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- Persson, Martin, 1976, et al.
(author)
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Konsensus i förändring – klimatekonomi efter Stern
- 2008
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In: Ekonomisk Debatt. ; 36:4, s. 65-81
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Journal article (other academic/artistic)abstract
- Med slutsatsen att snara och kraftfulla åtgärder för att minska utsläppen av växthusgaser är ekonomiskt motiverade utmanade Sternrapporten den rådande bilden av klimatförändringarnas ekonomi. Trots att kritiken initialt var hård har debatten efter Sternrapporten visat på ett konsensus i förändring. Allt fler ekonomer menar att det finns många starka argument för en kraftfull klimatpolitik, men få motargument som håller. I denna artikel ger vi tre exempel på detta: alternativa etiska utgångspunkter för den ekonomiska analysen, högre uppskattningar av klimatförändringarnas kostnader, samt effekterna av begränsad substituerbarhet och förändrade relativpriser. Vi diskuterar även aggregering av kostnader mellan olika grupper och hantering av risk.
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| 3. |
- Quiroga, Miguel, et al.
(author)
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Have Countries with Lax Environmental Regulations a Comparative Advantage in Polluting Industries?
- 2007
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In: RFF Discussion Paper Series. ; :RFF DP 07-08
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Journal article (other academic/artistic)abstract
- We aim to study whether lax environmental regulations induce comparative advantages, causing the least-regulated countries to specialize in polluting industries. The study is based on Trefler and Zhu’s (2005) definition of the factor content of trade. For the econometrical analysis, we use a cross-section of 71 countries in 2000 to examine the net exports in the most polluting industries. We try to overcome three weaknesses in the empirical literature: the measurement of environmental endowments or environmental stringency, the possible endogeneity of the explanatory variables, and the influence of the industrial level of aggregation. As a result, we do find some evidence in favor of the pollution-haven effect. The exogeneity of the environmental endowments was rejected in several industries, and we also find that industrial aggregation matters.
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- Sterner, Thomas, 1952, et al.
(author)
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An Even Sterner Review - Introducing Relative Prices into the Discounting Debate
- 2007
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In: RFF Discussion Paper.
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Journal article (other academic/artistic)abstract
- The Economics of Climate Change: The Stern Review has had a major influence on the policy discussion on climate change. One reason is that the report has raised the estimated cost of unmitigated climate damages by an order of magnitude compared to most earlier estimates, leading to a call for strong and urgent action on climate change. Not surprisingly, severe criticism has been levied against the report by authors who think that these results hinge mainly on the use of a discount rate that is too low. Here we discuss the Ramsey rule for the discount rates and its implications for the economics of climate change. While we find no strong objections to the discounting assumptions adopted in the Stern Review, our main point is that the conclusions reached in the review can be justified on other grounds than by using a low discount rate. We argue that nonmarket damages from climate change are probably underestimated and that future scarcities that will be induced by the changing composition of the economy and climate change should lead to rising relative prices for certain goods and services, raising the estimated damage of climate change and counteracting the effect of discounting. We build our analysis on earlier research (Hoel and Sterner 2007) that has shown that the Ramsey discounting formula is somewhat modified in a two-sector economy with differential growth rates. Most importantly, such a model is characterized by changing relative prices, something that has major implications for a correct valuation of future climate damages. We introduce these results into a slightly modified version of the DICE model (Nordhaus 1994) and find that taking relative prices into account can have as large an effect on economically warranted abatement levels as can a low discount rate.
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| 5. |
- Sterner, Thomas, 1952, et al.
(author)
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An Even Sterner Review - Introducing Relative Prices into the Discounting Debate
- 2008
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In: Review of Environmental Economics and Policy. - 1750-6824. ; 2:1, s. 61-76
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Journal article (peer-reviewed)abstract
- By estimating that the cost of unmitigated climate damages is an order of magnitude higher than most earlier estimates, the Stern Review on the Economics of Climate Change has had a major influence on the policy discussion on climate change. Not surprisingly, severe criticism has been levied against the report, especially by those who claim that the Stern Review's results hinge mainly on a discount rate that is too low. While we have no strong objections to the discounting assumptions adopted in the Stern Review, our main point in this article is that the conclusions reached in the Stern Review can be justified without using a low discount rate. We argue that nonmarket damages from climate change are probably underestimated and that future scarcities caused by the changing composition of the economy and climate change should lead to rising relative prices for certain goods and services. This will raise the estimated damage of climate change and modify as well as counteract the effect of discounting. We illustrate this effect using a slightly modified version of Nordhaus's DICE model and show that taking relative prices into account can have as large an effect on economically warranted abatement levels as a low discount rate.
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