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  Dark Clouds or Silver Linings? Knightian Uncertainty and Climate Change

Funke, M., Chen, Y.-F., & Glanemann, N. (2011). Dark Clouds or Silver Linings? Knightian Uncertainty and Climate Change. CESIFO WORKING PAPER, CATEGORY 9: RESOURCE AND ENVIRONMENT ECONOMICS, 3516.

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Item Permalink: https://hdl.handle.net/11858/00-001M-0000-0018-6B0E-B Version Permalink: https://hdl.handle.net/11858/00-001M-0000-0019-0807-3
Genre: Journal Article

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 Creators:
Funke, Michael1, Author           
Chen, Yu-Fu2, Author           
Glanemann, Nicole, Author
Affiliations:
1C 2 - Climate Change, Predictions, and Economy, Research Area C: Climate Change and Social Dynamics, The CliSAP Cluster of Excellence, External Organizations, ou_1863488              
2The CliSAP Cluster of Excellence, External Organizations, ou_1832285              

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Free keywords: climate change, Knightian uncertainty, κ ambiguity, real options
 Abstract: This paper examines the impact of Knightian uncertainty upon optimalclimate policy through the prism of a continuous-time real optionmodelling framework. We analytically determine optimal intertemporalclimate policies under ambiguity. Additionally, numerical simulationsare provided to illustrate the properties of the model. The resultsindicate that increasing Knightian uncertainty accelerates climatepolicy, i.e. policymakers become more reluctant to postpone the timingof climate policies into the future.

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 Dates: 2011
 Publication Status: Issued
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 Rev. Type: Peer
 Identifiers: Report Nr.: 21107
 Degree: -

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Title: CESIFO WORKING PAPER, CATEGORY 9: RESOURCE AND ENVIRONMENT ECONOMICS
Source Genre: Journal
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Pages: - Volume / Issue: 3516 Sequence Number: - Start / End Page: - Identifier: -