Climate Policy and Petroleum Depletion in an Optimal Growth Framework
This payer presents a model framework and results that combine resource depletion with optimal economic growth and climate change in a macro-geoeconomic model. In doing so, the authors build upon the 'n Nordhaus DICE model to include the demands for coal, oil, and natural gas. These demands depend upon own price, prices of substitute fuels, per capita income, and population. The resource depletion model captures the effect on oil depletion of upward shifting demand curves which respond to population and income growth. A methodological advantage of including price, income, and population sensitive energy demand functions is that it allows substitution possibilities in the "production" of emissions. Furthermore, it allows the analysis of energy tax regimes in an environment of growing world population and income, non-decreasing energy and carbon intensity, and future, declining petroleum availability. •
|Date of creation:||Nov 1997|
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- Nordhaus, William D, 1991. "To Slow or Not to Slow: The Economics of the Greenhouse Effect," Economic Journal, Royal Economic Society, vol. 101(407), pages 920-37, July.
- Stephen C Peck & Thomas J. Teisberg, 1992. "CETA: A Model for Carbon Emissions Trajectory Assessment," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 55-78.
- Dowlatabadi, Hadi, 1995. "Integrated assessment models of climate change : An incomplete overview," Energy Policy, Elsevier, vol. 23(4-5), pages 289-296.
- Manne, Alan & Mendelsohn, Robert & Richels, Richard, 1995. "MERGE : A model for evaluating regional and global effects of GHG reduction policies," Energy Policy, Elsevier, vol. 23(1), pages 17-34, January.
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