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Climate Change And Overlapping Generations

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  • RICHARD B. HOWARTH

Abstract

This paper examines the interplay between discounting and the distribution of welfare between generations in formulating climate change response strategies. The analysis shows that one can understand Nordhaus's (1994) standard representative agent model for climate policy analysis as a reduced form of an overlapping generations model that embodies more realistic demographic assumptions. In this setting, alternative Pareto efficient allocations may be supported as competitive equilibria given appropriate sets of income transfers between generations. Numerical simulations establish that increased intergenerational transfers entail reduced monetary discount rates and increased rates of greenhouse gas emissions abatement. Short-run policy choices are highly sensitive to normative judgments concerning the relative weight attached to the welfare of future generations. Copyright 1996 Western Economic Association International.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

Volume (Year): 14 (1996)
Issue (Month): 4 (October)
Pages: 100-111

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Handle: RePEc:bla:coecpo:v:14:y:1996:i:4:p:100-111

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Cited by:
  1. Kavuncu, Y. Okan & Knabb, Shawn D., 2005. "Stabilizing greenhouse gas emissions: Assessing the intergenerational costs and benefits of the Kyoto Protocol," Energy Economics, Elsevier, Elsevier, vol. 27(3), pages 369-386, May.
  2. Ansuategi, Alberto & Escapa, Marta, 2002. "Economic growth and greenhouse gas emissions," Ecological Economics, Elsevier, Elsevier, vol. 40(1), pages 23-37, January.
  3. Neumayer, Eric, 1999. "Global warming: discounting is not the issue, but substitutability is," Energy Policy, Elsevier, Elsevier, vol. 27(1), pages 33-43, January.
  4. Richard Howarth, 2000. "Climate Change and the Representative Agent," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 15(2), pages 135-148, February.
  5. Dalton, Michael & O'Neill, Brian & Prskawetz, Alexia & Jiang, Leiwen & Pitkin, John, 2008. "Population aging and future carbon emissions in the United States," Energy Economics, Elsevier, Elsevier, vol. 30(2), pages 642-675, March.
  6. Toman, Michael & Shogren, Jason, 2000. "Climate Change Policy," Discussion Papers, Resources For the Future dp-00-22, Resources For the Future.
  7. Mouez Fodha & Thomas Seegmuller & Hiroaki Yamagami, 2014. "Environmental Policies under Debt Constraint," Working Papers halshs-01023798, HAL.
  8. Toman, Michael & Lile, Ron & King, Dennis, 1998. "Assessing Sustainability: Some Conceptual and Empirical Challenges," Discussion Papers, Resources For the Future dp-98-42, Resources For the Future.
  9. Toman, Michael, 1998. "Research Frontiers in the Economics of Climate Change," Discussion Papers, Resources For the Future dp-98-32, Resources For the Future.
  10. repec:ebl:ecbull:v:17:y:2004:i:7:p:1-11 is not listed on IDEAS
  11. Toman, Michael & Kolstad, Charles, 2000. "The Economics of Climate Policy," Discussion Papers, Resources For the Future dp-00-40, Resources For the Future.
  12. Alberto Ansuategi & Marta Escapa, 2004. "Is international cooperation on climate change good for the environment?," Economics Bulletin, AccessEcon, vol. 17(7), pages 1-11.
  13. Escapa García, Marta & Ansuategui Cobo, José Alberto & Pérez, Azucena, 2003. "International and Intergenerational Dimensions of Climate Change: North-South Cooperation in an Overlapping Generations Framework," IKERLANAK, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I 2003-06, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I.
  14. Camilla Froyn, 2005. "Decision Criteria, Scientific Uncertainty, and the Globalwarming Controversy," Mitigation and Adaptation Strategies for Global Change, Springer, Springer, vol. 10(2), pages 183-211, April.
  15. Emilio Padilla, 2002. "Limitations and biases of conventional analysis of climate change. Towards an analysis coherent with sustainable development," Working Papers wp0206, Department of Applied Economics at Universitat Autonoma of Barcelona.
  16. J.K. Horowitz, 2002. "Preferences in the Future," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 21(3), pages 241-258, March.
  17. Volker Böhm & Tomoo Kikuchi & George Vachadze, 2008. "Asset Pricing and Productivity Growth: The Role of Consumption Scenarios," Computational Economics, Society for Computational Economics, Society for Computational Economics, vol. 32(1), pages 163-181, September.
  18. Liu, Liqun, 2012. "Inferring the rate of pure time preference under uncertainty," Ecological Economics, Elsevier, Elsevier, vol. 74(C), pages 27-33.
  19. Uk Hwang & Francesco Magris, 2005. "Intergenerational Conflicts and the Resource Policy Formation of a Short-Lived Government," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), Swiss Society of Economics and Statistics (SSES), vol. 141(III), pages 437-457, September.
  20. Sumaila, Ussif R. & Walters, Carl, 2005. "Intergenerational discounting: a new intuitive approach," Ecological Economics, Elsevier, Elsevier, vol. 52(2), pages 135-142, January.
  21. Kavuncu, Yusuf Okan & Knabb, Shawn D., 2001. "An Intergenerational Cost-Benefit Analysis of Climate Change," University of California at Santa Barbara, Economics Working Paper Series qt72v881dd, Department of Economics, UC Santa Barbara.

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