| Autor: |
Rezai, Armon, Foley, Duncan K., Taylor, Lance |
| Jazyk: |
angličtina |
| Rok vydání: |
2012 |
| Předmět: |
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| Druh dokumentu: |
Článek |
| DOI: |
10.1007/s00199-010-0592-4 |
| Popis: |
Despite worldwide policy efforts such as the Kyoto Protocol, the emission of greenhouse gases (GHG) remains a negative externality. Economic equilibrium paths in the presence of such an uncorrected externality are inefficient; as a consequence there is no real economic opportunity cost to correcting this externality by mitigating global warming. Mitigation investment using resources diverted from conventional investments can raise the economic well-being of both current and future generations. The economic literature on GHG emissions misleadingly focuses attention on the intergenerational equity aspects of mitigation by using a hybrid constrained optimal path as the "business-as-usual" benchmark. We calibrate a simple Keynes-Ramsey growth model to illustrate the significant potential Pareto-improvement from mitigation investment, and to explain the equilibrium concept appropriate to modeling an uncorrected negative externality. |
| Databáze: |
Networked Digital Library of Theses & Dissertations |
| Externí odkaz: |
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