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LOCATION:Tower 2\, Room 9.05\, LSE\, Clement's Inn\, London\, WC2A 2AZ
DESCRIPTION:Christian Traeger\, Assistant Professor at the Department of Agricultural & Resource Economics\, UC Berkeley\, will be the speaker for this seminar.

<strong>Abstract from Christian's paper: "Analytic Integrated Assessment and Uncertainty"</strong>

I develop an analytic integrated assessment model of climate change. The paper closes a gap between complex numeric models used in policy advising and stylized models built for analytic insight. The model contains an explicit carbon cycle\, the CO2 radiative forcing equation\, and a model of atmosphere-ocean temperature dynamics. Economic production relies on various clean and dirty\, and potentially scarce energy sources. I derive a closed-form solution of the optimal carbon tax and the welfare implications from uncertainty over the carbon cycle and the climate’s sensitivity to CO2. I discuss unforeseen persistent shocks to the system (vector autoregressive uncertainty) as well as epistemological uncertainty such as a Bayesian learning. The analysis employs non-logarithmic risk attitude and distinguishes risk aversion from a decision maker’s propensity to smooth consumption over time.

<strong><a href="http://www.lse.ac.uk/GranthamInstitute/wp-content/uploads/2015/04/Traeger_AnalyticIAM.pdf">Download the full paper</a></strong>

Further information on Professor Traeger and his research interests can be found <a title="here." href="https://are.berkeley.edu/~traeger/research.html">here. </a>
URL;VALUE=URI:http://www.lse.ac.uk/GranthamInstitute/event/grantham-seminar-integrated-assessment-of-climate-change-under-uncertainty/
SUMMARY:Grantham Seminar – “Integrated Assessment of Climate Change under Uncertainty”
DTSTART;TZID=Europe/London:20150424T123000
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