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|Title:||Decomposing Integrated Assessment Climate Change |
Rutherford, Thomas F.
|Issue Date:||2005 |
|Series/Report no.:||ZEW Discussion Papers 05-07|
|Abstract:||We present a decomposition approach for integrated assessment modeling of climate policy based on a linear approximation of the climate system. Our objective is to demonstrate the usefulness of decomposition for integrated assessment models posed in a complementarity format. First, the complementarity formulation cum decomposition permits a precise representation of post-terminal damages thereby substantially reducing the model horizon required to produce an accurate approximation of the infinite-horizon equilibrium. Second, and central to the economic assessment of climate policies, the complementarity approach provides a means of incorporating second-best effects that are not easily represented in an optimization model.|
|Document Type:||Working Paper|
|Appears in Collections:||ZEW Discussion Papers|
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