Stabilizing atmospheric CO2 concentrations:: technical, political, and economic dimensions

The goal of stabilizing atmospheric CO2 concentrations has, in recent years, emerged as an important theme in international forums and negotiations directed at the issue of climate change. In this paper, we frame the stabilization problem in terms of three dimensions, labeled 'technical,' 'political,' and 'economic.' To illustrate this conceptual scheme, we utilize the MIT Emissions Prediction and Policy Analysis model to explore an illustrative set of stabilization policies, each of which presumes substantive participation by OECD nations, but varies the level and timing of emissions controls by the rest of the world. The analysis suggests that international agreements for policy coordination may prove elusive, despite potential aggregate benefits for cooperation. (C) 1999 Elsevier Science Ltd. All rights reserved.