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Time Preference, Stock Externalities and Strategic Reactions

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  • Zili Yang

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    Abstract

    This paper examines the relationship between the rateof time preference and strategic reactions in dealing with climate change caused by anthropogenic greenhouse gas (GHG) emissions. Treating climate change as stock externalities, the RICE model (Nordhaus and Yang [1996]) is employed in this paper for simulation studies. The simulation results show that when regions' rate of time preference in evaluating climatechange is sufficiently low, the paths of efficient GHGemission reduction measurement and the inefficient Nash equilibrium outcome are close. The paper also provides general interpretations of such phenomena. Finally, the implications of a low rate of time preference on GHG emission reduction policies are discussed. Copyright Kluwer Academic Publishers 2001

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    File URL: http://hdl.handle.net/10.1023/A:1011160620922
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    Bibliographic Info

    Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

    Volume (Year): 18 (2001)
    Issue (Month): 2 (February)
    Pages: 233-250

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    Handle: RePEc:kap:enreec:v:18:y:2001:i:2:p:233-250

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    Web page: http://www.springerlink.com/link.asp?id=100263

    Related research

    Keywords: stock externality; climate change;

    References

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    1. Brito, D L, 1972. "A Dynamic Model of an Armaments Race," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(2), pages 359-75, June.
    2. Nordhaus, William D & Yang, Zili, 1996. "A Regional Dynamic General-Equilibrium Model of Alternative Climate-Change Strategies," American Economic Review, American Economic Association, vol. 86(4), pages 741-65, September.
    3. William R. Cline, 1992. "Economics of Global Warming, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 39.
    4. Alan Manne & Richard Richels, 1992. "Buying Greenhouse Insurance: The Economic Costs of CO2 Emission Limits," MIT Press Books, The MIT Press, edition 1, volume 1, number 026213280x, January.
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    Cited by:
    1. Yang, Zili, 2003. "Dual-rate discounting in dynamic economic-environmental modeling," Economic Modelling, Elsevier, vol. 20(5), pages 941-957, September.

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