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Modeling Environment-Improving Technological Innovations Under Uncertainty

By: Alexander Golub and Anil Markandya

288 pages, illustrations, tables

Routledge

Hardback | Aug 2008 | #175205 | ISBN-13: 9780415463768
Availability: Usually dispatched within 6 days Details
NHBS Price: £90.00 $114/€106 approx

About this book

This book presents a compendium of methodologies for evaluating the economic impact of technological innovation upon climate-change policy. There is a broad consensus on the key elements of climate-change science and agreement that near-term actions are needed to prevent dangerous anthropogenic interference with the climate system. However, there is little agreement on the costs and benefits of climate policy. Any policy implementation will result in an irreversible but environment-improving investment in alternative technologies; this change will generate immediately-realized costs but significantly-delayed benefits.Hence, a critical element in policy selection is the inherent uncertainty in the climate and economy that can be expected over time. The authors use mathematical models and their predictions, but the book contains no explicit empirical work. The goal is to provide a practitioner's guide for the science of economics and climate change. Because the assumptions motivating different problems in the economics of climate change have different complexities, a number of models are presented with varying levels of difficulty: reduced-form and structural, partial- and general-equilibrium, closed-form and computational. A unifying theme of these models is the incorporation of a number of price and quantity instruments and an analysis of their respective efficacies.


Contents

Part 1: Environment Improving Innovation Decisions Under Uncertainty  1. A Review of Investment Decision Frameworks under Uncertainty  2. A Comparison of ROA, VAR, and MVO Investment Decision Rules  3. Microeconomic Analysis of Incentives for Innovation  4. Experimental Investigation of the "Weitzman Rule"  Part 2: Climate Policy and Induced Technological Change  5. Emissions Targets and Policy Instruments under Uncertainty  6. The Climate and Economy in Dynamic Stochastic General Equilibrium  7. An Analysis of Environmental Stabilization via Technological Substitution  8. Applications for Modern Climate Policy

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Biography

Environmental Defense, USA University of Bath, UK

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