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Fat tails, exponents, extreme uncertainty: Simulating catastrophe in DICE

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Cited by:

  1. Ackerman, Frank & Stanton, Elizabeth A. & Bueno, Ramón, 2013. "CRED: A new model of climate and development," Ecological Economics, Elsevier, vol. 85(C), pages 166-176.
  2. van den Bergh, J.C.J.M. & Botzen, W.J.W., 2015. "Monetary valuation of the social cost of CO2 emissions: A critical survey," Ecological Economics, Elsevier, vol. 114(C), pages 33-46.
  3. Chang, Charles W., 2014. "DICESC: Optimal Policy in a Stochastic Control Framework," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170831, Agricultural and Applied Economics Association.
  4. Peter Harrison Howard & Derek Sylvan, 2020. "Wisdom of the experts: Using survey responses to address positive and normative uncertainties in climate-economic models," Climatic Change, Springer, vol. 162(2), pages 213-232, September.
  5. Lamperti, F. & Dosi, G. & Napoletano, M. & Roventini, A. & Sapio, A., 2018. "Faraway, So Close: Coupled Climate and Economic Dynamics in an Agent-based Integrated Assessment Model," Ecological Economics, Elsevier, vol. 150(C), pages 315-339.
  6. Crost, Benjamin & Traeger, Christian P., 2010. "Risk and Aversion in the Integrated Assessment of Climate Change," CUDARE Working Papers 90935, University of California, Berkeley, Department of Agricultural and Resource Economics.
  7. Francesco Lamperti & Giovanni Dosi & Mauro Napoletano & Andrea Roventini & Alessandro Sapio, 2018. "And then he wasn't a she : Climate change and green transitions in an agent-based integrated assessment model," Working Papers hal-03443464, HAL.
  8. Seth D. Baum & Timothy M. Maher & Jacob Haqq-Misra, 2013. "Double catastrophe: intermittent stratospheric geoengineering induced by societal collapse," Environment Systems and Decisions, Springer, vol. 33(1), pages 168-180, March.
  9. Aurélie Méjean & Antonin Pottier & Marc Fleurbaey & Stéphane Zuber, 2020. "Catastrophic climate change, population ethics and intergenerational equity," Climatic Change, Springer, vol. 163(2), pages 873-890, November.
  10. Aurélie Méjean & Antonin Pottier & Stéphane Zuber & Marc Fleurbaey, 2017. "Intergenerational equity under catastrophic climate change," Documents de travail du Centre d'Economie de la Sorbonne 17040, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  11. Dietz, Simon & Asheim, Geir B., 2012. "Climate policy under sustainable discounted utilitarianism," Journal of Environmental Economics and Management, Elsevier, vol. 63(3), pages 321-335.
  12. Yongyang Cai, 2020. "The Role of Uncertainty in Controlling Climate Change," Papers 2003.01615, arXiv.org, revised Oct 2020.
  13. Jensen, Svenn & Traeger, Christian P., 2014. "Optimal climate change mitigation under long-term growth uncertainty: Stochastic integrated assessment and analytic findings," European Economic Review, Elsevier, vol. 69(C), pages 104-125.
  14. Jin, Gui & Shi, Xin & Zhang, Lei & Hu, Shougeng, 2020. "Measuring the SCCs of different Chinese regions under future scenarios," Renewable and Sustainable Energy Reviews, Elsevier, vol. 130(C).
  15. Nicholas Stern, 2010. "Presidential Address Imperfections in the Economics of Public Policy, Imperfections in Markets, and Climate Change," Journal of the European Economic Association, MIT Press, vol. 8(2-3), pages 253-288, 04-05.
  16. Milad Eghtedari Naeini & Benjamin D. Leibowicz & J. Eric Bickel, 2020. "Can you trust a model whose output keeps changing? Interpreting changes in the social cost of carbon produced by the DICE model," Environment Systems and Decisions, Springer, vol. 40(3), pages 301-320, September.
  17. Richard Tol, 2012. "Maximum Carbon Taxes in the Short Run," Working Paper Series 3312, Department of Economics, University of Sussex Business School.
  18. Yoshua Bengio & Prateek Gupta & Dylan Radovic & Maarten Scholl & Andrew Williams & Christian Schroeder de Witt & Tianyu Zhang & Yang Zhang, 2022. "(Private)-Retroactive Carbon Pricing [(P)ReCaP]: A Market-based Approach for Climate Finance and Risk Assessment," Papers 2205.00666, arXiv.org.
