Venue: Seminar Room, Lab 14, Carlton Connect, 290
Presenters: Mr Alexander Teytelboym
In this seminar Alexander Teytelboym will present on his recent paper 'A Third Wave in the Economics of Climate Change'
Modelling the economics of climate change is daunting. Many existing methodologies from social and physical sciences need to be deployed, and new modelling techniques and ideas still need to be developed. Existing bread-and-butter micro- and macroeconomic tools, such as the expected utility framework, market equilibrium concepts and representative agent assumptions, are far from adequate.
Four key issues—along with several others—remain inadequately addressed by economic models of climate change, namely: (1) uncertainty, (2) aggregation, heterogeneity and distributional implications (3) technological change, and most of all, (4) realistic damage functions for the economic impact of the physical consequences of climate change.
Alex will speak to this paper and its assessment of the main shortcomings of two generations of climate-energy-economic models and its proposal that a new wave of models need to be developed to tackle these four challenges.
from
https://events.unimelb.edu.au/events/6499-a-third-wave-in-the-economics-of-climate-change
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