On March 11, 2014 at 11.00 a.m. at FEEM headquarters in Milan, John M. Deutch, Emeritus Institute Professor at the Massachusetts Institute of Technology will hold a Lecture on "The Global Revolution of Unconventional Oil: New Markets, New Governances, New Policies". Further details will be available soon on our website. If you would like to attend, we kindly ask you to confirm your presence by writing an email to our Events Office in Milan.
This week's FEEM seminar focuses on the recent development of an integrated-assessment model with high regional resolution in a joint effort by two scholars affiliated to IIES, University of Goteborg, CEPR, NBER and Yale University. This model features 19,000 regions with substantial region-specific detail, as well as rich economic interactions between regions and uncertainty about weather and climate. It also introduces economic mechanisms – such as spatial adaptation, leakage in response to differential climate policy across regions, and (partial) insurance against shocks to weather and climate – upon which these models are usually silent.
In this interview to Re3, Professor Robert O. Mendelsohn, Yale School of Forestry and Environmental Studies, discusses the effects of climate change on sectors such as Agriculture, Heating & Cooling, Sea Level Rise and the Water Cycle.
David Hobbs, Head of Research of the newly founded Saudi Arabian Energy Research Institution KAPSARC, analyses energy policy from an unusual perspective. Examining energy productivity and how it is formulated is one example of the ways in which boundary effects and the ability to “game the system” can undermine or assist efforts to capture policy benefits for all humanity. Other examples include the use of administered commodity prices to balance economic efficiency against social objectives and a framework for understanding energy technology transitions to balance the trade off between speed and societal burden.
Are transfers from members living abroad a stimulus to a key sector such as schooling in Albania? In this article, Cristina Cattaneo - senior researcher of Fondazione Eni Enrico Mattei - summarizes the results of a study investigating which factors boost the household expenditure in education, with a special emphasis on the remittances sent to Albanian families from migrants living abroad.
In this FEEM seminar, Christian Gollier - Director of the Toulouse School of Economics - presents a paper that examines the term structures of interest rates and risk premia when the random walk of economic growth is affected by some parametric uncertainty. The original findings of this study are then applied to the evaluation of climate change policy, and the authors argue in particular that the beta of actions to mitigate climate change is relatively large, so that the term structure of the risk-adjusted discount rates should be increasing.
Even under ambitious mitigation scenarios, climate change will be unavoidable, and may trigger changes also in the frequency and intensity of extreme weather events, to which energy installations and infrastructure are particularly vulnerable. The lecture by Ferenc L. Toth on "Climate Change: Impacts and Adaptation in the Energy Sector" provides an overview of projected changes in weather extremes, their impacts on components of the energy supply chain and the adaptation options which depend on the particular energy markets and actors, government regulations, and governance issues.
The article by Nicola Genovese and Maria Grazia La Spada, University of Messina, discusses the creation of money in primitive populations at the beginning of economic activity, within a social environment where interpersonal trust, reciprocity and moral principles were prevalent. The analysis highlights the need to create a social environment based on these values for obtaining public happiness and sustainable development.
The Second Annual Conference of the IAERE is organized by the Department of Economics, Management and Quantitative Methods of the University of Milan, on 13-14 February 2014. The organizing committee includes FEEM associate researchers Valentina Bosetti and Francesco Bosello, while the two keynote speakers are Anna Alberini, University of Maryland and Simon Dietz, The London School of Economics and Political Science.