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Efficiency Gains from "What"-Flexibility in Climate Policy An Integrated CGE Assessment

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  • Christoph Bohringer, Andreas Loschel and Thomas F. Rutherford

Abstract

We investigate the importance of ÒwhatÓ-flexibility on top of ÒwhereÓ- and ÒwhenÓ-flexibility for alternative emission control schemes that prescribe long-term temperature targets and eventually impose additional constraints on the rate of temperature change. We find that ÒwhatÓ-flexibility substantially reduces the economic adjustment costs. When comparing policies that simply involve long-term temperature targets against more stringent strategies with constraints on the rate of temperature increase, it turns out that the latter involve much higher costs. The cost difference may be interpreted as additional insurance payments if climate damages should not only depend on absolute temperature change but also on the rate of temperature change.

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Bibliographic Info

Article provided by International Association for Energy Economics in its journal The Energy Journal.

Volume (Year): Multi-Greenhouse Gas Mitigation and Climate Policy (2006)
Issue (Month): Special Issue #3 ()
Pages: 405-424

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Handle: RePEc:aen:journl:2006se_weyant-a21

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  1. Gollier & Jullien & Treich, 2000. "Scientific progress and irreversibility : an economic interpretation of the Precautionary principle," Working Papers 156240, Institut National de la Recherche Agronomique, France.
  2. Rutherford, Thomas F., 1995. "Extension of GAMS for complementarity problems arising in applied economic analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 19(8), pages 1299-1324, November.
  3. Uzawa, H, 1969. "Time Preference and the Penrose Effect in a Two-Class Model of Economic Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 77(4), pages 628-52, Part II, .
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  5. Christoph Böhringer & Thomas Rutherford, 2002. "Carbon Abatement and International Spillovers," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 22(3), pages 391-417, July.
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  7. A. Bovenberg, 1999. "Green Tax Reforms and the Double Dividend: an Updated Reader's Guide," International Tax and Public Finance, Springer, vol. 6(3), pages 421-443, August.
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  9. Rutherford, Thomas F, 1999. "Applied General Equilibrium Modeling with MPSGE as a GAMS Subsystem: An Overview of the Modeling Framework and Syntax," Computational Economics, Society for Computational Economics, vol. 14(1-2), pages 1-46, October.
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Cited by:
  1. Moslener, Ulf & Requate, Till, 2005. "Optimal Abatement in Dynamic Multi-Pollutant Problems When Pollutants can be Complements or Substitutes," ZEW Discussion Papers 05-27, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  2. Richard S.J. Tol, 2012. "Targets for Global Climate Policy: An Overview," Working Paper Series 3712, Department of Economics, University of Sussex.
  3. Kiuila, O. & Rutherford, T.F., 2013. "Piecewise smooth approximation of bottom–up abatement cost curves," Energy Economics, Elsevier, vol. 40(C), pages 734-742.

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