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Title:Time is running out: The 2°C target and optimal climate policies PDF Logo
Authors:Chen, Yu-Fu
Funke, Michael
Glanemann, Nicole
Issue Date:2011
Series/Report no.:CESifo working paper: Resource and Environment Economics 3664
Abstract:The quintessence of recent natural science studies is that the 2°C target can only be achieved with massive emission reductions in the next few years. The central twist of this paper is the addition of this limited time to act into a non-perpetual real options framework analysing optimal climate policy under uncertainty. The window-of-opportunity modelling setup shows that the limited time to act may spark a trend reversal in the direction of low-carbon alternatives. However, the implementation of a climate policy is evaded by high uncertainty about possible climate pathways.
Subjects:climate policy
CO2 scenarios
non-perpetual real options
JEL:Q51
Q54
D81
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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