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Climate Change and the Representative Agent

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Author Info
Richard Howarth

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Abstract

The artifice of an infinitely-lived representative agent iscommonly invoked to balance the present costs and future benefitsof climate stabilization policies. Since actual economies arepopulated by overlapping generations of finite-lived persons,this approach begs important questions of welfare aggregation.This paper compares the results of representative agent andoverlapping generations models that are numerically calibratedbased on standard assumptions regarding climate--economyinteractions. Under two social choice rules -- Pareto efficiencyand classical utilitarianism -- the models generate closelysimilar simulation results. In the absence of policies toredistribute income between present and future generations,efficient rates of carbon dioxide emissions abatement rise from15 to 20% between the years 2000 and 2105. Under classicalutilitarianism, in contrast, optimal control rates rise from 48 to 79% this same period. Copyright Kluwer Academic Publishers 2000

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File URL: http://hdl.handle.net/10.1023/A:1008361812597
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Publisher Info
Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 15 (2000)
Issue (Month): 2 (February)
Pages: 135-148
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Handle: RePEc:kap:enreec:v:15:y:2000:i:2:p:135-148

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Related research
Keywords: climate change; overlapping generations models;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Golombek, Rolf & Hagem, Cathrine & Hoel, Michael, 1995. "Efficient incomplete international climate agreements," Resource and Energy Economics, Elsevier, vol. 17(1), pages 25-46, May. [Downloadable!] (restricted)
  2. Burton Peter S., 1993. "Intertemporal Preferences and Intergenerational Equity Considerations in Optimal Resource Harvesting," Journal of Environmental Economics and Management, Elsevier, vol. 24(2), pages 119-132, March. [Downloadable!] (restricted)
  3. Manne, Alan S, 1995. "The rate of time preference : Implications for the greenhouse debate," Energy Policy, Elsevier, vol. 23(4-5), pages 391-394. [Downloadable!] (restricted)
  4. Howarth, Richard B, 1998. " An Overlapping Generations Model of Climate-Economy Interactions," Scandinavian Journal of Economics, Blackwell Publishing, vol. 100(3), pages 575-91, September. [Downloadable!] (restricted)
  5. Kirman, Alan P, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-36, Spring. [Downloadable!] (restricted)
  6. Mourmouras, Alex, 1993. "Conservationist government policies and intergenerational equity in an overlapping generations model with renewable resources," Journal of Public Economics, Elsevier, vol. 51(2), pages 249-268, June. [Downloadable!] (restricted)
  7. GUNTER Stephan & GEORG MÜLLER-FÜRSTENBERGER & PASCAL Previdoli, 1997. "Overlapping Generations or Infinitely-Lived Agents: Intergenerational Altruism and the Economics of Global Warming," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 10(1), pages 27-40, July. [Downloadable!] (restricted)
  8. Marini Giancarlo & Scaramozzino Pasquale, 1995. "Overlapping Generations and Environmental Control," Journal of Environmental Economics and Management, Elsevier, vol. 29(1), pages 64-77, July. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Yusuf Kavuncu & Shawn Knabb, 2001. "An Intergenerational Cost-Benefit Analysis of Climate Change," University of California at Santa Barbara, Economics Working Paper Series wp6-01, Department of Economics, UC Santa Barbara. [Downloadable!]
  2. Alberto Ansuategi Cobo & Marta Escapa García & Azucena Perez, 2004. "International and Intergenerational Dimension of Climate Cjange: North-South Cooperat," IKERLANAK 200306, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I. [Downloadable!]
  3. Alberto Ansuategi & Marta Escapa, 2004. "Is international cooperation on climate change good for the environment?," Economics Bulletin, Economics Bulletin, vol. 17(7), pages 1-11. [Downloadable!]
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