CONSISTENT CLIMATE POLICIES

• 成果类型: Article
• 署名作者: Gerlagh, Reyer; Liski, Matti
• 署名单位: Tilburg University; Aalto University
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1093/jeea/jvx010
• 发表日期: 2018
• 页码: 1-44
• 关键词: Integrated assessment; social cost; ECONOMICS; carbon; GROWTH; models; co2

摘要

What are the optimal climate policies when time preferences deviate from the standard exponential discounting and decision makers cannot commit to future policies? We show that, with time-declining discounting, the delay and persistence of climate impacts provide a commitment device to policy makers. We quantify the commitment value in a climate-economy model by solving time-consistent Markov equilibrium capital and emission taxes explicitly. The returns on capital and climate investments are no longer equal, leading to a large increase in the emission tax, compared to a benchmark with equalized returns. The commitment value increases the tax by a factor of 20 in our quantitative assessment. (JEL: H43, H41, D61, D91, Q54, E21)