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Climate Change and Technical Progress: Impact of Informational Constraints

In: Dynamic Optimization in Environmental Economics

Author

Listed:
  • Anton Bondarev

    (Bielefeld University)

  • Christiane Clemens

    (Bielefeld University)

  • Alfred Greiner

    (Bielefeld University)

Abstract

In this paper we analyse a growth model that includes environmental and economic variables as well as technological progress under different informational constraints on the behavior of economic agents. To simulate the informationally constrained economy, we make use of the non-linear model predictive control technique. We compare models with exogenous and endogenous technical change as well as directed and undirected endogenous technical change under different informational structures. We show that endogenous technical change yields lower environmental damages than exogenous technical change with a fully informed social planner. At the same time, welfare may rise or decline depending on the efficiency of the technology in use. In the case of directed technical change, a green growth scenario generates a smaller temperature increase that, however, goes along with less output and lower welfare. This holds both for the informationally constrained market economy and for the social optimum. We find that the effects of informational constraints, with respect to the climate system, increase with the degree of endogeneity of technology in the model.

Suggested Citation

  • Anton Bondarev & Christiane Clemens & Alfred Greiner, 2014. "Climate Change and Technical Progress: Impact of Informational Constraints," Dynamic Modeling and Econometrics in Economics and Finance, in: Elke Moser & Willi Semmler & Gernot Tragler & Vladimir M. Veliov (ed.), Dynamic Optimization in Environmental Economics, edition 127, pages 3-35, Springer.
    • Handle: RePEc:spr:dymchp:978-3-642-54086-8_1
    DOI: 10.1007/978-3-642-54086-8_1
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    Cited by:

    1. Anton Bondarev & Alfred Greiner, 2022. "How ongoing structural change creates a double dividend: outdating of technologies and green growth," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 21(2), pages 125-160, May.

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