Volume 86 (1) – Apr 4, 2012

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Publisher
University of Wisconsin Press
ISSN
1543-8325

Abstract

Economic models of climate change typically analyze its short-run effects, for example, up to the year 2100 or for a doubling of atmospheric CO<sub xmlns:m="http://www.w3.org/1998/Math/MathML" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sub>. This is a potentially serious shortcoming since under a business-as-usual scenario, atmospheric CO<sub xmlns:m="http://www.w3.org/1998/Math/MathML" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sub> concentrations could more than quadruple. We introduce a framework that endogenously accounts for long-run climate change and examine the implications of alternative mitigation strategies: one in which the rates of annual emissions are reduced, and one that places absolute limits on the total amount of carbon released. We discuss alternative valuation frameworks, drawing on the debate surrounding the <i>Stern Review</i>.

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Apr 4, 2012

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