EconPapers    
Economics at your fingertips  
 

SELFISH BUREAUCRATS AND POLICY HETEROGENEITY IN NORDHAUS’ DICE

Richard Tol ()

Climate Change Economics (CCE), 2020, vol. 11, issue 04, 1-16

Abstract: Nordhaus’ seminal DICE model assesses first-best climate policy, a useful but unrealistic yardstick. I propose a measure of policy inefficacy if carbon prices are heterogeneous and use observed prices to recalibrate the DICE model. I introduce a Niskanen-inspired model of climate policy with selfish bureaucrats, and calibrate it to carbon dioxide emissions in the European Union and the policy models used by the IPCC. This model also implies a measure of policy inefficacy that I use to recalibrate DICE. The optimal global mean temperature is 1∘C perhaps 2∘C higher in the recalibrated than in the original DICE model.

Keywords: Climate policy; price heterogeneity; selfish bureaucrats (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.worldscientific.com/doi/abs/10.1142/S2010007820400060
Access to full text is restricted to subscribers

Related works:
Chapter: SELFISH BUREAUCRATS AND POLICY HETEROGENEITY IN NORDHAUS’ DICE (2021) Downloads
Working Paper: Selfish Bureaucrats and Policy Heterogeneity in Nordhaus’ DICE (2020) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:ccexxx:v:11:y:2020:i:04:n:s2010007820400060

Ordering information: This journal article can be ordered from

DOI: 10.1142/S2010007820400060

Access Statistics for this article

Climate Change Economics (CCE) is currently edited by Robert Mendelsohn

More articles in Climate Change Economics (CCE) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().

 
Page updated 2022-01-18
Handle: RePEc:wsi:ccexxx:v:11:y:2020:i:04:n:s2010007820400060