  19. Dietz, Simon, 2011. "The treatment of risk and uncertainty in the US social cost of carbon for regulatory impact analysis," Economics Discussion Papers 2011-30, Kiel Institute for the World Economy (IfW Kiel).
  20. Rogna, Marco & Vogt, Carla J., 2021. "Accounting for inequality aversion can justify the 2° C goal," Ruhr Economic Papers 925, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
  21. De Bruin, Kelly & Kiran Krishnamurthy, Chandra, 2021. "Optimal Climate Policy with Fat-tailed Uncertainty: What the Models Can Tell Us," Papers WP697, Economic and Social Research Institute (ESRI).
  22. Lint Barrage, 2019. "The Nobel Memorial Prize for William D. Nordhaus," Scandinavian Journal of Economics, Wiley Blackwell, vol. 121(3), pages 884-924, July.
  23. Elena Rovenskaya, 2011. "One-step Optimization Model of Warming-driven Damage of Economic Growth," DEGIT Conference Papers c016_062, DEGIT, Dynamics, Economic Growth, and International Trade.
  24. Louise Kessler, 2017. "Estimating The Economic Impact Of The Permafrost Carbon Feedback," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 8(02), pages 1-23, May.
  25. KEVIN DAYARATNA & ROSS McKITRICK & DAVID KREUTZER, 2017. "Empirically Constrained Climate Sensitivity And The Social Cost Of Carbon," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 8(02), pages 1-12, May.
  26. Ortiz, Ramon Arigoni & Golub, Alexander & Lugovoy, Oleg & Markandya, Anil & Wang, James, 2011. "DICER: A tool for analyzing climate policies," Energy Economics, Elsevier, vol. 33(S1), pages 41-49.
  27. Masako Ikefuji & Roger J. A. Laeven & Jan R. Magnus & Chris Muris, 2011. "Weitzman meets Nordhaus: Expected utility and catastrophic risk in a stochastic economy-climate model," ISER Discussion Paper 0825, Institute of Social and Economic Research, Osaka University.
  28. Louise Kessler, 2015. "Estimating the economic impact of the permafrost carbon feedback," GRI Working Papers 219, Grantham Research Institute on Climate Change and the Environment.
  29. Dietz, Simon, 2012. "The treatment of risk and uncertainty in the US social cost of carbon for regulatory impact analysis," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 6, pages 1-12.
  30. Tommi Ekholm, 2014. "Hedging the climate sensitivity risks of a temperature target," Climatic Change, Springer, vol. 127(2), pages 153-167, November.
  31. Wouter Botzen, W.J. & van den Bergh, Jeroen C.J.M., 2012. "How sensitive is Nordhaus to Weitzman? Climate policy in DICE with an alternative damage function," Economics Letters, Elsevier, vol. 117(1), pages 372-374.
  32. Lamperti, F. & Dosi, G. & Napoletano, M. & Roventini, A. & Sapio, A., 2020. "Climate change and green transitions in an agent-based integrated assessment model," Technological Forecasting and Social Change, Elsevier, vol. 153(C).
  33. Simon Dietz, 2011. "The treatment of risk and uncertainty in the US Social Cost of Carbon for Regulatory Impact Analysis," GRI Working Papers 54, Grantham Research Institute on Climate Change and the Environment.
  34. Ikefuji, Masako & Laeven, Roger J.A. & Magnus, Jan R. & Muris, Chris, 2020. "Expected utility and catastrophic risk in a stochastic economy–climate model," Journal of Econometrics, Elsevier, vol. 214(1), pages 110-129.
  35. Nicolas Taconet & Céline Guivarch & Antonin Pottier, 2019. "Social Cost of Carbon under stochastic tipping points: when does risk play a role?," CIRED Working Papers hal-02408904, HAL.
  36. Iverson, Terrence, 2012. "Communicating Trade-offs amid Controversial Science: Decision Support for Climate Policy," Ecological Economics, Elsevier, vol. 77(C), pages 74-90.
  37. Nordhaus, William, 2013. "Integrated Economic and Climate Modeling," Handbook of Computable General Equilibrium Modeling, in: Peter B. Dixon & Dale Jorgenson (ed.), Handbook of Computable General Equilibrium Modeling, edition 1, volume 1, chapter 0, pages 1069-1131, Elsevier.
  38. Pezzey, John C.V. & Burke, Paul J., 2014. "Towards a more inclusive and precautionary indicator of global sustainability," Ecological Economics, Elsevier, vol. 106(C), pages 141-154.
