Targets for global climate policy: An overview

Journal of Economic Dynamics and Control

Volumn 37, Issue 5, 2013, Pages 911-928

  Tol, Richard S J ^a,b,c  

^a UNIVERSITY OF SUSSEX   (United Kingdom)

^b INSTITUTE FOR ENVIRONMENTAL STUDIES   (Netherlands)

^c VU UNIVERSITY AMSTERDAM   (Netherlands)

Author keywords

Climate change; Climate policy; First best

Indexed keywords

EID: 84875377654     PISSN: 01651889     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jedc.2013.01.001     Document Type: Short Survey

References (133)

1. Alvarez-Cuadrado F., Van Long N. A mixed Bentham-Rawls criterion for intergenerational equity: theory and implications. Journal of Environmental Economics and Management 2009, 58(2):154-168.
2. Anthoff D., Hepburn C.J., Tol R.S.J. Equity weighting and the marginal damage costs of climate change. Ecological Economics 2009, 68(3):836-849.
3. Anthoff D., Tol R.S.J. Climate Policy Under Fat-Tailed Risk 348 2010, Economic and Social Research Institute, Dublin.
4. Anthoff D., Tol R.S.J. On international equity weights and national decision making on climate change. Journal of Environmental Economics and Management 2010, 60(1):14-20.
5. Anthoff D., Tol R.S.J. Schelling's conjecturre on climate and development: a test. Climate Change and Common Sense-Essays in Honour of Tom Schelling 2012, 260-274. Oxford University Press, Oxford. R.W. Hahn, A.M. Ulph (Eds.).
6. Anthoff D., Tol R.S.J., Yohe G.W. Discounting for climate change. Economics: The Open-Access, Open-Assessment E-Journal 2009, 3(2009-24):1-24.
7. Asheim G.B., Mitra T. Sustainability and discounted utilitarianism in models of economic growth. Mathematical Social Sciences 2010, 59(2):148-169.
8. Azar C., Sterner T. Discounting and distributional considerations in the context of global warming. Ecological Economics 1996, 19:169-184.
9. 2 abatement game: costs, incentives, and the enforceability of a sub-global coalition. Journal of Economic Dynamics and Control 2001, 25(1-2):1-34.
10. Babiker M.H., Metcalf G.E., Reilly J.M. Tax distortions and global climate policy. Journal of Environmental Economics and Management 2003, 46:269-287.
11. Baranzini A., Chesney M., Morisset J. The impact of possible climate catastrophes on global warming policy. Energy Policy 2003, 31:691-701.
12. Barker T., Bashmakov I., Alharthi A., Amann M., Cifuentes L., Drexhage J., Duan M., Edenhofer O., Flannery B.P., Grubb M.J., Hoogwijk M., Ibitoye F.I., Jepma C.J., Pizer W.A., Yamaji K. Mitigation from a Cross-Sectoral Perspective. Climate Change 2007: Mitigation: Contribution of Working Group III to the Fourth Assessment Report of the Intergovernmental Panel on Climate Change 2007, 619-690. Cambridge University Press, Cambridge. B. Metz (Ed.).
13. Barker T., Koehler J., Villena M. The costs of greenhouse gas abatement: a meta-analysis of post-SRES mitigation scenarios. Environmental Economics and Policy Studies 2002, 5:135-166.
14. Barrett S. Self-enforcing international environmental agreements. Oxford Economic Papers 1994, 46:878-894.
15. Boehringer C., Hoffmann T., Manrique-de-Lara-Penate C. The efficiency costs of separating carbon markets under the EU Emissions Trading Scheme: a quantitative assessment for Germany. Energy Economics 2006, 28(1):44-61.
16. Boehringer C., Koschel H., Moslener U. Efficiency losses from overlapping regulation of EU carbon emissions. Journal of Regulatory Economics 2008, 33(3):299-317.
17. Boehringer C., Loeschel A., Rutherford T.F. Efficiency gains from "What": flexibility in climate policy: an integrated CGE assessment. Energy Journal (Multi-Greenhouse Gas Mitigation and Climate Policy Special Issue) 2006, 405-424.
18. Bosello F., Eboli F., Pierfederici R. Assessing the economic impacts of climate change. Review of Environment Energy and Economics 2012, 1-9.
19. Bosetti V., Carraro C., Duval R., Tavoni M. What should we expect from innovation? A model-based assessment of the environmental and mitigation cost implications of climate-related R&D. Energy Economics 2011, 33(6):1313-1320.
20. Bosetti V., Carraro C., Galeotti M., Massetti E., Tavoni M. WITCH: a world induced technical change hybrid model. Energy Journal 2006, 27:13-37. (Special issue, October).
