Selfish Incentives for Climate Policy: Empower the Young!
研究发现，减排通过改变资产价格影响年轻人和老年人的福利，只有当跨期替代弹性大于1时，两代人的福利才会同向变化。量化模型显示，年轻人对未来消费的关切显著降低均衡碳排放路径，但资产价格内生性影响较小。
Reduced carbon emissions can improve the climate, raising young people’s future income and altering old people’s wealth via changes in asset prices. We show that a small level of abatement changes the old and young generations’ welfare in the same direction if and only if their elasticities of intertemporal substitution exceed one. Endogenous asset prices can change the sign and magnitude of the generations’ selfish incentives to undertake climate policy. Our quantitative model shows that the young generation’s concern for future consumption significantly reduces the equilibrium carbon trajectory, but the endogeneity of asset prices has a small effect.