The Climate Policy Dilemma
AbstractClimate policy poses a dilemma for environmental economists. The economic argument for stringent GHG abatement is far from clear. There is disagreement among both climate scientists and economists over the likelihood of alternative climate outcomes, over the nature and extent of the uncertainty over those outcomes, and over 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 cannot be based on the kinds of modeling exercises that have permeated the literature, 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.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18205.
Date of creation: Jul 2012
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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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-07-14 (All new papers)
- NEP-ENE-2012-07-14 (Energy Economics)
- NEP-ENV-2012-07-14 (Environmental Economics)
- NEP-RES-2012-07-14 (Resource Economics)
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- 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.
- 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 & 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.
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