scholarly journals Comparison of integrated assessment models: Carbon price impacts on U.S. energy

Energy Policy ◽  
2015 ◽  
Vol 76 ◽  
pp. 18-31 ◽  
Author(s):  
Jordan T. Wilkerson ◽  
Benjamin D. Leibowicz ◽  
Delavane D. Turner ◽  
John P. Weyant
2018 ◽  
Vol 09 (03) ◽  
pp. 1850008 ◽  
Author(s):  
INGMAR SCHUMACHER

We show that a policy maker who ignores regional data and instead relies on aggregated integrated assessment models is likely underestimating the carbon price and thus the required climate policy. Based on a simple theoretical model, we give conditions under which the Aggregation Dilemma is expected to play a role in climate change cost-benefit analysis. We then study the importance of the Aggregation Dilemma with the integrated assessment model RICE [Nordhaus and Boyer, (2000) Warning the World: Economic Models of Global Warming. MA: MIT Press]. Aggregating all regions of the RICE-99 model into one region yields a 40% lower social cost of carbon than the RICE model itself predicts. Based on extrapolating the results, a country-level integrated assessment model would give a more than eight times higher social cost of carbon compared to a fully aggregated model. We suggest that these tentative results require researchers to rethink the aggregation level used in integrated assessment models and to develop models at much lower levels of aggregation than currently available.


2021 ◽  
Vol 166 (1-2) ◽  
Author(s):  
Charlie Wilson ◽  
Céline Guivarch ◽  
Elmar Kriegler ◽  
Bas van Ruijven ◽  
Detlef P. van Vuuren ◽  
...  

AbstractProcess-based integrated assessment models (IAMs) project long-term transformation pathways in energy and land-use systems under what-if assumptions. IAM evaluation is necessary to improve the models’ usefulness as scientific tools applicable in the complex and contested domain of climate change mitigation. We contribute the first comprehensive synthesis of process-based IAM evaluation research, drawing on a wide range of examples across six different evaluation methods including historical simulations, stylised facts, and model diagnostics. For each evaluation method, we identify progress and milestones to date, and draw out lessons learnt as well as challenges remaining. We find that each evaluation method has distinctive strengths, as well as constraints on its application. We use these insights to propose a systematic evaluation framework combining multiple methods to establish the appropriateness, interpretability, credibility, and relevance of process-based IAMs as useful scientific tools for informing climate policy. We also set out a programme of evaluation research to be mainstreamed both within and outside the IAM community.


2017 ◽  
Vol 55 (3) ◽  
pp. 1046-1063 ◽  
Author(s):  
Geoffrey Heal

I review the economic characteristics of the climate problem, focusing on the choice of discount rates in the presence of a stock externality, risk and uncertainty/ambiguity, and the role of integrated assessment models (IAMs) in analyzing policy choices. I suggest that IAMs can play a role in providing qualitative understanding of how complex systems behave, but are not accurate enough to provide quantitative insights. Arguments in favor of action on climate issues have to be based on aversion to risk and ambiguity and the need to avoid a small but positive risk of a disastrous outcome. ( JEL D61, H43, Q48, Q54, Q58)


2015 ◽  
Vol 90 ◽  
pp. 45-61 ◽  
Author(s):  
Elmar Kriegler ◽  
Nils Petermann ◽  
Volker Krey ◽  
Valeria Jana Schwanitz ◽  
Gunnar Luderer ◽  
...  

Energy ◽  
2019 ◽  
Vol 172 ◽  
pp. 1254-1267 ◽  
Author(s):  
Volker Krey ◽  
Fei Guo ◽  
Peter Kolp ◽  
Wenji Zhou ◽  
Roberto Schaeffer ◽  
...  

2018 ◽  
Vol 105 ◽  
pp. 187-200 ◽  
Author(s):  
Matthew J. Gidden ◽  
Shinichiro Fujimori ◽  
Maarten van den Berg ◽  
David Klein ◽  
Steven J. Smith ◽  
...  

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