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Spatial and Temporal Efficiency in Climate Policy: Applications of FUND

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  • Richard Tol

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Abstract

FUND is an integrated assessment model of the interactions between climate and economy. Nine world regions emit greenhouse gases, and suffer damages from climate change. A number of greenhouse gas emission reduction policies are compared, including optimal and cost-effective strategies, strategies with early and late abatement, and strategies with and without international co-operation. The analyses confirm that co-operation matters, resulting in substantially lower costs or higher welfare. The real commitments of policy targets based on an absolute level (e.g., 1990 emissions) are hard to estimate because of the uncertainties in the baseline. Postponing action conflicts with minimising costs and maximising welfare, but so does sharp emission reduction at the short-term as proposed in the Kyoto Protocol. Copyright Kluwer Academic Publishers 1999

Suggested Citation

  • Richard Tol, 1999. "Spatial and Temporal Efficiency in Climate Policy: Applications of FUND," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 14(1), pages 33-49, July.
  • Handle: RePEc:kap:enreec:v:14:y:1999:i:1:p:33-49
    DOI: 10.1023/A:1008314205375
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    References listed on IDEAS

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    1. Rose, Adam & Stevens, Brandt, 1993. "The efficiency and equity of marketable permits for CO2 emissions," Resource and Energy Economics, Elsevier, vol. 15(1), pages 117-146, March.
    2. Tol, Richard S. J., 1996. "The damage costs of climate change towards a dynamic representation," Ecological Economics, Elsevier, vol. 19(1), pages 67-90, October.
    3. Minh Ha-Duong & Michael Grubb & Jean Charles Hourcade, 1997. "Influence of socioeconomic inertia and uncertainty on optimal CO2-emission abatement," Post-Print halshs-00002452, HAL.
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    Cited by:

    1. Richard S.J. Tol & Gary W. Yohe, 2005. "Infinite Uncertainty, Forgotten Feedbacks, And Cost-Benefit Analysis Of Climate Policy," Wesleyan Economics Working Papers 2005-003, Wesleyan University, Department of Economics.
    2. Tol, Richard S. J., 2011. "Modified Ramsey Discounting for Climate Change," Papers WP368, Economic and Social Research Institute (ESRI).
    3. Claudia Kemfert & Richard Tol, 2002. "Equity, international trade and climate policy," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 2(1), pages 23-48, March.
    4. Loschel, Andreas, 2002. "Technological change in economic models of environmental policy: a survey," Ecological Economics, Elsevier, vol. 43(2-3), pages 105-126, December.
    5. Richard S.J. Tol & Thomas E. Downing & Samuel Fankhauser & Richard G. Richels & Joel B. Smith, 2001. "Progress In Estimating The Marginal Costs Of Greenhouse Gas Emissions," Working Papers FNU-4, Research unit Sustainability and Global Change, Hamburg University, revised Jan 2001.
    6. Massimo Tavoni & Valentina Bosetti & Carlo Carraro, 2009. "Climate Change Mitigation Strategies in Fast-Growing Countries: The Benefits of Early Action," Working Papers 2009.53, Fondazione Eni Enrico Mattei.
    7. Marcel Probst & Caspar Sauter, 2015. "CO2 Emissions and Greenhouse Gas Policy Stringency - An Empirical Assessment," IRENE Working Papers 15-03, IRENE Institute of Economic Research.
    8. Greiner, Alfred & Semmler, Willi, 2005. "Economic growth and global warming: A model of multiple equilibria and thresholds," Journal of Economic Behavior & Organization, Elsevier, vol. 57(4), pages 430-447, August.
    9. Roberto Roson & Francesco Bosello, 2007. "Estimating a Climate Change Damage Function through General Equilibrium Modeling," Working Papers 2007_08, Department of Economics, University of Venice "Ca' Foscari".
    10. Thomas Sterner & U. Martin Persson, 2008. "An Even Sterner Review: Introducing Relative Prices into the Discounting Debate," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 2(1), pages 61-76, Winter.
    11. Tol, Richard S.J., 2005. "Emission abatement versus development as strategies to reduce vulnerability to climate change: an application of FUND," Environment and Development Economics, Cambridge University Press, vol. 10(05), pages 615-629, October.
    12. Tol, Richard S. J. & Verheyen, Roda, 2004. "State responsibility and compensation for climate change damages--a legal and economic assessment," Energy Policy, Elsevier, vol. 32(9), pages 1109-1130, June.
    13. Hart, Rob, 2003. "Dynamic pollution control--time lags and optimal restoration of marine ecosystems," Ecological Economics, Elsevier, vol. 47(1), pages 79-93, November.
    14. Tol, Richard S. J., 2001. "Equitable cost-benefit analysis of climate change policies," Ecological Economics, Elsevier, vol. 36(1), pages 71-85, January.
    15. Richard S.J. Tol, 2004. "Exchange Rates And Climate Change: An Application Of Fund," Working Papers FNU-45, Research unit Sustainability and Global Change, Hamburg University, revised Jun 2004.
    16. van der Horst, Dan, 2006. "Spatial cost-benefit thinking in multi-functional forestry; towards a framework for spatial targeting of policy interventions," Ecological Economics, Elsevier, vol. 59(1), pages 171-180, August.
    17. Richard S.J. Tol & Samuel Fankhauser & Richard G. Richels & Joel B. Smith, 2000. "How Much Damage Will Climate Change Do? Recent Estimates," Working Papers FNU-2, Research unit Sustainability and Global Change, Hamburg University, revised Sep 2000.
    18. David García-León, 2016. "Adapting to Climate Change: an Analysis under Uncertainty," Working Papers 2016.10, Fondazione Eni Enrico Mattei.
    19. Tol, Richard S. J., 2002. "Welfare specifications and optimal control of climate change: an application of fund," Energy Economics, Elsevier, vol. 24(4), pages 367-376, July.
    20. Wietze Lise & Richard S.J. Tol, 2000. "Impact of Climate on Tourist Demand," Working Papers FNU-1, Research unit Sustainability and Global Change, Hamburg University, revised Aug 2000.
    21. Andrea Bigano & Jacqueline M. Hamilton & Richard S.J. Tol, 2008. "Climate Change and Tourism in the Mediterranean," Working Papers FNU-157, Research unit Sustainability and Global Change, Hamburg University, revised Feb 2008.
    22. Roy Darwin & Richard Tol, 2001. "Estimates of the Economic Effects of Sea Level Rise," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 19(2), pages 113-129, June.
    23. Bob van der Zwaan & Reyer Gerlagh, 2004. "Climate Uncertainty and the Necessity to Transform Global Energy Supply," Working Papers 2004.95, Fondazione Eni Enrico Mattei.
    24. van der Zwaan, Bob & Gerlagh, Reyer, 2006. "Climate sensitivity uncertainty and the necessity to transform global energy supply," Energy, Elsevier, vol. 31(14), pages 2571-2587.
    25. Melissa Dell & Benjamin F. Jones & Benjamin A. Olken, 2013. "What Do We Learn from the Weather? The New Climate-Economy Literature," NBER Working Papers 19578, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    climate change; emission reduction; efficiency; cost-effectiveness; equity; JEL classification: Q25; Q40;

    JEL classification:

    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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