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| Author: | Kolstad, C. |
| Title: | Learning and stock effects in environmental regulation: the case of greenhouse gas emissions |
| Journal: | Journal of Environmental Economics and Management
1996 : JUL, VOL. 31:1, p. 1-18 |
| Index terms: | ENVIRONMENTAL ECONOMICS MANAGEMENT LEARNING |
| Language: | eng |
| Abstract: | This paper concerns the optimal regulation of greenhouse gases that lead to global climate change. In particular, the author focuses on uncertainty and learning (which, over time, resolves uncertainty). The author presents an empirical stochastic model of climate-economy interactions and presents results on the tension between postponing control until more is known vs acting now before irreversible climate change takes place. Uncertainty in this model is in the damage caused by global warming. The results suggest that a temporary carbon tax may dominate a permanent one because a temporary tax may induce increased flexibility. |
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