Arbeitspapier
Adapting to Climate Change: an Analysis under Uncertainty
Climate change is a phenomenon beset with major uncertainties and researchers should include them in Integrated Assessment Models. However, including further dimensions in IAM models comes at a cost. In particular, it makes most of these models suffer from the curse of dimensionality. In this study we benefit from a state-reduced framework to overcome those problems. In an attempt to advance in the modelling of adaptation within IAM models, we apply this methodology to shed some light on how the optimal balance between mitigation and adaptation changes under different stochastic scenarios. We find that stochastic technology growth hardly affects the optimal bundle of mitigation and adaptation whereas uncertainty about the value of climate sensitivity and the possibility of tipping points hitting the system change substantially the composition of the optimal mix as both persuade the risk-averse social planner to invest more in mitigation. Overall, we identify that including uncertainty into the model tends to favour (long-lasting) mitigation with respect to (instantaneous) adaptation. Further research should address the properties of the optimal mix when a stock of adaptation can be built.
- Sprache
-
Englisch
- Erschienen in
-
Series: Nota di Lavoro ; No. 10.2016
- Klassifikation
-
Wirtschaft
Optimization Techniques; Programming Models; Dynamic Analysis
Computable and Other Applied General Equilibrium Models
Micro-Based Behavioral Economics: General‡
Environment and Growth
Sustainable Development
Climate; Natural Disasters and Their Management; Global Warming
Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
- Thema
-
Climate Change
Adaptation
Mitigation
Dynamic Programming
Uncertainty
Integrated Assessment
DICE
- Ereignis
-
Geistige Schöpfung
- (wer)
-
García-León, David
- Ereignis
-
Veröffentlichung
- (wer)
-
Fondazione Eni Enrico Mattei (FEEM)
- (wo)
-
Milano
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- García-León, David
- Fondazione Eni Enrico Mattei (FEEM)
Entstanden
- 2016
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