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A Stern Reply to the Reply to the Review of the Stern Review

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  • Richard S. J. Tol
  • Gary W. Yohe

Abstract

Tol and Yohe point out that, in their reply [Vol. 8, No. 1] to Tol and Yohe’s review [Vol. 7, No. 4], the Stern team demonstrates the fragility of the numerical findings of the cost–benefit analysis in the Stern Review. At the same time, the Stern team puts less weight on cost–benefit analysis as a guide to policy making on climate change. Tol and Yohe show that the Stern Review allows several, mutually contradictory interpretations of the model that underlies the cost estimates; and argue that each interpretation implies that Stern’s cost estimates have a severe downward bias.

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Bibliographic Info

Article provided by World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE in its journal World Economics Journal.

Volume (Year): 8 (2007)
Issue (Month): 2 (April)
Pages: 153-159

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Handle: RePEc:wej:wldecn:289

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As found by EconAcademics.org, the blog aggregator for Economics research:
  1. A Stern Review of Pascal's Wager
    by Economic Logician in Economic Logic on 2008-06-12 19:34:00
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Cited by:
  1. David Anthoff & Richard S. J. Tol, 2008. "The Impact of Climate Change on the Balanced-Growth-Equivalent: An Application of FUND," Papers WP228, Economic and Social Research Institute (ESRI).
  2. Richard S.J. Tol, 2007. "The Social Cost Of Carbon: Trends, Outliers And Catastrophes," Working Papers FNU-144, Research unit Sustainability and Global Change, Hamburg University, revised Aug 2007.
  3. Gerst, Michael D. & Howarth, Richard B. & Borsuk, Mark E., 2010. "Accounting for the risk of extreme outcomes in an integrated assessment of climate change," Energy Policy, Elsevier, vol. 38(8), pages 4540-4548, August.

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  1. Economic Logic blog

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