NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Climate Policy under Cooperation and Competition between Regions with Spatial Heat Transport

Yongyang Cai, William Brock, Anastasios Xepapadeas, Kenneth Judd

NBER Working Paper No. 24473
Issued in March 2018
NBER Program(s):Environment and Energy Economics

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.

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Document Object Identifier (DOI): 10.3386/w24473

 
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