Confronting Uncertainty in Climate Change • IMSI

Description

Climate change is well-recognized as an important economic, social, and political challenge. To develop meaningful quantitative models that guide prudent policymaking requires methods that quantify the pertinent uncertainty and approaches to incorporate them into the assessment of alternative courses of action. This workshop will bring together decision theorists, geoscientists and economists to discuss recent advances in stochastic modeling, uncertainty quantification and applications to the economics of climate change.

This workshop is co-sponsored by the Macro Finance Research Program.

Organizer

L H

Lars Hansen David Rockefeller Distinguished Service Professor
The University of Chicago
Departments of Economics, Statistics and the Booth School of Business

Speakers

J A

Juliano Assunção Pontifícia Universidade Católic do Rio de Janeiro

M B

Michael Barnett Arizona State University

W B

William Brock University of Wisconsin-Madison

S C

Simone Cerreia-Vioglio Bocconi University

M G

Michael Ghil UCLA and Ecole Normale Superieure, Paris

F K

Felix Kubler University of Zurich and Swiss Finance Institute

F M

Fabio Maccheroni Bocconi University

M M

Massimo Marinacci Bocconi University

I N

Ishan Nath Princeton University and Federal Reserve Bank of San Francisco

M P

Monika Piazzesi Stanford University

S S

Simon Scheidegger HEC Lausanne, Switzerland

J S

Jose Scheinkman Columbia University

M S

Martin Schneider Stanford University

N W

Neng Wang Columbia Business School

Schedule

Wednesday, April 13, 2022

9:25-9:30 CDT

Welcoming Remarks

9:30-10:30 CDT

A Decision-theoretic Approach to Model Misspecification

Speaker: Simone Cerreia-Vioglio (Bocconi University)

Collaborators: Fabio Maccheroni, Bocconi University and Massimo Marinacci, Bocconi University

10:30-11:00 CDT

Break

11:00-12:00 CDT

A Math Framework for Uncertainty in Climate Change: Nonautonomous & Random Dynamical Systems

Speaker: Michael Ghil (UCLA & Ecole Normale Superieure Paris)

12:00-13:30 CDT

Lunch

13:30-14:30 CDT

Structuring Better Incentives for the Brazilian Rain Forest

Speaker: Jose Scheinkman (Columbia University)

Collaborators: Juliano Assunção, Pontifícia Universidade Católic do Rio de Janeiro and Lars Peter Hansen, University of Chicago

Thursday, April 14, 2022

9:30-10:30 CDT

The Welfare Economics of a Data-Driven Social Cost of Carbon

Speaker: Ishan Nath (Princeton University)

With the Climate Impact Lab (Project Lead): Kelly McCusker, Ian Bolliger, Tamma Carleton, Michael Delgado, Michael Greenstone,Trevor Houser, Solomon Hsiang, Andrew Hultgren, Amir Jina, Robert Kopp, James Rising, and Ashwin Rode

10:30-11:00 CDT

Break

11:00-12:00 CDT

How Should Climate Change Uncertainty Impact Social Valuation and Policy

Speaker: Michael Barnett (Arizona State University)

Collaborators: William A. Brock, University of Wisconsin-Madison and Lars Peter Hansen, University of Chicago

12:00-13:30 CDT

Lunch

13:30-14:30 CDT

Global Uncertainty Quantification in a Stochastic Climate-Economy Model

Speaker: Simon Scheidegger (HEC Lausanne)

Collaborators: Felix Kubler, University of Zurich; Swiss Finance Institute, Professor of Financial Economics; Aleksandra Malova, HEC Lausanne, Graduate Assistant; Takafumi Usui, University of Zürich, Postdoctoral Researcher

14:30-15:30 CDT

Social Hour

Friday, April 15, 2022

9:30-10:30 CDT

Welfare Consequences of Sustainable Finance

Speaker: Neng Wang (Columbia Business School)

Collaborators: Harrison Hong, Columbia University and NBER; and Jinqiang Yang, Shanghai University of Finance & Economics (SUFE)

10:30-11:00 CDT

Break

11:00-12:00 CDT

How unconventional is green monetary policy?

Speaker: Martin Schneider (Stanford University)