21. Bradford D.F. Time, money and tradeoffs. Nature 2001, 410:649-650.
22. Burtraw D., Krupnick A., Palmer K., Paul A., Toman M., Bloyd C. Ancillary benefits of reduced air pollution in the US from moderate greenhouse gas mitigation policies in the electricity sector. Journal of Environmental Economics and Management 2003, 45:650-673.
23. Carraro C., Siniscalco D. The international dimension of environmental policy. European Economic Review 1992, 36:379-387.
24. Carraro C., Siniscalco D. Strategies for the international protection of the environment. Journal of Public Economics 1993, 52:309-328.
25. Carraro C., Siniscalco D. International environmental agreements: incentives and political economy. European Economic Review 1998, 42:561-572.
26. Chichilnisky G. An axiomatic approach to sustainable development. Social Choice and Welfare 1996, 13(2):219-248.
27. Clarke L., Edmonds J., Krey V., Richels R., Rose S., Tavoni M. International climate policy architectures: overview of the EMF 22 international scenarios. Energy Economics 2009, 31(S2):S64-S81.
28. Cline W.R. The Economics of Global Warming 1992, Institute for International Economics, Washington, D.C.
29. Cropper M.L., Aydede S.K., Portney P.R. Rates of time preference for saving lives. American Economic Review 1992, 82(2):469-472.
30. Dasgupta P. The Control of Resources 1982, Basil Blackwell, Oxford.
31. De Bruin K.C., Dellink R.B., Tol R.S.J. AD-DICE: an implementation of adaptation in the DICE model. Climatic Change 2009, 95:63-81.
32. De Zeeuw A., Zemel A. Regime shifts and uncertainty in pollution control. Journal of Economic Dynamics and Control 2012, 36(7):939-950.
33. Dietz S., Asheim G.B. Climate policy under sustainable discounted utilitarianism. Journal of Environmental Economics and Management 2012, 63(3):321-335.
34. Fankhauser S. The economic costs of global warming damage: a survey. Global Environmental Change 1994, 4(4):301-309.
35. Fankhauser S. Valuing Climate Change: The Economics of the Greenhouse 1995, EarthScan, London. 1st ed.
36. Fankhauser S., Tol R.S.J., Pearce D.W. The aggregation of climate change damages: a welfare theoretic approach. Environmental and Resource Economics 1997, 10(3):249-266.
37. Fankhauser S., Tol R.S.J., Pearce D.W. Extensions and alternatives to climate change impact valuation: on the critique of IPCC working group III's impact estimates. Environment and Development Economics 1998, 3:59-81.
38. Fischer C. Emissions pricing, spillovers, and public investment in environmentally friendly technologies. Energy Economics 2008, 30:487-502.
39. Fischer C., Morgenstern R.D. Carbon abatement costs: why the wide range of estimates?. Energy Journal 2006, 272:73-86.
40. Fischer C., Newell R.G. Environmental and technology policies for climate mitigation. Journal of Environmental Economics and Management 2008, 55(2):142-162.
41. Fouquet R. Heat, Power and Light: Revolutions in Energy Services 2008, Edward Elgar, Cheltenham.
42. Gerlagh R., van der Zwaan B.C.C. Gross world product and consumption in a global warming model with endogenous technological change. Resource and Energy Economics 2003, 25:35-57.
43. Gjerde J., Grepperud S., Kverndokk S. Optimal climate policy under the possibility of a catastrophe. Resource and Energy Economics 1999, 21:289-317.
44. Gollier C. Discounting an uncertain future. Journal of Public Economics 2002, 85:149-166.
45. Gollier C. Time horizon and the discount rate. Journal of Economic Theory 2002, 107:463-473.
46. Gollier C., Weitzman M.L. How should the distant future be discounted when discount rates are uncertain?. Economics Letters 2010, 107(3):350-353.
47. 2 abatement in the presence of induced technological change. Journal of Environmental Economics and Management 2000, 39:1-38.
48. Guo J., Hepburn C.J., Tol R.S.J., Anthoff D. Discounting and the social cost of climate change: a closer look at uncertainty. Environmental Science and Policy 2006, 9:205-216.
49. Henderson N., Bateman I.J. Empirical and public choice evidence for hyperbolic social discount rates and the implications for intergenerational discounting. Environmental and Resource Economics 1995, 5:413-423.
