气候变化领域集成服务门户(CCPortal): Discounting the Future: On Climate Change, Ambiguity Aversion and Epstein-Zin Preferences

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DOI	10.1007/s10640-023-00832-z
	Discounting the Future: On Climate Change, Ambiguity Aversion and Epstein-Zin Preferences
	Olijslagers, Stan; van Wijnbergen, Sweder
发表日期	2024
ISSN	0924-6460
EISSN	1573-1502
起始页码	87
结束页码	3
卷号	87 期号:3
英文摘要	We show that ambiguity aversion and deviations from standard expected time separable utility have a major impact on estimates of the willingness to pay to avoid future climate change risk. We propose a relatively standard integrated climate/economy model but add stochastic climate disasters. The model yields closed form solutions up to solving an integral, and therefore does not suffer from the curse of dimensionality of most numerical climate/economy models. We analyze the impact of substitution preferences, risk aversion (known probabilities), and ambiguity aversion (unknown probabilities) on the social cost of carbon. Introducing ambiguity aversion leads to two offsetting effects on the social cost of carbon: a positive direct effect and a negative effect through discounting. Our numerical results show that for reasonable calibrations, the direct effect dominates the discount rate impact, so ambiguity aversion gives substantially higher estimates of the social cost of carbon.
英文关键词	Social cost of carbon; Ambiguity aversion; Epstein-Zin preferences; Climate change; Q51; Q54; G12; G13
语种	英语
WOS研究方向	Business & Economics ; Environmental Sciences & Ecology
WOS类目	Economics ; Environmental Studies
WOS记录号	WOS:001148753900001
来源期刊	ENVIRONMENTAL & RESOURCE ECONOMICS
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/308077
作者单位	CPB Netherlands Bureau for Economic Policy; University of Amsterdam; Tinbergen Institute
推荐引用方式 GB/T 7714	Olijslagers, Stan,van Wijnbergen, Sweder. Discounting the Future: On Climate Change, Ambiguity Aversion and Epstein-Zin Preferences[J],2024,87(3).
APA	Olijslagers, Stan,&van Wijnbergen, Sweder.(2024).Discounting the Future: On Climate Change, Ambiguity Aversion and Epstein-Zin Preferences.ENVIRONMENTAL & RESOURCE ECONOMICS,87(3).
MLA	Olijslagers, Stan,et al."Discounting the Future: On Climate Change, Ambiguity Aversion and Epstein-Zin Preferences".ENVIRONMENTAL & RESOURCE ECONOMICS 87.3(2024).