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Global Carbon Cycle and the Optimal Time Path of a Carbon Tax

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Author Info
Farzin, Y H
Tahvonen, O
Abstract

The existing models of fossil fuel consumption with carbon accumulation imply that the optimal time path of carbon tax is either hump-shaped or monotonically decreasing. These models specify the decay of atmospheric carbon as a constant rate of total concentration. The authors extend this specification to more accurately reflect the global carbon cycle models of climatologists and show that this extension changes the basic economic properties of the optimal carbon tax. Their analysis reveals that the optimal carbon tax may as well be constant through time, increase monotonically, or have a U-shape. In addition, optimal resource extraction may have an open-close-open cycle. Copyright 1996 by Royal Economic Society.

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Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 48 (1996)
Issue (Month): 4 (October)
Pages: 515-36
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Handle: RePEc:oup:oxecpp:v:48:y:1996:i:4:p:515-36

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  3. Chakravorty, Ujjayant & Magne, Bertrand & Moreaux, Michel, 2003. "From Coal to Clean Energy : Hotelling with a Limit on the Stock of Externalities," IDEI Working Papers 229, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
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  4. Santiago J. Rubio & Luisa Escriche, 1998. "- Strategic Pigouvian Taxation, Stock Externalities And Polluting Non-Renewable Resources," Working Papers. Serie EC 1998-23, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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  5. Conrad, Klaus, . "The Optimal Path of Energy and CO2 Taxes for Intertemporal Resource Allocation," IVS discussion paper series 602, Institut für Volkswirtschaft und Statistik (IVS), University of Mannheim. [Downloadable!]
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  8. Craig Bond & Y. Farzin, 2008. "Alternative Sustainability Criteria, Externalities, and Welfare in a Simple Agroecosystem Model: A Numerical Analysis," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 40(3), pages 383-399, July. [Downloadable!] (restricted)
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  10. Lief K. Sandal & Stein Ivar Steinshamn & R. Quentin Grafton, 2001. ""More is Less": The Tax Effects of Ignoring Flow Externalities," Economics and Environment Network Working Papers 0103, Australian National University, Economics and Environment Network. [Downloadable!]
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  11. Mads Greaker and Lise-Lotte Pade, 2008. "Optimal CO2 abatement and technological change. Should emission taxes start high in order to spur R&D?," Discussion Papers 548, Research Department of Statistics Norway. [Downloadable!]
  12. Bond, Craig A. & Farzin, Y. Hossein, 2004. "A Portfolio Of Nutrients: Soil And Sustainability," 2004 Annual meeting, August 1-4, Denver, CO 20035, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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  16. Choiniere, Conrad J., 2000. "Renewable Energy And Greenhouse Gas Mitigation," 2000 Annual meeting, July 30-August 2, Tampa, FL 21813, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  17. Wilfried Rickels & Thomas Lontzek, 2008. "Optimal Global Carbon Management with Ocean Sequestration," Kiel Working Papers 1432, Kiel Institute for the World Economy. [Downloadable!]
  18. H. Aaheim, 1999. "Climate Policy with Multiple Sources and Sinks of Greenhouse Gases," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 14(3), pages 413-430, October. [Downloadable!] (restricted)
  19. Grimaud, André & Lafforgue, Gilles & Magne, Bertrand, 2008. "Decentralized Equilibrium Analysis in a Growth Model with Directed Technical Change and Climate Change Mitigation," IDEI Working Papers 537, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
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  21. Lars Lindholt, 1999. "Beyond Kyoto: CO2 permit prices and the markets for fossil fuels," Discussion Papers 258, Research Department of Statistics Norway. [Downloadable!]
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