50. Hennlock, M., 2009. Robust control in global warming management: an analytical dynamic integrated assessment. Working Papers in Economics 354, Department of Economics, University of Gothenburg, Gothenburg.
51. Hoel M. Carbon taxes and the green paradox. Climate Change and Common Sense: Essays in Honour of Tom Schelling 2012, 203-224. Oxford University Press, Oxford. R.W. Hahn, A.M. Ulph (Eds.).
52. 2 from PAGE2002: an integrated assessment model incorporating the IPCC's five reasons for concern. Integrated Assessment Journal 2006, 6(1):19-56.
53. Hotelling H. The economics of exhaustible resources. Journal of Political Economy 1931, 39(2):137-175.
54. Hourcade J.-C., Halsneas K., Jaccard M., Montgomery W.D., Richels R.G., Robinson J., Shukla P.R., Sturm P. A Review of Mitigation Cost Studies. Climate Change 1995: Economic and Social Dimensions: Contribution of Working Group III to the Second Assessment Report of the Intergovernmental Panel on Climate Change 1996, 297-366. Cambridge University Press, Cambridge. J.P. Bruce, H. Lee, E.F. Haites (Eds.).
55. Hourcade J.-C., Shukla P.R., Cifuentes L., Davis D., Edmonds J.A., Fisher B.S., Fortin E., Golub A., Hohmeyer O., Krupnick A., Kverndokk S., Loulou R., Richels R.G., Segenovic H., Yamaji K. Global, regional and national costs and ancillary benefits of mitigation. Climate Change 2001: Mitigation: Contribution of Working Group III to the Third Assessment Report of the Intergovernmental Panel on Climate Change 2001, 499-559. Cambridge University Press, Cambridge. O.R. Davidson, B. Metz (Eds.).
56. Keller K., Bolker B.M., Bradford D.F. Uncertain climate thresholds and optimal economic growth. Journal of Environmental Economics and Management 2004, 48:723-741.
57. Keller K., Hall M., Kim S.-R., Bradford D.F., Oppenheimer M. Avoiding dangerous anthropogenic interference with the climate system. Climatic Change 2005, 73:227-238.
58. Keller K., Tan K., Morel F.M.M., Bradford D.F. Preserving the ocean circulation: Implications for climate policy. Climatic Change 2000, 47:17-43.
59. Kelly D.L., Kolstad C.D. Bayesian learning, growth, and pollution. Journal of Economic Dynamics and Control 1999, 23(4):491-518.
60. Kelly D.L., Kolstad C.D. Malthus and climate change: betting on a stable population. Journal of Environmental Economics and Management 2001, 41:135-161.
61. Kolstad C.D. Learning and stock effects in environmental regulations: the case of greenhouse gas emissions. Journal of Environmental Economics and Management 1996, 31:1-18.
62. Koopmans T.C. Stationary ordinal utility and impatience. Econometrica 1960, 28(2):287-309.
63. Koopmans, T.C., 1966. On the concept of optimal economic growth. The Econometric Approach to Development Planning, North Holland, Amsterdam.
64. Koopmans T.C. Objectives, constraints, and outcomes in optimal growth models. Econometrica 1967, 35:1-15.
65. Kuik O.J., Brander L., Tol R.S.J. Marginal abatement costs of greenhouse gas emissions: a meta-analysis. Energy Policy 2009, 37(4):1395-1403.
66. Leahy E., Tol R.S.J. Greener homes: an ex-post estimate of the cost of carbon dioxide emission reduction using administrative micro-data from the Republic of Ireland. Environmental Economics and Policy Studies 2012, 14(3):219-239.
67. Lempert R.J., Schlesinger M.E., Bankes S.C. When we don't know the costs or the benefits: adaptive strategies for abating climate change. Climatic Change 1996, 33:235-274.
68. Maddison D., Rehdanz K. The impact of climate on life satisfaction. Ecological Economics 2011, 70(12):2437-2445.
69. Maddison D.J. The amenity value of the climate: the household production function approach. Resource and Energy Economics 2003, 25(2):155-175.
70. Maier-Reimer E., Hasselmann K Transport and storage of carbon dioxide in the ocean: an inorganic ocean circulation carbon cycle model. Climate Dynamics 1987, 2:63-90.
71. Manne A.S., Mendelsohn R.O., Richels R.G. MERGE: a model for evaluating regional and global effects of GHG reduction policies. Energy Policy 1995, 23(1):17-34.
72. 2 concentrations: cost-effective emission reduction strategies. Environmental Modeling and Assessment 1998, 2:251-265.
73. Manne A.S., Richels R.G. An alternative approach to establishing trade-offs among greenhouse gases. Nature 2001, 410:675-677.
