Journal
ECOLOGICAL ECONOMICS
Volume 138, Issue -, Pages 252-265Publisher
ELSEVIER
DOI: 10.1016/j.ecolecon.2017.03.032
Keywords
Climate change; Climate policy; Climate economics; Complex systems; Agent-based models; Socio-economic networks
Funding
- European projects
- European Union Seventh Framework Programme [603416 - IMPRESSIONS, 610704 - SIMPOL]
- European Union's Horizon research and innovation program [640772 - DOLFINS, 649186 - ISIGrowth]
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Climate change is one of the most daunting challenges human kind has ever faced. In the paper, we provide a survey of the micro and macro economics of climate change from a complexity science perspective and we discuss the challenges ahead for this line of research. We identify four areas of the literature where complex system models have already produced valuable insights: (i) coalition formation and climate negotiations, (ii) macroeconomic impacts of climate-related events, (iii) energy markets and (iv) diffusion of climate friendly technologies. On each of these issues, accounting for heterogeneity, interactions and disequilibrium dynamics provides a complementary and novel perspective to the one of standard equilibrium models. Furthermore, it highlights the potential economic benefits of mitigation and adaptation policies and the risk of under-estimating systemic climate change-related risks. (C) 2017 Published by Elsevier B.V.
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