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Uncertainty, Climate Change and the Global Economy

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  • Persson, Torsten
  • von Below, David

Abstract

The paper illustrates how one may assess our comprehensive uncertainty about the various relations in the entire chain from human activity to climate change. Using a modified version of the RICE model of the global economy and climate, we perform Monte Carlo simulations, where full sets of parameters in the model's most important equations are drawn randomly from pre-specified distributions, and present results in the forms of fan charts and histograms. Our results suggest that under a Business-As-Usual scenario, the median increase of global mean temperature in 2105 relative to 1900 will be around 4.5 °C. The 99 percent confidence interval ranges from 3.0 °C to 6.9 °C. Uncertainty about socio-economic drivers of climate change lie behind a non-trivial part of this uncertainty about global warming.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 7024.

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Date of creation: Oct 2008
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Handle: RePEc:cpr:ceprdp:7024

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Keywords: Climate-economy models; Global warming; Monte Carlo study;

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  1. William D. Nordhaus, 2006. "The "Stern Review" on the Economics of Climate Change," NBER Working Papers 12741, National Bureau of Economic Research, Inc.
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Cited by:
  1. Warwick McKibbin & Adele Morris & Peter Wilcoxen, 2008. "Expecting The Unexpected: Macroeconomic Volatility And Climate Policy," CAMA Working Papers 2008-35, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

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