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Climate Policy under Cooperation and Competition between Regions with Spatial Heat Transport

Yongyang Cai (), William Brock, Anastasios Xepapadeas () and Kenneth Judd ()

No 24473, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We build a novel stochastic dynamic regional integrated assessment model (IAM) of the climate and economic system including a number of important climate science elements that are missing in most IAMs. These elements are spatial heat transport from the Equator to the Poles, sea level rise, permafrost thaw and tipping points. We study optimal policies under cooperation and various degrees of competition between regions. Our results suggest that when the elements of climate science which are accounted for in this paper are ignored, important policy variables such as the social cost of carbon and adaptation could be seriously biased.

JEL-codes: C61 C63 Q54 Q58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ene, nep-env and nep-res
Date: 2018-03
Note: EEE
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