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Climate change policy and strategic interactions in a standard economic growth model
(2021-02-03) Rozakis Konstantinos; Athens University of Economics and Business, Department of Economics; Economides, George; Philippopoulos, Apostolis; Xepapadeas, Anastasios
This dissertation introduces different issues concerning climate change. We analyze the interactions among countries under either global mean temperature dynamics or regional temperature dynamics in a very standard economic growth model and provide a detailed mathematical appendix of how these solutions are derived. At first, we develop a zero dimensional energy balance climate model with global temperature dynamics. We solve the social planner's problem and characterize the competitive equilibrium for three equilibrium concepts. These equilibrium concepts depend on whether countries decide to cooperate with each other or not. We distinguish two cases in the case of non cooperation; a non cooperative game under open loop strategies and feedback strategies. We define optimal taxes on fossil fuel use and make the appropriate comparisons among the different equilibrium concepts. Also, we define the additional carbon tax that is needed to bridge the gap between those equilibrium concepts. Next, we introduce polar Amplification into our model, which is one of the well established feedbacks of the climate system. This feedback indicates that, under global warming, the Arctic warms faster because significant positive feedback occurs in the region. This new aspect entering into our model relates to the possibility that temperature changes in a location like the Arctic may generate damages to a location further away, e.g., the South. In both model specifications, we conclude that cooperative policies tend to be more conservative than noncooperative policies. In cooperative solutions, the proposed emission taxes that are imposed to combat climate change tend to be larger in magnitude than the one from non cooperative solutions. In addition, when polar Amplification is introduced, it results in a better and more accurate representation of the fossil fuel taxes that have to be imposed in order to combat climate change.