Abstract
The Integrated Assessment Models describe how the accumulation of carbon emissions due to production activities in various sectors affects the global temperature, which in turn causes the reductions in GDP and consumption. IAMs are used to derive optimal policies to bring the economy back to the equilibrium in case unforeseen events disturb the market, for instance shocks to oil prices. However IAMs remain too abstract to deal with a changing structure of the economy in the context of low-carbon transitions. Against this background macro-evolutionary models can improve energy policy advice by allowing to model an array of different realistic behaviours on the side of consumers, producers and investors. Macro-evolutionary models address complex interactions between many consumers and producers in different sectors, which allows studying effects of multiple policies beyond other methods.
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