  39. Simon Dietz, 2011. "High impact, low probability? An empirical analysis of risk in the economics of climate change," Climatic Change, Springer, vol. 108(3), pages 519-541, October.
  40. Stephen Keen & Timothy M. Lenton & Antoine Godin & Devrim Yilmaz & Matheus Grasselli & Timothy J. Garrett, 2021. "Economists' erroneous estimates of damages from climate change," Papers 2108.07847, arXiv.org.
  41. repec:hal:spmain:info:hdl:2441/4hs7liq1f49gh9chdf7r17gam6 is not listed on IDEAS
  42. Stanca Lorenzo, 2023. "Robust Bayesian Choice," Working papers 079, Department of Economics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino.
  43. Rezai, Armon & Taylor, Lance & Mechler, Reinhard, 2013. "Ecological macroeconomics: An application to climate change," Ecological Economics, Elsevier, vol. 85(C), pages 69-76.
  44. Lee, Sangjun & Zhao, Jinhua, 2021. "Adaptation to climate change: Extreme events versus gradual changes," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
  45. Lorenzo Stanca, 2023. "Robust Bayesian Choice," Carlo Alberto Notebooks 690 JEL Classification: C, Collegio Carlo Alberto.
  46. Kousky, Carolyn & Kopp, Robert E. & Cooke, Roger M., 2011. "Risk premia and the social cost of carbon: A review," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 5, pages 1-24.
  47. Soheil Shayegh & Valerie Thomas, 2015. "Adaptive stochastic integrated assessment modeling of optimal greenhouse gas emission reductions," Climatic Change, Springer, vol. 128(1), pages 1-15, January.
  48. Heiko Wirths & Joachim Rathmann & Peter Michaelis, 2018. "The permafrost carbon feedback in DICE-2013R modeling and empirical results," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 20(1), pages 109-124, January.
  49. Rising, James A. & Taylor, Charlotte & Ives, Matthew C. & Ward, Robert E.T., 2022. "Challenges and innovations in the economic evaluation of the risks of climate change," Ecological Economics, Elsevier, vol. 197(C).
  50. Crost, Benjamin & Traeger, Christian P., 2013. "Optimal climate policy: Uncertainty versus Monte Carlo," Economics Letters, Elsevier, vol. 120(3), pages 552-558.
  51. Michael Glotter & Raymond Pierrehumbert & Joshua Elliott & Nathan Matteson & Elisabeth Moyer, 2014. "A simple carbon cycle representation for economic and policy analyses," Climatic Change, Springer, vol. 126(3), pages 319-335, October.
  52. Raphael Calel & David Stainforth & Simon Dietz, 2015. "Tall tales and fat tails: the science and economics of extreme warming," Climatic Change, Springer, vol. 132(1), pages 127-141, September.
  53. Millner, Antony, 2013. "On welfare frameworks and catastrophic climate risks," Journal of Environmental Economics and Management, Elsevier, vol. 65(2), pages 310-325.
  54. Richard Tol, 2012. "Leviathan carbon taxes in the short run," Climatic Change, Springer, vol. 114(2), pages 409-415, September.
  55. Pavel V. Shevchenko & Daisuke Murakami & Tomoko Matsui & Tor A. Myrvoll, 2022. "Impact of COVID-19 type events on the economy and climate under the stochastic DICE model," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 24(3), pages 459-476, July.
  56. Fisher, Anthony, 2014. "Climate Science and Climate Economics," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt746627gz, Department of Agricultural & Resource Economics, UC Berkeley.
  57. Antony Millner, 2013. "On Welfare Frameworks and Catastrophic Climate Risks," CESifo Working Paper Series 4442, CESifo.
  58. Christian P. Fries & Lennart Quante, 2023. "Accounting for Financing Risks improves Intergenerational Equity of Climate Change Mitigation," Papers 2312.07614, arXiv.org.
  59. Tsigaris, Panagiotis & Wood, Joel, 2019. "The potential impacts of climate change on capital in the 21st century," Ecological Economics, Elsevier, vol. 162(C), pages 74-86.
  60. Alex Schmitt, 2018. "Optimal Carbon Pricing and Income Taxation Without Commitment," ifo Working Paper Series 274, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
  61. In Hwang & Frédéric Reynès & Richard Tol, 2013. "Climate Policy Under Fat-Tailed Risk: An Application of Dice," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 56(3), pages 415-436, November.
  62. Grechuk, Bogdan & Zabarankin, Michael, 2014. "Risk averse decision making under catastrophic risk," European Journal of Operational Research, Elsevier, vol. 239(1), pages 166-176.
