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Climate Change, Catastrophic Environmental Effects and Overlapping Generations

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  • Michele Moretto
  • Roberto Tamborini

Abstract

In this paper the climate change effect is an unforeseen earth temperature level above which a negative externality on technology and hence on society's welfare is exerted. We use a dynamic overlapping generations model to develop a positive analysis of the growth path of an economy with the negative temperature spillover leading to a structural breakdown in capital productivity. Two scenarios for the impact of climate change on intergenerational equity are analyzed: the first is consistent with a state-of-nature framework in which atomistic agents cannot influence the probability that a particular event (productivity collapse) will occur. In the second, according to the maxim "that everybody does what I am doing...", agents recognize that their choices may influence the probability of productivity collapse occurring in their lifetime.

Suggested Citation

  • Michele Moretto & Roberto Tamborini, 1999. "Climate Change, Catastrophic Environmental Effects and Overlapping Generations," Rivista italiana degli economisti, Società editrice il Mulino, issue 3, pages 335-358.
    • Handle: RePEc:mul:jqat1f:doi:10.1427/3661:y:1999:i:3:p:335-358
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    Cited by:

    1. Kavuncu, Y. Okan & Knabb, Shawn D., 2005. "Stabilizing greenhouse gas emissions: Assessing the intergenerational costs and benefits of the Kyoto Protocol," Energy Economics, Elsevier, vol. 27(3), pages 369-386, May.
    2. Kavuncu, Yusuf Okan & Knabb, Shawn D., 2001. "An Intergenerational Cost-Benefit Analysis of Climate Change," University of California at Santa Barbara, Economics Working Paper Series qt72v881dd, Department of Economics, UC Santa Barbara.
    3. KAVUNCU Y. Okan, 2010. "Reconsidering Intergenerational Cost-Benefit Analysis of Climate Change: An Endogenous Abatement Approach," EcoMod2003 330700079, EcoMod.

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