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WITCH. A World Induced Technical Change Hybrid Model

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Author Info
Valentina Bosetti (Fondazione Eni Enrico Mattei)
Carlo Carraro () (Department of Economics, University Of Venice Ca’ Foscari)
Marzio Galeotti (Fondazione Eni Enrico Mattei)
Emanuele Massetti (Fondazione Eni Enrico Mattei)
Massimo Tavoni (Fondazione Eni Enrico Mattei)

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Abstract

The need for a better understanding of future energy scenarios, of their compatibility with the objective of stabilizing greenhouse gas concentrations, and of their links with climate policy, calls for the development of hybrid models. Hybrid because both the technological detail typical of Bottom Up (BU) models and the long run dynamics typical of Top Down (TD) models are crucially necessary. We present WITCH – World Induced Technical Change Hybrid model – a neoclassical optimal growth model (TD) with energy input detail (BU). The model endogenously accounts for technological progress, both through learning curves affecting prices of new vintages of capital and through R&D investments. In addition, the model captures the main economic interrelationships between world regions and is designed to analyze the optimal economic and environment policies in each world region as the outcome of a dynamic game. This paper provides a detailed description of the WITCH model, of its baseline, and of the model calibration procedure.

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Paper provided by University of Venice "Ca' Foscari", Department of Economics in its series Working Papers with number 2006_46.

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Length: 31 pages
Date of creation: 2006
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Handle: RePEc:ven:wpaper:2006_46

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Related research
Keywords: Climate Policy Hybrid Modelling Integrated Assessment Technological Change Energy Mix.

Find related papers by JEL classification:
O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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  1. Valentina Bosetti & Carlo Carraro & Emanuele Massetti & Massimo Tavoni, 2007. "International Energy R&D Spillovers and the Economics of Greenhouse Gas Atmospheric Stabilization," Working Papers 2007.82, Fondazione Eni Enrico Mattei. [Downloadable!]
    Other versions:
  2. Valentina Bosetti & Carlo Carraro & Emanuele Massetti, 2008. "Banking Permits: Economic Efficiency and Distributional Effects," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
    Other versions:
  3. Bosetti, Valentina & Carraro, Carlo & Massetti, Emanuele & Tavoni, Massimo, 2007. "Optimal Energy Investment and R&D Strategies to Stabilise Greenhouse Gas Atmospheric Concentrations," CEPR Discussion Papers 6549, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  4. Valentina Bosetti & Massimo Tavoni, 2007. "Uncertain R&D, Backstop Technology and GHGs Stabilization," Working Papers 2007.6, Fondazione Eni Enrico Mattei. [Downloadable!]
  5. Massimo Tavoni & Valentina Bosetti & Brent Sohngen, 2007. "Forestry and the Carbon Market Response to Stabilize Climate," Working Papers 2007.15, Fondazione Eni Enrico Mattei. [Downloadable!]
    Other versions:
  6. Carlo Carraro & Valentina Bosetti & Alessandra Sgobbi & Massimo Tavoni, 2007. "Delayed Participation of Developing Countries to Climate Agreements: Should Action in the EU and US be Postponed?," Working Papers 2008_28, University of Venice "Ca' Foscari", Department of Economics, revised 2008. [Downloadable!]
  7. Valentina Bosetti & Emanuele Massetti & Massimo Tavoni, 2007. "The WITCH Model. Structure, Baseline, Solutions," Working Papers 2007.10, Fondazione Eni Enrico Mattei. [Downloadable!]
  8. Nico Bauer & Ottmar Edenhofer & Socrates Kypreos, 2008. "Linking energy system and macroeconomic growth models," Computational Management Science, Springer, vol. 5(1), pages 95-117, February. [Downloadable!] (restricted)
  9. Enrica De Cian, 2006. "International Technology Spillovers in Climate-Economy Models: Two Possible Approaches," Working Papers 2006.141, Fondazione Eni Enrico Mattei. [Downloadable!]
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