74. 2 emissions. Energy Policy 2004, 32:447-454.
75. Mendelsohn R.O., Morrison W.N., Schlesinger M.E., Andronova N.G. Country-specific market impacts of climate change. Climatic Change 2000, 45(3-4):553-569.
76. Mendelsohn R.O., Nordhaus W.D., Shaw D. The impact of climate on agriculture: a Ricardian analysis. American Economic Review 1994, 84(4):753-771.
77. Mendelsohn R.O., Schlesinger M.E., Williams L.J. Comparing impacts across climate models. Integrated Assessment 2000, 1(1):37-48.
78. Newbold, S., Griffiths, C., Moore, C.C., Wolverton, A., Kopits, E., 2010. The Social Cost of Carbon Made Simple. Working Paper 2010-07, National Center for Environmental Economics, Environmental Protection Agency, Washington, DC.
79. Newell R.G., Pizer W.A. Discounting the distant future: how much do uncertain rates increase valuations?. Journal of Environmental Economics and Management 2003, 46:52-71.
80. Nordhaus W.D. The economics of tail events with an application to climate change. Review of Environmental Economics and Policy 2011, 5(2):240-257.
81. Nordhaus W.D. To slow or not to slow: the economics of the greenhouse effect. Economic Journal 1991, 101(444):920-937.
82. Nordhaus W.D. An optimal transition path for controlling greenhouse gases. Science 1992, 258:1315-1319.
83. Nordhaus W.D. Rolling the 'DICE': an optimal transition path for controlling greenhouse gases. Resource and Energy Economics 1993, 15(1):27-50.
84. Nordhaus W.D. Expert opinion on climate change. American Scientist 1994, 82(1):45-51.
85. Nordhaus W.D. Managing the Global Commons: The Economics of Climate Change 1994, The MIT Press, Cambridge.
86. Nordhaus W.D. Geography and macroeconomics: new data and new findings. Proceedings of the National Academy of Science 2006, 103(10):3510-3517.
87. Nordhaus W.D. Critical assumptions in the Stern review on climate change. Science 2007, 317:201-202.
88. Nordhaus W.D. A Question of Balance: Weighing the Options on Global Warming Policies 2008, Yale University Press, New Haven.
89. Nordhaus W.D., Boyer J.G. Warming the World: Economic Models of Global Warming 2000, The MIT Press, Cambridge, Massachusetts - London, England.
90. Nordhaus W.D., Yang Z. RICE: a regional dynamic general equilibrium model of optimal climate-change policy. American Economic Review 1996, 86(4):741-765.
91. Parry I.W.H., Williams R.C. A second-best evaluation of eight policy instruments to reduce carbon emissions. Resource and Energy Economics 1999, 21:347-373.
92. Pigou A.C. The Economics of Welfare 1920, MacMillan and Co, London.
93. Pindyck R.S. Fat tails, thin tails, and climate change policy. Review of Environmental Economics and Policy 2011, 5(2):258-274.
94. Pindyck R.S. Uncertain outcomes and climate change policy. Journal of Environmental Economics and Management 2012, 63(3):289-303.
95. Plamberk E.L., Hope C.W. PAGE95: an updated valuation of the impacts of global warming. Energy Policy 1996, 24(9):783-793.
96. Popp D., Newell R. Where does energy R&D come from? Examining crowding out from energy R&D. Energy Economics 2012, 34(4):980-991.
97. Ramsey F. A mathematical theory of saving. Economic Journal 1928, 38:543-549.
98. Rehdanz K., Maddison D.J. Climate and happiness. Ecological Economics 2005, 52(1):111-125.
99. 2 GHGs in climate policy: analysis using the MIT IGSM. Energy Journal (Multi-Greenhouse Gas Mitigation and Climate Policy Special Issue) 2006, 503-520.
100. Repetto R., Austin D. The Costs of Climate Protection: A Guide for the Perplexed 1997, World Resources Institute, Washington, D.C.
101. Ryan, D., 2012. China's one child policy no solution to climate change. The Australian.
102. Sandmo A. Atmospheric externalities and environmental taxation. Energy Economics 2011, 33(Suppl. 1):S4-S12.
103. 2-abatement with socio-economic inertia and induced technological change. Energy Journal 2006, 27(4):25-59.
104. Stern N.H., Peters S., Bakhski V., Bowen A., Cameron C., Catovsky S., Crane D., Cruickshank S., Dietz S., Edmondson N., Garbett S.-L., Hamid L., Hoffman G., Ingram D., Jones B., Patmore N., Radcliffe H., Sathiyarajah R., Stock M., Taylor C., Vernon T., Wanjie H., Zenghelis D. Stern Review: The Economics of Climate Change 2006, Cambridge University Press, Cambridge.
