ENDOGENOUS GROWTH, CONVEXITY OF DAMAGE AND CLIMATE RISK: HOW NORDHAUS' FRAMEWORK SUPPORTS DEEP CUTS IN CARBON EMISSIONS

• 成果类型: Article
• 署名作者: Dietz, Simon; Stern, Nicholas
• 署名单位: University of London; London School Economics & Political Science
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12188
• 发表日期: 2015
• 页码: 574-620
• 关键词: optimal transition path; ECONOMICS; DICE; targets; science; ETHICS; equity; POLICY; MODEL

摘要

To slow or not to slow' (Nordhaus, 1991) was the first economic appraisal of greenhouse gas emissions abatement and founded a large literature on a topic of worldwide importance. We offer our assessment of the original article and trace its legacy, in particular Nordhaus's later series of DICE' models. From this work, many have drawn the conclusion that an efficient global emissions abatement policy comprises modest and modestly increasing controls. We use DICE itself to provide an initial illustration that, if the analysis is extended to take more strongly into account three essential elements of the climate problem - the endogeneity of growth, the convexity of damage and climate risk - optimal policy comprises strong controls. Nordhaus, W.D. (1991). To slow or not to slow: the economics of the greenhouse effect', Economic Journal, vol. 101(407), pp. 920-37.