1. Lecture 5 Optimum path for CO2 emission
Based on Chapter 3
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2. Introduction
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3. The problem
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10. 3.3 Optimum path for CO2 emission without considering the inertia of change
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13. 3.4 Accounting for the inertia in the quantity of emission and in the trend of emission.
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17. 3.5 Numerical Solutions to the optimal path for CO2 emission
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22. 3.6. Comparison with the Socolow-Lam Optimum Path
Socolow and Lam (2006) present an optimum path for CO2 emission for the years 2005 onwards that begins at the current observed value of 8 and reaches a steady state value of 3, such that the maximum change in et in any period is minimized. This implies that the rate of reduction in et must be constant. Hence, the emission path from e0 = 8 to the steady-state value eT = 3 must be a straight line because any deviation from a straight line would cause the rate of reduction to be larger than the minimum achievable. See Socolow and Lam (2006, Figure 7).
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24. 3.7. Concluding Comments
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