105. Tavoni M., Tol R.S.J. Counting only the hits? The risk of underestimating the costs of stringent climate policy: a letter. Climatic Change 2010, 100(3):769-778.
106. Tol R.S.J. The damage costs of climate change toward more comprehensive calculations. Environmental and Resource Economics 1995, 5(4):353-374.
107. Tol R.S.J. The marginal costs of greenhouse gas emissions. Energy Journal 1999, 20(1):61-81.
108. Tol R.S.J. Estimates of the damage costs of climate change: part 1: benchmark estimates. Environmental and Resource Economics 2002, 21(1):47-73.
109. Tol R.S.J. Estimates of the damage costs of climate change: part ii: dynamic estimates. Environmental and Resource Economics 2002, 21(2):135-160.
110. Tol R.S.J. Is the uncertainty about climate change too large for expected cost-benefit analysis?. Climatic Change 2003, 56(3):265-289.
111. Tol R.S.J. The economic effects of climate change. Journal of Economic Perspectives 2009, 23(2):29-51.
112. Tol, R.S.J., 2012. The Uncertainty about the total economic impact of climate change. Environmental and Resource Economics.
113. Tol R.S.J., Yohe G.W. Of dangerous climate change and dangerous emission reduction. Avoiding Dangerous Climate Change 2006, 291-298. Cambridge University Press, Cambridge. H.-J. Schellnhuber (Ed.).
114. Tol R.S.J., Yohe G.W. Infinite uncertainty, forgotten feedbacks, and cost-benefit analysis of climate change. Climatic Change 2007, 83(4):429-442.
115. Tsur Y., Zemel A. Accounting for global warming risks: resource management under event uncertainty. Journal of Economic Dynamics and Control 1996, 20:1289-1305.
116. UN, 1992. United Nations Framework Convention on Climate Change United Nations, Geneva.
117. van den Bergh J.C.J.M. Optimal climate policy is a utopia: from quantitative to qualitative cost-benefit analysis. Ecological Economics 2004, 48:385-393.
118. van der Ploeg F., Withagen C. Too much coal, too little oil. Journal of Public Economics 2012, 96(1-2):62-77.
119. van Liedekerke L., Lauwers L. Sacrificing the patrol: utilitarianism, future generations and infinity. Economics and Philosophy 1997, 13:159-174.
120. Weitzman M.L. GHG targets as insurance against catastrophic climate damages. Journal of Public Economic Theory 2012, 14(2):221-244.
121. Weitzman M.L. Gamma discounting. American Economic Review 2001, 91(1):260-271.
122. Weitzman M.L. A review of the Stern review on the economics of climate change. Journal of Economic Literature 2007, 45(3):703-724.
123. Weitzman M.L. Additive damages, fat-tailed climate dynamics, and uncertain discounting. Economics: the Open-Access, Open-Assessment E-Journal 2009, 3(2009-39):1-23.
124. Weitzman M.L. On modelling and interpreting the economics of catastrophic climate change. Review of Economics and Statistics 2009, 91(1):1-19.
125. Weyant J.P. Costs of reducing global carbon emissions. Journal of Economic Perspectives 1993, 7(4):27-46.
126. Weyant, J.P., 1998. The costs of greenhouse gas abatement, in economics and policy issues. In: W.D. Nordhaus (Ed.). Climate Change. Resources for the Future, Washington, D.C., pp. 191-214.
127. Weyant J.P. Introduction and overview. Energy Economics 2004, 26:501-515.
128. Weyant J.P., de la Chesnaye F.C., Blanford G.J. Overview of EMF-21: multigas mitigation and climate policy. Energy Journal (Multi-Greenhouse Gas Mitigation and Climate Policy Special Issue) 2006, 1-32.
129. Weyant J.P., Hill J.N. Introduction and overview of the special issue. Energy Journal Special Issue on the Costs of the Kyoto Protocol: A Multi-Model Evaluation 1999, vii-xliv.
130. 2 concentrations. Nature 1996, 379:240-243.
131. Yang Z. Reevaluation and renegotiation of climate change coalitions - a sequential closed-loop game approach. Journal of Economic Dynamics and Control 2003, 27:1563-1594.
132. Yohe G.W., Tol R.S.J. Indicators for social and economic coping capacity: moving towards a working definition of adaptive capacity. Global Environmental Change 2002, 12(1):25-40.
133. Zuber S., Asheim G.B. Justifying social discounting: the rank-discounted utilitarian approach. Journal of Economic Theory 2012, 147(4):1572-1601.