This unique textbook offers comprehensive coverage of the economics of climate change and climate policy, and is suitable for advanced undergraduate, post-graduate and doctoral students. Topics discussed include the costs and benefits of adaptation and mitigation, discounting, uncertainty, policy instruments, and international agreements. Special features include: in-depth treatment of the economics of climate change careful explanations of concepts and their application to climate policy customizable integrated assessment model that illustrates all issues discussed specific usage guidelines for each level of reader companion website featuring data, extra reading, quizzes, videos and more This book will be an essential text for students of varying levels in economics, climate change and environmental policy, and a resource for researchers and practitioners.
Preface x
Introduction 1 (2)
1 The science of climate change 3 (13)
Tweet book 3 (1)
1.1 Processes** 3 (8)
1.2 Projections** 11 (5)
Further reading 14 (2)
2 Emissions scenarios and options for 16 (14)
emission reduction
Tweet book 16 (1)
2.1 Sources of greenhouse gas emissions** 17 (2)
2.2 Trends in carbon dioxide emissions** 19 (1)
2.3 Scenarios of future emissions** 20 (5)
2.4 Options for emission reduction** 25 (5)
Further reading 27 (1)
Exercises 27 (3)
3 Abatement costs 30 (14)
Tweet book 30 (1)
3.1 The costs of emission reduction** 31 (6)
3.2 Negative abatement costs** 37 (7)
Further reading 42 (1)
Exercises 43 (1)
4 Policy instruments for emission redaction 44 (29)
Tweet book 44 (1)
4.1 The justification of public policy* 45 (1)
4.2 Direct regulation* 46 (1)
4.3 Market-based instruments* 47 (1)
4.4 Cost-effectiveness* 48 (2)
4.5 Dynamic efficiency**** 50 (3)
4.6 Environmental effectiveness* 53 (1)
4.7 Taxes versus tradable permits under 54 (3)
uncertainty**
4.8 Initial allocation of permits** 57 (2)
4.9 Initial and final allocation of 59 (1)
permits*
4.10 International trade in emission 60 (3)
permits***
4.11 Technological change** 63 (3)
4.12 Emissions trade in practice: The EU 66 (4)
Emissions Trading System**
4.13 Emissions trade in practice: The 70 (3)
Clean Development Mechanism**
Further reading 71 (1)
Exercises 71 (2)
5 Impacts and valuation 73 (12)
Tweet book 73 (1)
5.1 Impacts of climate change** 74 (2)
5.2 Purpose of valuation* 76 (1)
5.3 Valuation methods: Revealed 77 (2)
preferences*
5.4 Valuation methods: Stated preferences* 79 (1)
5.5 Issues for climate change: Benefit 80 (1)
transfer**
5.6 Issues for climate change: WTP versus 81 (4)
WTAC**
Further reading 83 (1)
Exercises 84 (1)
6 Impacts of climate change 85 (16)
Tweet book 85 (1)
6.1 Reasons for concern** 85 (2)
6.2 Total economic impacts** 87 (4)
6.3 Impacts and development** 91 (4)
6.4 Marginal economic impacts** 95 (3)
6.5 The growth rate of the marginal 98 (3)
impact***
Further reading 99 (1)
Exercises 99 (2)
7 Climate and development 101(7)
Tweet book 101(1)
7.1 Growth models** 101(2)
7.2 Natural disasters*** 103(1)
7.3 Poverty traps** 104(4)
Further reading 106(1)
Exercises 106(2)
8 Optimal climate policy 108(15)
Tweet book 108(1)
8.1 The ultimate target** 108(2)
8.2 Benefit--cost analysis* 110(6)
8.3 Estimates of optimal emission 116(2)
reduction**
8.4 Trade-offs between greenhouse 118(5)
gases****
Further reading 121(1)
Exercises 121(2)
9 Discounting, equity, uncertainty 123(21)
Tweet book 123(1)
9.1 Time discounting: Derivation of the 124(1)
Ramsey rule***
9.2 Time discounting** 125(1)
9.3 Declining discount rates*** 126(2)
9.4 Axiomatic approaches to intertemporal 128(2)
welfare****
9.5 Equity** 130(2)
9.6 Derivation of equity weights*** 132(1)
9.7 Uncertainty** 133(2)
9.8 Ambiguity*** 135(1)
9.9 Deep uncertainty**** 136(1)
9.10 Implications for climate policy** 137(2)
9.11 The choice of parameters** 139(1)
9.12 Science and advocacy**** 140(4)
Further reading 142(1)
Exercises 142(2)
10 Irreversibility and learning 144(8)
Tweet book 144(1)
10.1 Introduction 144(1)
10.2 A stylized example** 145(4)
10.3 Applications to climate change** 149(3)
Further reading 150(1)
Exercises 150(2)
11 International environmental agreements 152(11)
Tweet book 152(1)
11.1 Cooperative and non-cooperative 153(2)
abatement**
11.2 Free-riding** 155(2)
11.3 Cartel formation** 157(2)
11.4 Multiple coalitions**** 159(1)
11.5 International climate policy** 160(3)
Further reading 162(1)
Exercises 162(1)
12 Adaptation policy 163(7)
Tweet book 163(1)
12.1 Adaptation versus mitigation** 163(1)
12.2 The government's role in adaptation** 164(2)
12.3 Adaptation and development** 166(1)
12.4 How to adapt** 167(3)
Further reading 168(1)
Exercises 168(2)
13 Building an integrated assessment model 170(20)
13.1 Introduction 170(1)
13.2 Carbon cycle and climate 170(3)
13.3 Scenarios 173(3)
13.4 Abatement 176(1)
13.5 Tradable permits 177(1)
13.6 Impacts of climate change 178(2)
13.7 Social cost of carbon 180(2)
13.8 Development 182(1)
13.9 Optimal climate policy 183(2)
13.10 Discounting and equity 185(1)
13.11 Uncertainty 186(1)
13.12 Non-cooperative climate policy 187(1)
13.13 Adaptation policy 188(2)
14 How to solve the climate problem? 190(7)
Tweet book 190(1)
14.1 The problem 191(1)
14.2 Costs and benefits of climate policy 192(1)
14.3 Complications 193(1)
14.4 The solution 194(3)
Further reading 195(2)
Index 197
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