The Climate Policy Dilemma
AbstractClimate policy poses a dilemma for environmental economists. The economic argument for stringent greenhouse gas (GHG) abatement is far from clear. There is disagreement among both climate scientists and economists concerning the likelihood of alternative climate outcomes, the nature and extent of the uncertainty of those outcomes, and the framework that should be used to evaluate potential benefits from GHG abatement, including key policy parameters. I argue that the case for stringent abatement--if it can be made at all--cannot be based on the kinds of modeling exercises that have permeated the literature thus far, but instead must be based on the possibility of a catastrophic outcome. I discuss how an analysis that incorporates such an outcome might be conducted. (JEL: Q54; D81, Q51) Copyright 2013, Oxford University Press.
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Bibliographic InfoArticle provided by Association of Environmental and Resource Economists in its journal Review of Environmental Economics and Policy.
Volume (Year): 7 (2013)
Issue (Month): 2 (July)
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Other versions of this item:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
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- Rick Van der Ploeg & Aart de Zeeuw, 2013.
"Climate Policy and Catastrophic Change: Be Prepared and Avert Risk,"
Economics Series Working Papers
OxCarre Research Paper 11, University of Oxford, Department of Economics.
- Frederick van der Ploeg & Aart de Zeeuw, 2013. "CLIMATE POLICY AND CATASTROPHIC CHANGE: Be Prepared and Avert Risk," CEEES Paper Series CE3S-02/13, European University at St. Petersburg, Department of Economics.
- Frederick van der Ploeg & Aart de Zeeuw, 2013. "Climate Policy and Catastrophic Change: Be Prepared and Avert Risk," OxCarre Working Papers 118, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
- Rick Van der Ploeg, 2013.
"Abrupt Positive Feedback and the Social Cost of Carbon,"
Economics Series Working Papers
OxCarre Research Paper 12, University of Oxford, Department of Economics.
- Frederick van der Ploeg, 2014. "Abrupt Positive Feedback and the Social Cost of Carbon," OxCarre Working Papers 122, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
- Elizabeth Kopits & Alex L. Marten & Ann Wolverton, 2013. "Moving Forward with Incorporating "Catastrophic" Climate Change into Policy Analysis," NCEE Working Paper Series 201301, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jan 2013.
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