Environmental policy under model uncertainty: A robust optimal control approach

Link:
Autor/in:
Erscheinungsjahr:
2011
Medientyp:
Text
Schlagworte:
  • Fiscal policy
  • Optimal control
  • Deterministic negotiations
  • Monetary Policy
  • Economic Growth
  • Exports
  • Fiscal policy
  • Optimal control
  • Deterministic negotiations
  • Monetary Policy
  • Economic Growth
  • Exports
Beschreibung:
  • The design of optimal environmental policy inherits model uncertainty. We investigate the consequences in a simple linear model, where the aim of the policymaker is to stabilise the atmospheric content of carbon. We study how decision-makers' concerns about robustness alters policy using the Hansen and Sargent (2003, 2008) approach. The analysis shows that a policymaker, who fears about model misspecification should react more aggressively to changes in the stock of atmospheric carbon and reduce emissions stronger.
Lizenz:
  • info:eu-repo/semantics/restrictedAccess
Quellsystem:
Forschungsinformationssystem der UHH

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Quelldatensatz
oai:www.edit.fis.uni-hamburg.de:publications/278ca305-85a0-4653-ac09-43f70261280a