Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/76758
Authors: 
Müller-Fürstenberger, Georg
Stephan, Gunter
Year of Publication: 
2010
Series/Report no.: 
Discussion Papers, Department of Economics, Universität Bern 10-08
Abstract: 
This paper discusses the interplay between the choice of the discount rate, greenhouse gas mitigation and endogenous technological change. Neglecting the issue of uncertainty it is shown that the green golden rule stock of atmospheric carbon is uniquely determined, but is not affected by technological change. More general it is shown analytically within the framework of a reduced model of integrated assessment that optimal stationary stocks of atmospheric carbon depend on the choice of the discount rate, but are independent of the stock of technological knowledge. These results are then reinforced numerically in a fully specified integrated assessment analysis.
Subjects: 
integrated assessment
discount rate
endogenous technological change
climate change
JEL: 
Q40
O13
Document Type: 
Working Paper

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