- Abstract:
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The optimal reaction to a potential productivity shock as a consequence of climate tipping is to substantially tax carbon in order to curb the risk of tipping, but to adjust capital as well in order to smooth consumption when tipping occurs. We also allow for conventional marginal climate damages and decompose the optimal carbon tax in two catastrophe components and the conventional component. We distinguish constant and increasing marginal hazards. Moreover, the productivity catastrophe is c...
Expand abstract - Publication status:
- Published
- Peer review status:
- Peer reviewed
- Version:
- Publisher's version
- Files:
-
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(pdf, 756.5KB)
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- Publisher copy:
- 10.1007/s10640-018-0231-2
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- Publisher:
- Springer Publisher's website
- Journal:
- Environmental and Resource Economics Journal website
- Publication date:
- 2018-02-05
- Acceptance date:
- 2018-02-19
- DOI:
- EISSN:
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1573-1502
- ISSN:
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0924-6460
- Pubs id:
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pubs:829831
- URN:
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uri:c9a0eaa4-dacd-4a8b-a905-e8df7281ebc0
- UUID:
-
uuid:c9a0eaa4-dacd-4a8b-a905-e8df7281ebc0
- Local pid:
- pubs:829831
- Copyright holder:
- *Copyright holder name ("et al." as required)*
- Copyright date:
- 2018
- Notes:
- © The Author(s) 2018. This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
Journal article
Pricing carbon and adjusting capital to fend off climate catastrophes
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