September 28, 2007

Pareto Optimality in the Extraction of Fossil Fuels and the Greenhouse Effect: A Note.

The Solow-Stiglitz efficiency condition for natural resources is generalized to the problem of fossil fuel extraction with a greenhouse effect. The generalized optimality condition suggests that the greenhouse effect implies overextraction.

Sinn, Hans-Werner. "Pareto Optimality in the Extraction of Fossil Fuels and the Greenhouse Effect: A Note." NBER Working Paper No. W13453, Sept 2007.

September 21, 2007

The Economic Impact of Climate Change on Agriculture in Cameroon.

Based on a farm-level survey of more than 800 farms, the study employs a Ricardian cross-sectional approach to measure the relationship between climate and the net revenue from crops in Cameroon.

Lambi, Cornelius M. and Molua, Ernest L. "The Economic Impact of Climate Change on Agriculture in Cameroon". World Bank Policy Research Working Paper No. 4364, Sept 2007.

September 15, 2007

The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s so Different from the 1970s?

An analysis of the macroeconomics performance of a set of industrialized economies in the aftermath of the oil price shocks of the 1970s and of the last decade, focusing on the differences across episodes.

Blanchard, Olivier J. and Gali, Jordi. "The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s so Different from the 1970s?" MIT Department of Economics Working Paper No. 07-21, Aug 2007 (Rev. Sept 2007).

Public Policies Against Global Warming.

Insecure property rights and the greenhouse effect both imply overly rapid extraction of fossil carbon resources. A gradual expansion of demand-reducing public policies -- such as increasing ad-valorem taxes on carbon consumption or increasing subsidies for replacement technologies -- may exacerbate the problem as it gives resource owners the incentive to avoid future price reductions by anticipating their sales.

Sinn Hans-Werner. "Public Policies Against Global Warming." NBER Working Paper #13454, Sept 2007.

Who's Afraid of a Big Bad Oil Shock?

Why the recent sharp rise of oil prices has not caused an "oil shock" as in 1973, 1979 and 1990?

Nordhaus, William. "Who's Afraid of a Big Bad Oil Shock?" Brookings Panel on Economic Activity, Sept 2007.

Structural Uncertainty and the Value of Statistical Life in the Economics of Catastrophic Climate Change.

Using climate change as a prototype motivating example, this paper analyzes the implications of structural uncertainty for the economics of low-probability high-impact catastrophes.

Weitzman, Martin. "Structural Uncertainty and the Value of Statistical Life in the Economics of Catastrophic Climate Change." Mimeo, Harvard University, Sept 2007.

September 7, 2007

Climate Policy and the Optimal Extraction of High- and Low-Carbon Fossil Fuels.

An analysis of how restricting CO2 emissions affects resource prices and depletion over time with a Hotelling-style model. An economy facing a CO2 flow-constraint may substitute towards the relatively dirty input.

Smulders, Sjak and Edwin van der Werf. "Climate Policy and the Optimal Extraction of High- and Low-Carbon Fossil Fuels." FEEM Working Paper 83.2007, Sept 2007.

Estimating Global Climate Change Impacts on Hydropower Projects: Applications in India, Sri Lanka and Vietnam.

Hydropower is among the most vulnerable industries to changes in global and regional climate. This paper aims to examine the possibility of applying a simple vector autoregressive model to forecast future hydrological series and evaluate the resulting impact on hydropower projects.

Iimi, Atsushi. "Estimating Global Climate Change Impacts on Hydropower Projects: Applications in India, Sri Lanka and Vietnam". World Bank Policy Research Working Paper No. 4344, on SSRN, Sept 2007.

Measuring the Economic Impact of Climate Change on Ethiopian Agriculture: Ricardian Approach.

This study uses the Ricardian approach to analyze the impact of climate change on Ethiopian agriculture and to describe farmer adaptations to varying environmental factors.

Deressa, Temesgen Tadesse. "Measuring the Economic Impact of Climate Change on Ethiopian Agriculture: Ricardian Approach." World Bank Policy Research Working Paper No. 4342, Available at SSRN, Sept 2007.

Review of Environmental, Economic and Policy Aspects of Biofuels.

This paper synthesizes what the environmental, economic, and policy literature predicts about the possible effects of different types of biofuels.

Rajagopal, Deepak. "Review of Environmental, Economic and Policy Aspects of Biofuels". World Bank Policy Research Working Paper No. 4341, Available at SSRN, Sept 2007.

September 1, 2007

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