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Climate change damage and the trace gas index issue

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Author Info
John Reilly
Kenneth Richards
Abstract

Efficient policies to control trace gas emissions require estimation of an appropriate “exchange rate” among these gases; i.e. the relative value of reducing emissions of each gas. A dynamic stock pollutant model is developed that considers damages associated with both non-climatic and climatic effects of the gases, differing atmospheric lifetimes of the gases, the discount rate, and non-linear damages. The index value and shadow value of control are estimated for carbon dioxide, carbon monoxide, methane, nitrous oxide and the 4 major chlorofluorocarbons (CFCs). The value of control for short-lived relative to long-lives gases is lower for low discount rates and quadratic compared with linear damages. The relative value of control for all gases falls relative to carbon dioxide if one considers the direct beneficial effects of carbon dioxide on agriculture. The general approach developed in the paper may have application for other environmental problems where multiple substances pose individual risks but also jointly contribute to a single risk. Copyright Kluwer Academic Publishers 1993

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File URL: http://hdl.handle.net/10.1007/BF00338319
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Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

Volume (Year): 3 (1993)
Issue (Month): 1 (February)
Pages: 41-61
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Handle: RePEc:kap:enreec:v:3:y:1993:i:1:p:41-61

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Related research
Keywords: Climate change; environmental policy; dynamic control; stock pollutant; greenhouses gases;

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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. Adams, R.M. & McCarl, B.A. & Dudek, D.J. & Glyer, J.D., 1988. "Implications Of Global Climate Change For Western Agriculture," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 13(02), December. [Downloadable!]
  2. Nordhaus, William D, 1991. "To Slow or Not to Slow: The Economics of the Greenhouse Effect," Economic Journal, Royal Economic Society, vol. 101(407), pages 920-37, July. [Downloadable!] (restricted)
  3. Hahn, Robert W, 1989. "Economic Prescriptions for Environmental Problems: How the Patient Followed the Doctor's Orders," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 95-114, Spring. [Downloadable!] (restricted)
  4. Stephen C Peck & Thomas J. Teisberg, 1992. "CETA: A Model for Carbon Emissions Trajectory Assessment," The Energy Journal, International Association for Energy Economics, vol. 13(1), pages 55-78.
  5. Keeler, Emmett & Spence, Michael & Zeckhauser, Richard, 1972. "The optimal control of pollution," Journal of Economic Theory, Elsevier, vol. 4(1), pages 19-34, February. [Downloadable!] (restricted)
  6. Richard S. Eckaus, 1992. "Comparing the Effects of Greenhouse Gas Emissions on Global Warming," The Energy Journal, International Association for Energy Economics, vol. 13(1), pages 25-36.
  7. Arthur, Louise M. & Abizadeh, Fay, 1988. "Potential Effects Of Climate Change On Agriculture In The Prairie Region Of Canada," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 13(02), December. [Downloadable!]
  8. Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, vol. 50(1), pages 213-24, January. [Downloadable!] (restricted)
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(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. Michael Toman, 1998. "Research Frontiers in the Economics of Climate Change," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 11(3), pages 603-621, April. [Downloadable!] (restricted)
  2. Tol, Richard S. J., 2008. "The Social Cost of Carbon: Trends, Outliers and Catastrophes," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(25), pages 1-22. [Downloadable!]
    Other versions:
  3. Katsumasa Tanaka & Richard S.J. Tol & Dmitry Rokityanskiy & Brian C. O'Neill & Michael Obersteiner, 2006. "Evaluating Global Warming Potentials as Historical Temperature Proxies: an application of ACC2 Inverse Calculation," Working Papers FNU-118, Research unit Sustainability and Global Change, Hamburg University, revised Sep 2006. [Downloadable!]
  4. Tol, Richard S. J. & Berntsen, Terje K. & O'Neill, Brian C. & Fuglestvedt, Jan S. & Shine, Keith P. & Balkanski, Yves & Makra, Laszlo, 2008. "Metrics for Aggregating the Climate Effect of Different Emissions: A Unifying Framework," Papers WP257, Economic and Social Research Institute (ESRI). [Downloadable!]
  5. Linda Sygna & Jan Fuglestvedt & H. Aaheim, 2002. "The adequacy of GWPs as indicators of damage costsincurred by global warming," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 7(1), pages 45-62, March. [Downloadable!] (restricted)
  6. Marian Leimbach, 1996. "Development of a Fuzzy optimization model, supporting global warming decision-making," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 7(2), pages 163-192, March. [Downloadable!] (restricted)
  7. Richard S.J. Tol, 2003. "The Marginal Costs Of Carbon Dioxide Emissions: An Assessment Of The Uncertainties," Working Papers FNU-19, Research unit Sustainability and Global Change, Hamburg University, revised Apr 2003. [Downloadable!]
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