Climate change and technical progress: impact of informational constraints

Bondarev, Anton and Clemens, Christiane and Greiner, Alfred. (2014) Climate change and technical progress: impact of informational constraints. In: Dynamic optimization in environmental economics. Heidelberg, pp. 3-35.

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Official URL: http://edoc.unibas.ch/50628/

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In this paper we analyse a growth model that includes environmental and economic variables as well as technological progress under different informational constraints on the behavior of economic agents. To simulate the informationally constrained economy, we make use of the non-linear model predictive control technique. We compare models with exogenous and endogenous technical change as well as directed and undirected endogenous technical change under different informational structures. We show that endogenous technical change yields lower environmental damages than exogenous technical change with fully informed agents. At the same time, welfare may rise or decline depending on the efficiency of the technology in use. In the case of directed technical change, a green growth scenario generates a smaller temperature increase that, however, goes along with less output and lower welfare. This holds both for informationally constrained and unconstrained behaviour of agents. We find that the effects of informational constraints, with respect to the climate system, increase with the degree of endogeneity of technology in the model.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Umweltökonomie (Krysiak)
UniBasel Contributors:Bondarev, Anton A.
Item Type:Book Section, refereed
Book Section Subtype:Further Contribution in a Book
Series Name:Dynamic Modeling and Econometrics in Economics and Finance,
Issue Number:15
Note:Publication type according to Uni Basel Research Database: Book item
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Last Modified:13 Apr 2018 06:16
Deposited On:22 Mar 2018 14:15

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