What Policies Address Both the Coronavirus Crisis and the Climate Crisis?

The coronavirus pandemic has led many countries to initiate unprecedented economic recovery packages. Policymakers tackling the coronavirus crisis have also been encouraged to prioritize policies which help mitigate a second, looming crisis: climate change. We identify and analyze policies that combat both the coronavirus crisis and the climate crisis. We analyze both the long-run climate impacts from coronavirus-related economic recovery policies, and the impacts of…

Decoupling economic and energy growth: aspiration or reality?

Energy has long been a driving force of economic growth; however, it comes with environmental costs and security challenges. This study analyzes the energy–economy nexus and explores their decoupling possibilities by using cross-country data over the years 1971–2014. The results indicate that, while energy use and economic growth exhibit a typical inverted U-shaped decoupling relationship for the industrialized countries, they have been rising in tandem…

Review: “Nature is a blind spot in economics that we ignore at our peril”

A fundamental change in how we think about and approach economics is needed if we are to reverse biodiversity loss and protect and enhance our prosperity, says a new  independent landmark review on the Economics of Biodiversity. First economic framework for biodiversity Beijer Fellow Professor Sir Partha Dasgupta’s review, commissioned by the UK Treasury, presents the first comprehensive economic framework of its kind for biodiversity….

Green Certificate Trading, Renewable Portfolio Standard and Tax Burden Reductions

The article is in Chinese with an English summary: The national-wide issuance and trading of green certificates has been initiated to improve the renewable energy integration and reduce the tax burden in the feed-in tariff scheme. To test the latter effects in green certificate trading, we construct the certificate pricing model to analyze the market equilibrium with or without renewable portfolio standard requirements, and compare…

Carbon pricing and planetary boundaries

Human activities are threatening to push the Earth system beyond its planetary boundaries, risking catastrophic and irreversible global environmental change. Action is urgently needed, yet well-intentioned policies designed to reduce pressure on a single boundary can lead, through economic linkages, to aggravation of other pressures. In particular, the potential policy spillovers from an increase in the global carbon price onto other critical Earth system processes…

Valuing biodiversity and resilience: An application to pollinator diversity in the Stockholm region

This paper characterizes the value of biodiversity and ecosystem resilience by formalizing a stochastic dynamic bioeconomic model of pollinator diversity under climate changes, with an application to oil rapeseed production in the Stockholm region of Sweden. It studies the optimal provision of semi-natural habitat for two different pollinator bee species: bumble bees and solitary wild bees. It is found that, despite being less effective, solitary…

Time-consistent resource management with regime shifts

We investigate how a resource user who is present-biased manages a renewable resource stock with variable growth that could undergo a reversible regime shift (an abrupt, persistent change in structure and function of the ecosystem supplying the resource). In a discrete-time quasihyperbolic discounting framework with no commitment device, and using only generic utility functions and stock transition with regime shifts, we show that there is…

Inertia Risk: Improving Economic Models of Catastrophes

We model endogenous catastrophic risk in a new way we term inertia risk, which accounts for delays between physical variables and the hazard rate—a characteristic often observed in reality. The added realism significantly impacts optimal policies relative to the standard model of catastrophic risk. The probability of a catastrophe occurring at some point in time may span the entire interval [0, 1] and is not…

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