An Overlapping Generations Model of Climate-Economy Interactions
A numerically calibrated overlapping generations model of climate change and the world economy is examined in this paper. In the absence of intergenerational transfers, efficient rates of greenhouse gas emissions abatement rise from 16 percent in the present to 25 percent in the long run, while mean global temperature increases by 7.4 degrees C to the preindustrial norm. A utilitarian optimum, which attaches equal weight to each generation's life-cycle utility, yields abatement rates that rise from 48 percent to 89 percent, with a long-run temperature increase of 3.4 degrees C second-best utilitarian path, in which intergenerational transfers are by assumption institutionally infeasible, also supports stringent abatement measures. Copyright 1998 by The editors of the Scandinavian Journal of Economics.
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Volume (Year): 100 (1998)
Issue (Month): 3 (September)
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