What costs is it worth incurring to avoid the risk of climate change? People rarely think of this as a question amenable to a precise answer. Yet an answer can be calculated: it depends on the following four parameters (at least). These are (1) the probability distribution of the effects of climate change, (2) the degree to which we are risk averse, (3) the date at which the climate change will occur, and (4) the rate at which we discount future benefits and costs relative to those in the present.
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Paper provided by Columbia - Graduate School of Business in its series Papers with number
97-10.
Find related papers by JEL classification: D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General