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Damage Costs of Climate Change through Intensification of Tropical Cyclone Activities: An Application of FUND

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Author Info
Tol, Richard S. J. () (Economic and Social Research Institute (ESRI))
Narita, Daiju (Kiel Institute for the World Economy, Kiel, Germany)
Anthoff, David () (Economic and Social Research Institute (ESRI))

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Abstract

Climate change may intensify tropical cyclone activities and amplify their negative economic effects. We simulate the direct economic impact of tropical cyclones enhanced by climate change with the integrated assessment model FUND 3.4. The results show that in the base case, the direct economic damage of tropical cyclones ascribed to the effect of climate change amounts to $19 billion globally (almost the same level as the baseline (current) global damage of tropical cyclones) in the year 2100, while the ratio to world GDP is 0.006%. The US and China account for much of the absolute damage, whereas small island states incur the largest damage if evaluated as the share to GDP. The results also show that they are sensitive to the choice of baseline and of the wind-speed elasticity of storm damage.

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File URL: http://www.esri.ie/UserFiles/publications/20081013102158/WP259.pdf
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File Function: First version, 2008
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Publisher Info
Paper provided by Economic and Social Research Institute (ESRI) in its series Papers with number WP259.

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Length: 27 pages
Date of creation: Oct 2008
Date of revision:
Handle: RePEc:esr:wpaper:wp259

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Related research
Keywords: climate change; tropical storms; economic impact;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Matthew E. Kahn, 2005. "The Death Toll from Natural Disasters: The Role of Income, Geography, and Institutions," The Review of Economics and Statistics, MIT Press, vol. 87(2), pages 271-284, 02. [Downloadable!] (restricted)
  2. David Anthoff & Cameron Hepburn & Richard S.J. Tol, 2006. "Equity weighting and the marginal damage costs of climate change," Working Papers FNU-121, Research unit Sustainability and Global Change, Hamburg University, revised Dec 2006. [Downloadable!]
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  3. Olivier Deschênes & Michael Greenstone, 2007. "The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather," American Economic Review, American Economic Association, vol. 97(1), pages 354-385, March. [Downloadable!]
  4. Wolfram Schlenker & W. Michael Hanemann & Anthony C. Fisher, 2005. "Will U.S. Agriculture Really Benefit from Global Warming? Accounting for Irrigation in the Hedonic Approach," American Economic Review, American Economic Association, vol. 95(1), pages 395-406, March. [Downloadable!]
  5. Easterly, William & Levine, Ross, 2003. "Tropics, germs, and crops: how endowments influence economic development," Journal of Monetary Economics, Elsevier, vol. 50(1), pages 3-39, January. [Downloadable!] (restricted)
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  6. Tol, Richard S. J., 2001. "Equitable cost-benefit analysis of climate change policies," Ecological Economics, Elsevier, vol. 36(1), pages 71-85, January. [Downloadable!] (restricted)
  7. Daron Acemoglu & Simon Johnson & James A. Robinson, 2000. "The Colonial Origins of Comparative Development: An Empirical Investigation," NBER Working Papers 7771, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  1. Narita, Daiju & Tol, Richard S. J. & Anthoff, David, 2009. "Economic Costs of Extratropical Storms Under Climate Change: An Application of FUND," Papers WP274, Economic and Social Research Institute (ESRI). [Downloadable!]
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