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Tackling Negatively Correlated Global And Local Externalities — An Economic Study Of Multiple Gases Issue In Climate Change

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  • ZILI YANG

    (Department of Economics, SUNY Binghamton, PO Box 6000, NY 13902-6000, USA)

  • SURABI MENON

    (ClimateWorks Foundation, 235 Montgomery Street, Suite 1300, San Francisco, CA 94104, USA)

Abstract

In this paper, we examine the relationship betweenCO2andSO2(including carbonaceous aerosols) mitigations in a framework of correlated global and local externalities. The framework is set up in a revised RICE model [Nordhaus, WD and Z Yang (1996). A regional dynamic general-equilibrium model of alternative climate-change strategies.American Economic Review, 86(4), 741–765], which we labeled as the RICES model (stands for RICE with${\rm \underline{S}ulfur}$). In RICES model, we pioneer the empirical modeling of negatively correlated global and local externalities through negative radiative forcing of aerosols. Through simulating different scenarios, we quantify the impacts of local pollution control efforts at mitigatingSO2emissions on climate change and indicate the policy implications of correlations betweenCO2andSO2emissions.

Suggested Citation

  • Zili Yang & Surabi Menon, 2013. "Tackling Negatively Correlated Global And Local Externalities — An Economic Study Of Multiple Gases Issue In Climate Change," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 4(03), pages 1-21.
    • Handle: RePEc:wsi:ccexxx:v:04:y:2013:i:03:n:s2010007813500139
    DOI: 10.1142/S2010007813500139
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    References listed on IDEAS

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    1. Waldhoff, Stephanie & Anthoff, David & Rose, Steven K. & Tol, Richard S. J., 2014. "The marginal damage costs of different greenhouse gases: An application of FUND," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 8, pages 1-33.
    2. Alan Manne & Richard Richels, 1992. "Buying Greenhouse Insurance: The Economic Costs of CO2 Emission Limits," MIT Press Books, The MIT Press, edition 1, volume 1, number 026213280x, April.
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    Cited by:

    1. Jing Xu, 2018. "International environmental agreements with agenda and interaction between pollutants," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 18(2), pages 153-174, April.
    2. Zhang, Xiao-Bing & Xu, Jing, 2018. "Optimal policies for climate change: A joint consideration of CO2 and methane," Applied Energy, Elsevier, vol. 211(C), pages 1021-1029.

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    More about this item

    Keywords

    Stock and flow externalities; climate change; air pollution; economic modeling; JEL Codes: C61; JEL Codes: D62; JEL Codes: Q53; JEL Codes: Q54;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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