Climate policies under climate model uncertainty: Max-min and min-max regret
Temperature responses and optimal climate policies depend crucially on the choice of a particular climate model. To illustrate, the temperature responses to given emission reduction paths implied by the climate modules of the well-known integrated assessments models DICE, FUND and PAGE are described...
| Váldodahkkit: | , |
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| Materiálatiipa: | Journal article |
| Giella: | English |
| Almmustuhtton: |
Elsevier
2017
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| _version_ | 1826269077366112256 |
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| author | Rezai, A Van Der Ploeg, F |
| author_facet | Rezai, A Van Der Ploeg, F |
| author_sort | Rezai, A |
| collection | OXFORD |
| description | Temperature responses and optimal climate policies depend crucially on the choice of a particular climate model. To illustrate, the temperature responses to given emission reduction paths implied by the climate modules of the well-known integrated assessments models DICE, FUND and PAGE are described and compared. A dummy temperature module based on the climate denialists’ view is added. Using a simple welfare-maximising growth model of the global economy, the sensitivity of the optimal carbon price, renewable energy subsidy and energy transition to each of these climate models is discussed. The paper then derives max-min, max-max and min-max regret policies to deal with this particular form of climate (model) uncertainty and with climate scepticism. The max-min or min-max regret climate policies rely on a non-sceptic view of global warming and lead to a substantial and moderate amount of caution, respectively. The max-max leads to no climate policies in line with the view of climate sceptics. |
| first_indexed | 2024-03-06T21:19:24Z |
| format | Journal article |
| id | oxford-uuid:40ecec2d-7270-4270-83c5-a38835051f23 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-06T21:19:24Z |
| publishDate | 2017 |
| publisher | Elsevier |
| record_format | dspace |
| spelling | oxford-uuid:40ecec2d-7270-4270-83c5-a38835051f232022-03-26T14:40:40ZClimate policies under climate model uncertainty: Max-min and min-max regretJournal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:40ecec2d-7270-4270-83c5-a38835051f23EnglishSymplectic Elements at OxfordElsevier2017Rezai, AVan Der Ploeg, FTemperature responses and optimal climate policies depend crucially on the choice of a particular climate model. To illustrate, the temperature responses to given emission reduction paths implied by the climate modules of the well-known integrated assessments models DICE, FUND and PAGE are described and compared. A dummy temperature module based on the climate denialists’ view is added. Using a simple welfare-maximising growth model of the global economy, the sensitivity of the optimal carbon price, renewable energy subsidy and energy transition to each of these climate models is discussed. The paper then derives max-min, max-max and min-max regret policies to deal with this particular form of climate (model) uncertainty and with climate scepticism. The max-min or min-max regret climate policies rely on a non-sceptic view of global warming and lead to a substantial and moderate amount of caution, respectively. The max-max leads to no climate policies in line with the view of climate sceptics. |
| spellingShingle | Rezai, A Van Der Ploeg, F Climate policies under climate model uncertainty: Max-min and min-max regret |
| title | Climate policies under climate model uncertainty: Max-min and min-max regret |
| title_full | Climate policies under climate model uncertainty: Max-min and min-max regret |
| title_fullStr | Climate policies under climate model uncertainty: Max-min and min-max regret |
| title_full_unstemmed | Climate policies under climate model uncertainty: Max-min and min-max regret |
| title_short | Climate policies under climate model uncertainty: Max-min and min-max regret |
| title_sort | climate policies under climate model uncertainty max min and min max regret |
| work_keys_str_mv | AT rezaia climatepoliciesunderclimatemodeluncertaintymaxminandminmaxregret AT vanderploegf climatepoliciesunderclimatemodeluncertaintymaxminandminmaxregret |