در حال بارگذاری ویدیو ...

How Should Climate Change Uncertainty Impact Social Valuation and Policy? Michael Barnett (18/04/23)

داریوش
داریوش

Abstract:
We study the transition to a carbon-neutral economy via innovation and R&D in reducing the costs of carbon emissions mitigation. We focus on the economic and geoscientific uncertainty related to this transition, and how these mechanisms impact the social valuation of the climate change externality. We find that uncertainty over climate dynamics, economic damages from climate change, and the arrival of the carbon-neutral technology shock leads to a significant emphasis on R&D investment, as opposed tosimply reducing emissions directly, with the social value of R&D markedly amplified by accounting jointly for these uncertainties.

About the speaker:
Michael Barnett is an Assistant Professor in the Department of Finance at Arizona State University’s W. P. Carey School of Business. His research interests include asset pricing, macroeconomics, climate change and energy economics. His current work uses theoretical modeling and empirical methods to study the effects of climate change, uncertain climate policy and climate model uncertainty on macroeconomic outcomes, asset prices and the social cost of carbon. His research has been published in academic journals including the Review of Financial Studies, Management Science, and the Proceedings of the National Academy of Sciences. In 2021 he and his coauthors were awarded the Michael J. Brennan Best Paper Award from the Review of Financial Studies. Before starting at ASU, Michael received his PhD from the Joint Program in Financial Economics at the University of Chicago, was a research assistant at the Federal Reserve Board of Governors, and graduated from Brigham Young University with a B.S. in Economics and Mathematics.

نظرات

نماد کانال
نظری برای نمایش وجود ندارد.

توضیحات

How Should Climate Change Uncertainty Impact Social Valuation and Policy? Michael Barnett (18/04/23)

۰ لایک
۰ نظر

Abstract:
We study the transition to a carbon-neutral economy via innovation and R&D in reducing the costs of carbon emissions mitigation. We focus on the economic and geoscientific uncertainty related to this transition, and how these mechanisms impact the social valuation of the climate change externality. We find that uncertainty over climate dynamics, economic damages from climate change, and the arrival of the carbon-neutral technology shock leads to a significant emphasis on R&D investment, as opposed tosimply reducing emissions directly, with the social value of R&D markedly amplified by accounting jointly for these uncertainties.

About the speaker:
Michael Barnett is an Assistant Professor in the Department of Finance at Arizona State University’s W. P. Carey School of Business. His research interests include asset pricing, macroeconomics, climate change and energy economics. His current work uses theoretical modeling and empirical methods to study the effects of climate change, uncertain climate policy and climate model uncertainty on macroeconomic outcomes, asset prices and the social cost of carbon. His research has been published in academic journals including the Review of Financial Studies, Management Science, and the Proceedings of the National Academy of Sciences. In 2021 he and his coauthors were awarded the Michael J. Brennan Best Paper Award from the Review of Financial Studies. Before starting at ASU, Michael received his PhD from the Joint Program in Financial Economics at the University of Chicago, was a research assistant at the Federal Reserve Board of Governors, and graduated from Brigham Young University with a B.S. in Economics and Mathematics.