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Assessing Economic Impacts of Greenhouse Gas Mitigation Summary of a Workshop (2009) / Chapter Skim
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3 Models and Analytical Approaches
Pages 8-14

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From page 8...
... Specifically, discussions focused on existing models, their data limitations, and how the models characterize technologies, policy effects, major sources of uncertainty, behavior, and systems interactions. Existing Models and Analytical Approaches National Energy Modeling System The National Energy Modeling System (NEMS)
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From page 9...
... ADAGE ADAGE, a dynamic CGE model with foresight, is operated by RTI. Its coverage is both international and regional within the United States, and so it can be used to model regional energy production as well as international policies and their impacts on trade flows.
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From page 10...
... Dallas Burtraw noted that, although the Haiku model may not handle uncertainty any better than other models, RFF is using the Delta method when looking at safety valves, and at the influence of a price cap and price floor on variability in allowance price transactions. RFF has also linked to an investor behavior model and is using stochastic dynamic optimization to analyze how those who invest in CCS would respond to equilibrium conditions, given the uncertainty in that market.
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From page 11...
... Many CGE models capture rich substitution possibilities, based on observed behavior. However, for all models, it is less clear that historical behavior accurately represents the choices consumers would make today or in the future.
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From page 12...
... SOURCE: Tom Kram, Netherlands Environmental Assessment Agency, presentation given at the Workshop on Assessing Economic Impacts of Greenhouse Gas Mitigation, National Academies, Washington, D.C., October 2-3, 2008. NEMS is able to model many policies currently under consideration because it has a fairly detailed transportation module embedded in the system -- as workshop participants noted, the transportation sector is often treated separately, and thus models must account for, among other things, specific fuel economy requirements.
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From page 13...
... Many participants remarked that absence of a capability for modeling evolving preferences is currently a major limitation of most available analytical tools. Richard Goettle wondered whether the functional forms in the models actually represent the right way to look at the world.
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From page 14...
... SOURCE: John Reilly, Massachusetts Institute of Technology, presentation given at the Workshop on Assessing Economic Impacts of Greenhouse Gas Mitigation, National Academies, Washington, D.C., October 2-3, 2008.
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Key Terms

  • john reilly
  • tom kram
  • cge models
  • existing models
  • economic impacts

  • netherlands environmental
  • assessment agency
  • national energy
  • john conti
  • cge model

  • environmental assessment
  • observed behavior
  • haiku model
  • greenhouse gas
  • energy modeling

  • annual energy
  • energy outlook
  • northwest national
  • historical behavior
  • integrated assessment

  • assessing economic
  • econometrically estimated
  • gas mitigation
  • specific technologies
  • substitution possibilities

  • analytical approaches
  • monte carlo
  • peter evans
  • leon clarke
  • kram noted


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