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Growth and Climate Change : Threshold and Multiple Equilibria

Title data

Greiner, Alfred ; Grüne, Lars ; Semmler, Willi:
Growth and Climate Change : Threshold and Multiple Equilibria.
In: Crespo Cuaresma, Jesús ; Palokangas, Tapio ; Tarasyev, Alexander (ed.): Dynamic Systems, Economic Growth, and the Environment. - Berlin : Springer , 2010 . - pp. 63-78 . - (Dynamic Modeling and Econometrics in Economics and Finance ; 12 )
ISBN 978-3-642-02132-9
DOI: https://doi.org/10.1007/978-3-642-02132-9_4

Abstract in another language

In this paper we analyze a basic growth model where we allow for global warming. As concerns global warming we assume that the climate system is characterized by feedback effects such that the ability of the earth to emit radiation to space is reduced as the global surface temperature rises. We first study the model assuming that abatement spending is fixed exogeneously and demonstrate with the use of numerical examples that the augmented model may give rise to multiple equilibria and thresholds. Then, we analyze the social optimum where both consumption and abatement are set optimally and show that the long-run equilibrium is unique in this case. In the context of our model with multiple equilibria initial conditions are more important for policy actions than discount rates.

Further data

Item Type: Article in a book
Refereed: Yes
Institutions of the University: Faculties > Faculty of Mathematics, Physics und Computer Science > Department of Mathematics > Chair Mathematics V (Applied Mathematics) > Chair Mathematics V (Applied Mathematics) - Univ.-Prof. Dr. Lars Grüne
Faculties
Faculties > Faculty of Mathematics, Physics und Computer Science
Faculties > Faculty of Mathematics, Physics und Computer Science > Department of Mathematics
Faculties > Faculty of Mathematics, Physics und Computer Science > Department of Mathematics > Chair Mathematics V (Applied Mathematics)
Result of work at the UBT: Yes
DDC Subjects: 500 Science > 510 Mathematics
Date Deposited: 02 Mar 2021 13:48
Last Modified: 23 Mar 2021 09:12
URI: https://eref.uni-bayreuth.de/id/eprint/63607