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The optimal carbon sequestration in agricultural soils: Do the dynamics of the physical process matter?

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  • Ragot, Lionel
  • Schubert, Katheline

Abstract

The Kyoto Protocol, which came into force in February 2005, allows countries to resort to 'supplementary activities', consisting particularly in carbon sequestration in agricultural soils. Existing papers studying the optimal carbon sequestration recognize the importance of the temporality of sequestration, but overlook the fact that it is an asymmetric dynamic process. This paper takes explicitly into account the temporality of sequestration. Its first contribution lies in the modelling of the asymmetry of the sequestration/de-sequestration process at a micro level, and of its consequences at a macro level. Its second contribution is empirical. We compute numerically the optimal path of sequestration/de-sequestration for specific damage and cost functions, and a calibration that mimics roughly the world conditions. We show that with these assumptions sequestration must be permanent, and that the error made when sequestration is supposed immediate can be very significant.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 32 (2008)
Issue (Month): 12 (December)
Pages: 3847-3865

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Handle: RePEc:eee:dyncon:v:32:y:2008:i:12:p:3847-3865

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Web page: http://www.elsevier.com/locate/jedc

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Keywords: Environment Agriculture Carbon sequestration Kyoto Protocol Optimal control;

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References

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  1. Huseyin cagri SAGLAM, 2002. "Optimal pattern of technology adoption under embodiment with a finite planning horizon : A multi-stage optimal control approach," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2002031, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  2. Tomiyama, Ken & Rossana, Robert J., 1989. "Two-stage optimal control problems with an explicit switch point dependence : Optimality criteria and an example of delivery lags and investment," Journal of Economic Dynamics and Control, Elsevier, vol. 13(3), pages 319-337, July.
  3. Tomiyama, Ken, 1985. "Two-stage optimal control problems and optimality conditions," Journal of Economic Dynamics and Control, Elsevier, vol. 9(3), pages 317-337, November.
  4. Kamien, Morton I & Muller, E, 1976. "Optimal Control with Integral State Equations," Review of Economic Studies, Wiley Blackwell, vol. 43(3), pages 469-73, October.
  5. Feng, Hongli & Zhao, Jinhua & Kling, Catherine L., 2002. "Time Path and Implementation of Carbon Sequestration (The)," Staff General Research Papers 5068, Iowa State University, Department of Economics.
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Cited by:
  1. Ayong Le Kama, Alain & Fodha, Mouez & Lafforgue, Gilles, 2009. "Optimal Carbon Capture and Storage Policies," TSE Working Papers 09-095, Toulouse School of Economics (TSE).
  2. repec:hal:journl:halshs-00674020 is not listed on IDEAS
  3. Carmen Camacho & Agustín Pérez-Barahona, 2012. "Land use dynamics and the environment," Documents de travail du Centre d'Economie de la Sorbonne 12012, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  4. repec:hal:journl:halshs-00505137 is not listed on IDEAS
  5. Mireille Chiroleu-Assouline & Sebastien Roussel, 2014. "Payments for Carbon Sequestration in Agricultural Soils: Incentives for the Future and Rewards for the Past," CEEES Paper Series CE3S-01/14, European University at St. Petersburg, Department of Economics.

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