A numerical analysis of optimal extraction and trade of oil under climate policy

Arbeitspapier

We introduce endogenous investments for increasing conventional and non-conventional oil extraction capacity in the integrated assessment model WITCH. The international price of oil emerges as the Nash equilibrium of a non-cooperative game. When carbon emissions are not constrained, oil is used throughout the century, with unconventional oil taking over conventional oil from mid-century onward. When carbon emissions are constrained, oil consumption drops dramatically and the oil price is lower than in the BaU. Unconventional oil is not extracted. Regional imbalances in the distribution of stabilisation costs are magnified and the oil-exporting countries bear, on average, costs three times larger than in previous estimates.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Nota di Lavoro ; No. 2010,113

Klassifikation und Themen

• Klassifikation: Wirtschaft ; General Aggregative Models: Forecasting and Simulation: Models and Applications ; Trade: Forecasting and Simulation ; Exhaustible Resources and Economic Development ; Energy and the Macroeconomy ; Climate; Natural Disasters and Their Management; Global Warming
• Thema: Climate Policy ; Integrated Assessment ; Oil Production ; Oil Revenues ; Oil Trade

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Massetti, Emanuele ; Sferra, Fabio
• Ereignis: Veröffentlichung
• (wer): Fondazione Eni Enrico Mattei (FEEM)
• (wo): Milano
• (wann): 2010

Weitere Informationen

• Handle: http://hdl.handle.net/10419/43530
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