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WITCH. A World Induced Technical Change Hybrid Model

  • Valentina Bosetti

    (Fondazione Eni Enrico Mattei)

  • Carlo Carraro

    ()

    (Department of Economics, University Of Venice Ca’ Foscari)

  • Marzio Galeotti

    (Fondazione Eni Enrico Mattei)

  • Emanuele Massetti

    (Fondazione Eni Enrico Mattei)

  • Massimo Tavoni

    (Fondazione Eni Enrico Mattei)

The need for a better understanding of future energy scenarios, of their compatibility with the objective of stabilizing greenhouse gas concentrations, and of their links with climate policy, calls for the development of hybrid models. Hybrid because both the technological detail typical of Bottom Up (BU) models and the long run dynamics typical of Top Down (TD) models are crucially necessary. We present WITCH – World Induced Technical Change Hybrid model – a neoclassical optimal growth model (TD) with energy input detail (BU). The model endogenously accounts for technological progress, both through learning curves affecting prices of new vintages of capital and through R&D investments. In addition, the model captures the main economic interrelationships between world regions and is designed to analyze the optimal economic and environment policies in each world region as the outcome of a dynamic game. This paper provides a detailed description of the WITCH model, of its baseline, and of the model calibration procedure.

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Paper provided by Department of Economics, University of Venice "Ca' Foscari" in its series Working Papers with number 2006_46.

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Length: 31 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:ven:wpaper:2006_46
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