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Policy tradeoffs under risk of abrupt climate change

Author

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  • Tsur, Yacov
  • Zemel, Amos

Abstract

By now it is widely recognized that the more serious threats of climate change are associated with abrupt events capable of inflicting losses on a catastrophic scale. Consequently, the main role of climate policies is to balance between mitigation efforts, aimed at delaying (or even preventing) the occurrence of such events, and adaptation actions, aimed at minimizing the damage inflicted upon occurrence. The former affects the accumulation of greenhouse gases in the atmosphere; the latter determines the impact of loss once the event occurs. This work examines the tradeoffs associated with these two types of policy measures by characterizing the optimal mitigation–adaptation mix in the long run.

Suggested Citation

  • Tsur, Yacov & Zemel, Amos, 2016. "Policy tradeoffs under risk of abrupt climate change," Journal of Economic Behavior & Organization, Elsevier, vol. 132(PB), pages 46-55.
  • Handle: RePEc:eee:jeborg:v:132:y:2016:i:pb:p:46-55
    DOI: 10.1016/j.jebo.2016.05.020
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    References listed on IDEAS

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    2. Gjerde, Jon & Grepperud, Sverre & Kverndokk, Snorre, 1999. "Optimal climate policy under the possibility of a catastrophe," Resource and Energy Economics, Elsevier, vol. 21(3-4), pages 289-317, August.
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    4. Zemel, Amos, 2015. "Adaptation, mitigation and risk: An analytic approach," Journal of Economic Dynamics and Control, Elsevier, vol. 51(C), pages 133-147.
    5. Finnoff, David & Potapov, Alexei & Lewis, Mark A., 2010. "Control and the management of a spreading invader," Resource and Energy Economics, Elsevier, vol. 32(4), pages 534-550, November.
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    Cited by:

    1. Can Askan Mavi, 2017. "Creative Destruction vs Destructive Destruction ? : A Schumpeterian Approach for Adaptation and Mitigation," Working Papers halshs-01455297, HAL.

    More about this item

    Keywords

    Climate policy; Catastrophic events; Mitigation; Adaptation; Steady state; Multi state;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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