  63. repec:lsg:lsgwps:wp84 is not listed on IDEAS
  64. Samuel Jovan Okullo, 2020. "Determining the Social Cost of Carbon: Under Damage and Climate Sensitivity Uncertainty," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 75(1), pages 79-103, January.
  65. Kopp, Robert E. & Golub, Alexander & Keohane, Nathaniel O. & Onda, Chikara, 2012. "The influence of the specification of climate change damages on the social cost of carbon," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 6, pages 1-40.
  66. Fisher, A. C & Le, P. V, 2014. "Climate Policy: Science, Economics, and Extremes," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt6tj3j4jb, Department of Agricultural & Resource Economics, UC Berkeley.
  67. Holladay J. Scott & Livermore Michael A., 2013. "Regional variation, holdouts, and climate treaty negotiations," Journal of Benefit-Cost Analysis, De Gruyter, vol. 4(2), pages 131-157, August.
  68. Martha Butler & Patrick Reed & Karen Fisher-Vanden & Klaus Keller & Thorsten Wagener, 2014. "Inaction and climate stabilization uncertainties lead to severe economic risks," Climatic Change, Springer, vol. 127(3), pages 463-474, December.
  69. Xi Xie & Yuwei Weng & Wenjia Cai, 2018. "Co-Benefits of CO 2 Mitigation for NO X Emission Reduction: A Research Based on the DICE Model," Sustainability, MDPI, vol. 10(4), pages 1-18, April.
  70. Wonjun Chang & Thomas F. Rutherford, 2017. "Catastrophic Thresholds, Bayesian Learning And The Robustness Of Climate Policy Recommendations," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 8(04), pages 1-23, November.
  71. Rising, James A. & Taylor, Charlotte & Ives, Matthew C. & Ward, Robert E.t., 2022. "Challenges and innovations in the economic evaluation of the risks of climate change," LSE Research Online Documents on Economics 114941, London School of Economics and Political Science, LSE Library.
  72. Robert Kopp & Bryan Mignone, 2013. "Circumspection, reciprocity, and optimal carbon prices," Climatic Change, Springer, vol. 120(4), pages 831-843, October.
  73. Nicholas Stern, 2009. "Imperfections in the Economics of Public Policy, Imperfections in Markets, and Climate Change," Working Papers 2009.106, Fondazione Eni Enrico Mattei.
  74. Eriksson, Mathilda & Brännlund, Runar & Lundgren, Tommy, 2018. "Pricing forest carbon: Implications of asymmetry in climate policy," Journal of Forest Economics, Elsevier, vol. 32(C), pages 84-93.
  75. Kopp, Robert E. & Mignone, Bryan K., 2012. "The US government's social cost of carbon estimates after their first two years: Pathways for improvement," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 6, pages 1-41.
  76. Nicholas Stern, 2013. "The Structure of Economic Modeling of the Potential Impacts of Climate Change: Grafting Gross Underestimation of Risk onto Already Narrow Science Models," Journal of Economic Literature, American Economic Association, vol. 51(3), pages 838-859, September.
  77. Simon Dietz, 2009. "High impact, low probability? An empirical analysis of risk in the economics of climate change," GRI Working Papers 9, Grantham Research Institute on Climate Change and the Environment.
  78. Arvaniti, Maria, 2016. "Uncertainty, Extreme Outcomes and Climate Change: a critique," CERE Working Papers 2016:11, CERE - the Center for Environmental and Resource Economics.
  79. repec:hal:spmain:info:hdl:2441/5vt1fet9fq9o5pkgj2qh2vn1cm is not listed on IDEAS
  80. In Chang Hwang & Richard S.J. Tol & Marjan W. Hofkes, 2013. "Tail-effect and the Role of Greenhouse Gas Emissions Control," Working Paper Series 6613, Department of Economics, University of Sussex Business School.
  81. Antony Millner & Simon Dietz & Geoffrey Heal, 2013. "Scientific Ambiguity and Climate Policy," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 55(1), pages 21-46, May.
  82. Marco Rogna & Carla J. Vogt, 2022. "Optimal climate policies under fairness preferences," Climatic Change, Springer, vol. 174(3), pages 1-20, October.
  83. Ekholm, Tommi, 2018. "Climatic Cost-benefit Analysis Under Uncertainty and Learning on Climate Sensitivity and Damages," Ecological Economics, Elsevier, vol. 154(C), pages 99-106.
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