Abstract
In integrated assessments of climate change, greenhouse-gasemissions and climate change impacts provide the linkages betweenthe world economy and the climate system. Key climatic processesoperate at the scales of centuries. This requires highlyaggregated models for portraying the dynamics of the economicsystem. An extended Ramsey-type optimal growth model is presentedas the appropriate tool to be integrated with a reduced-formclimate model in the ICLIPS integrated assessment. Theeleven-region model of the world economy involves exogenouspopulation and endogenous investment dynamics with productivityprogress based on a technological diffusion model. World regionsare linked via intertemporal trade flows of the compositeconsumption/investment good, capital mobility, and emission permittrading. Coupled with the ICLIPS Climate Model, the AggregatedEconomic Model can determine corridors of permitted long-termcarbon emission paths or, as primarily discussed in this paper,specific cost-effective emission trajectories. The sensitivity ofmitigation costs to externally specified climate change/impactconstraints and to assumptions about non-CO2 greenhouse-gasemissions is also discussed.
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