Pricing Carbon and Adjusting Capital to Fend Off Climate Catastrophes
研究了应对气候临界点导致的生产力冲击时，最优政策是征收高碳税以降低风险，同时调整资本以平滑消费，并比较了不同灾难类型和适应性投资的效果。
The optimal reaction to a potential productivity shock as a consequence of climate tipping is to substantially tax carbon in order to curb the risk of tipping, but to adjust capital as well in order to smooth consumption when tipping occurs. We also allow for conventional marginal climate damages and decompose the optimal carbon tax in two catastrophe components and the conventional component. We distinguish constant and increasing marginal hazards. Moreover, the productivity catastrophe is compared with recoverable catastrophes and with a shock to the climate sensitivity. Finally, we allow for investments in adaptation capital as an alternative to counter the potential adverse effects of climate tipping. Quantitatively, the results are investigated with a calibrated model for the world economy.