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Evaluation of Possibilities of Climate Stabilization Policy considering Different Discount Rates: Simulation Analysis using the Modified RICE Model

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  • Kazunori Nakajima
  • Yasuhisa Hayashiyama
  • Hisayoshi Morisugi

Abstract

This study is intended to show, using simulation analyses, the validity of using a discount rate for changing combinations of the pure rate of time preference and the elasticity of marginal utility of consumption. Furthermore, this study explores climate stabilization policies, both global and Japanese, and suggests Japan's correct action based on those results. In Japan, interpretations of reducing 50% of CO2 emissions by 2055 as a baseline of the BASE case, and reductions or emissions to 1995 emission levels differ greatly. In the scenarios assumed for this study, although the former reduction is infeasible, the latter is feasible but costly.

Suggested Citation

  • Kazunori Nakajima & Yasuhisa Hayashiyama & Hisayoshi Morisugi, 2008. "Evaluation of Possibilities of Climate Stabilization Policy considering Different Discount Rates: Simulation Analysis using the Modified RICE Model," TERG Discussion Papers 230, Graduate School of Economics and Management, Tohoku University.
  • Handle: RePEc:toh:tergaa:230
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    File URL: http://hdl.handle.net/10097/55385
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