Andrea Macrina (University College of London)
Budgeting for a future: the time-value of carbon flows abstract
Abstract:
If the leading principle is that reducing carbon emissions today is more valuable than reducing emissions tomorrow, how should financial carbon discounting work? How should emissions abatement costs be linked to the cost of damages due to global warming in a discounting system? Starting from carbon budgets that limit global warming to under a specified level with a given probability, a carbon discount bond system is developed that depends on the stochastic carbon emissions and an associated emissions abatement plan. We show that the sooner and more capital is invested to reduce carbon emissions, the better. The proposed financial design and pricing approach also considers the notion of a carbon budget debt and its financial treatment in a tiered carbon discounting system. Hedge portfolios and carbon budget derivatives emerge that mitigate financial losses if emissions exceed a planned/mandated carbon budget.
14:00 • EPF Lausanne, Internef 121
Thomas Blomme (Neuchâtel)
A short proof of the multiple cover formula abstract
Abstract:
Enumerating genus g curves passing through g points in an abelian surface is a natural problem, whose difficulty highly depends on the degree of the curves. For "primitive" degrees, we have an easy explicit answer. For "divisible" classes, such a resolution is quite demanding and often out of reach. Yet, the invariants for divisible classes easily express in terms of the invariants for primitive classes through the multiple cover formula, conjectured by G. Oberdieck a few years ago. In this talk, we\'ll show how tropical geometry enables to prove the formula without any kind of concrete enumeration.
14:00 • Université de Genève, Conseil Général 7-9, Room 1-07