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Mitigation and Solar Radiation Management in Climate Change Policies

  • Vasiliki Manousi

    (Department of International and European Economic Studies, Athens University of Economics and Business)

  • Anastasios Xepapadeas

    (Department of International and European Economic Studies, Athens University of Economics and Business)

We couple a spatially homogeneous energy balance climate model with an economic growth model which incorporates two potential policies against climate change: mitigation, which is the traditional policy, and geoengineering. We analyze the optimal policy mix of geoengineering and mitigation in both a cooperative and a noncooperative framework, in which we study open loop and feedback solutions. Our results suggests that greenhouse gas accumulation is relatively higher when geoengineering policies are undertaken, and that at noncooperative solutions incentives for geoengineering are relative stronger. A disruption of geoengineering efforts at a steady state will cause an upward jump in global temperature.

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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2013.41.

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Date of creation: May 2013
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Handle: RePEc:fem:femwpa:2013.41
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  1. Frederick Ploeg & Aart Zeeuw, 1992. "International aspects of pollution control," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 2(2), pages 117-139, March.
  2. Raouf Boucekkine & Carmen Camacho & Benteng Zou, 2006. "Bridging the gap between growth theory and the new economic geography: The spatial Ramsey model," DEGIT Conference Papers c011_039, DEGIT, Dynamics, Economic Growth, and International Trade.
  3. William A. Brock & M. Scott Taylor, 2004. "The Green Solow Model," NBER Working Papers 10557, National Bureau of Economic Research, Inc.
  4. Juan Moreno-Cruz & David Keith, 2013. "Climate policy under uncertainty: a case for solar geoengineering," Climatic Change, Springer, vol. 121(3), pages 431-444, December.
  5. Carlos Ordás Criado & Simone Valente & Thanasis Stengos, 2011. "Growth and Pollution Convergence: Theory and Evidence," Working Papers 1106, University of Guelph, Department of Economics and Finance.
  6. Gramstad, Kjetil & Tjøtta, Sigve, 2010. "Climate engineering: cost benefit and beyond," MPRA Paper 27302, University Library of Munich, Germany.
  7. Kossioris, G. & Plexousakis, M. & Xepapadeas, A. & de Zeeuw, A. & Mäler, K.-G., 2008. "Feedback Nash equilibria for non-linear differential games in pollution control," Journal of Economic Dynamics and Control, Elsevier, vol. 32(4), pages 1312-1331, April.
  8. Tahvonen Olli & Kuuluvainen Jari, 1993. "Economic Growth, Pollution, and Renewable Resources," Journal of Environmental Economics and Management, Elsevier, vol. 24(2), pages 101-118, March.
  9. Roughgarden, Tim & Schneider, Stephen H., 1999. "Climate change policy: quantifying uncertainties for damages and optimal carbon taxes," Energy Policy, Elsevier, vol. 27(7), pages 415-429, July.
  10. Xepapadeas, A. P., 1992. "Environmental policy design and dynamic nonpoint-source pollution," Journal of Environmental Economics and Management, Elsevier, vol. 23(1), pages 22-39, July.
  11. Scott Barrett, 2008. "The Incredible Economics of Geoengineering," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 39(1), pages 45-54, January.
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