タイトル(掲載誌)Institute of Social and Economic Research Discussion Papers
一般注記We specify a stochastic economy-climate model, adapting Nord-haus' deterministic economy-climate model by allowing for Weitzman-typestochasticity. We show that, under expected power utility, the model isfragile to heavy-tailed distributional assumptions and we derive necessaryand sufficient conditions on the utility function to avoid fragility. We solveour stochastic economy-climate model for two cases with compatible pairs ofutility functions and heavy-tailed distributional assumptions. We further de-velop and implement a procedure to learn the input parameters of our modeland show that the model thus specied produces robust optimal policies.The numerical results indicate that higher levels of uncertainty lead to lessabatement and consumption, and to more investment.
連携機関・データベース国立情報学研究所 : 学術機関リポジトリデータベース(IRDB)(機関リポジトリ)