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Modelling the Economic Impact of Global Warming in a General Equilibrium Framework

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  • Christiane Kurtze
  • Katrin Springer
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    Abstract

    The issue of global warming has become a major topic in the international environmental debate. Alternative climate policy measures can be evaluated with the help of a simulation model that integrates economic and natural science considerations. A fully integrated assessment of the two-way relationship between the world economy and the climate system requires the incorporation of the repercussions of climate change on economic processes into the analysis. This paper seeks to review the contributions of the economic literature dealing with the modelling of climate change impacts. We look at the structure, assumptions, and results of impact studies to illustrate how climate change impacts can be incorporated into Computable General Equilibrium Models (CGEs). As a point of reference a generic general equilibrium model is established and extended to incorporate climate change impacts on the economy.

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    File URL: http://www.ifw-members.ifw-kiel.de/publications/modelling-the-economic-impact-of-global-warming-in-a-general-equilibrium-framework/kap922.pdf
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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 922.

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    Length: 83 pages
    Date of creation: Apr 1999
    Date of revision:
    Handle: RePEc:kie:kieliw:922

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    Related research

    Keywords: Climate Change; Impact Modelling; Damage Function; Computable General Equilibrium Model; Integrated Assessment Framework;

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    References

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    1. William D. Nordhaus & David Popp, 1997. "What is the Value of Scientific Knowledge? An Application to Global Warming Using the PRICE Model," The Energy Journal, International Association for Energy Economics, International Association for Energy Economics, vol. 0(Number 1), pages 1-45.
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    3. Bhattacharyya, Subhes C., 1996. "Applied general equilibrium models for energy studies: a survey," Energy Economics, Elsevier, Elsevier, vol. 18(3), pages 145-164, July.
    4. Jorgenson, Dale W. & Wilcoxen, Peter J., 1993. "Reducing US carbon emissions: an econometric general equilibrium assessment," Resource and Energy Economics, Elsevier, Elsevier, vol. 15(1), pages 7-25, March.
    5. Onal, Hayri & McCarl, Bruce A, 1989. "Aggregation of Heterogeneous Firms in Mathematical Programming Models," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 16(4), pages 499-513.
    6. Hayri ├ľnal & Bruce A. McCarl, 1991. "Exact Aggregation in Mathematical Programming Sector Models," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 39(2), pages 319-334, 07.
    7. Nordhaus, William D & Yang, Zili, 1996. "A Regional Dynamic General-Equilibrium Model of Alternative Climate-Change Strategies," American Economic Review, American Economic Association, American Economic Association, vol. 86(4), pages 741-65, September.
    8. Carlo Perroni & Randall M. Wigle, 1994. "International Trade and Environmental Quality: How Important Are the Linkages?," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 27(3), pages 551-67, August.
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    11. Alan S. Manne & Richard G. Richels, 1991. "Global CO2 Emission Reductions - the Impacts of Rising Energy Costs," The Energy Journal, International Association for Energy Economics, International Association for Energy Economics, vol. 0(Number 1), pages 87-108.
    12. Tucker, Michael, 1997. "Climate change and the insurance industry: the cost of increased risk and the impetus for action," Ecological Economics, Elsevier, Elsevier, vol. 22(2), pages 85-96, August.
    13. C. Rosenzweig & A. Iglesias & G. Fischer & Y. Liu & W. Baethgen & J.W. Jones, 1998. "Wheat Yield Functions for Analysis of Land-Use Change in China," Working Papers, International Institute for Applied Systems Analysis ir98069, International Institute for Applied Systems Analysis.
    14. Andrew F Dlugolecki, 1992. "Insurance Implications of Climatic Change," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 17(3), pages 393-405, July.
    15. Stephen C Peck & Thomas J. Teisberg, 1992. "CETA: A Model for Carbon Emissions Trajectory Assessment," The Energy Journal, International Association for Energy Economics, International Association for Energy Economics, vol. 0(Number 1), pages 55-78.
    16. Dowlatabadi, Hadi & Morgan, M. Granger, 1993. "A model framework for integrated studies of the climate problem," Energy Policy, Elsevier, Elsevier, vol. 21(3), pages 209-221, March.
    17. Spreen, Thomas H., 2006. "Price Endogenous Mathematical Programming Models and Trade Analysis," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, Southern Agricultural Economics Association, vol. 38(02), August.
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    Cited by:
    1. Gernot Klepper & Katrin Springer, 2000. "Benchmarking the Future: A Dynamic, Multi-Regional, Multi-Sectoral Trade Model for the Analysis of Climate Policies," Kiel Working Papers 976, Kiel Institute for the World Economy.

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