SELFISH BUREAUCRATS AND POLICY HETEROGENEITY IN NORDHAUS’ DICE

Author:

TOL RICHARD S. J.12345ORCID

Affiliation:

1. Department of Economics, University of Sussex, Jubilee Building, Falmer, BN1 9SL, UK

2. Institute for Environmental Studies, Vrije Universiteit, Amsterdam, The Netherland

3. Department of Spatial Economics Vrije Universiteit, Amsterdam, The Netherlands

4. Tinbergen Institute, Amsterdam, The Netherlands

5. CESifo, Munich, Germany

Abstract

Nordhaus’ seminal DICE model assesses first-best climate policy, a useful but unrealistic yardstick. I propose a measure of policy inefficacy if carbon prices are heterogeneous and use observed prices to recalibrate the DICE model. I introduce a Niskanen-inspired model of climate policy with selfish bureaucrats, and calibrate it to carbon dioxide emissions in the European Union and the policy models used by the IPCC. This model also implies a measure of policy inefficacy that I use to recalibrate DICE. The optimal global mean temperature is 1C perhaps 2C higher in the recalibrated than in the original DICE model.

Publisher

World Scientific Pub Co Pte Lt

Subject

Management, Monitoring, Policy and Law,Economics and Econometrics,Global and Planetary Change

Cited by 4 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. COSTS AND BENEFITS OF THE PARIS CLIMATE TARGETS;Climate Change Economics;2023-06-30

2. Robust management of climate risk damages;Risk Management;2023-05-26

3. Do climate dynamics matter for economics?;Nature Climate Change;2021-09-30

4. INTRODUCTION TO THE SPECIAL ISSUE COMMEMORATING WILLIAM NORDHAUS;Climate Change Economics;2020-10-08

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