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Estimating a Climate Change Damage Function through General Equilibrium Modeling

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Author Info
Roberto Roson () (Department of Economics, University Of Venice Cà Foscari)
Francesco Bosello (Department of Economics, University of Milan)

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Abstract

A Climate Change Damage Function (CCDF) is a reduced form relationship linking macroeconomic aggregates (e.g., potential GDP) to climate indicators (e.g., average temperature levels). This function is used in a variety of studies about climate change impacts and policy analysis. However, despite the fact that this function is key in determining results in many integrated assessment models, it is not typically calibrated in a consistent and rigorous way. This paper presents a novel approach, in which several different impacts of climate change are first assessed by means of a full-fledged computable general equilibrium model of the world economy, then results are interpolated to get a simple relationship of the CCDF type. The estimated CCDF is compared with other popular functions used in the literature, to highlight the possible implications associated with the alternative adoption of this functional relationship.

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File URL: http://www.dse.unive.it/fileadmin/templates/dse/wp/WP_2007/WP_DSE_bosello_roson_08_07.pdf
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Publisher Info
Paper provided by University of Venice "Ca' Foscari", Department of Economics in its series Working Papers with number 2007_08.

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Length: 23 pages
Date of creation: 2007
Date of revision:
Handle: RePEc:ven:wpaper:2007_08

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Related research
Keywords: Climate Change Damage Function Integrated Assessment General Equilibrium.

Find related papers by JEL classification:
C68 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computable General Equilibrium Models
D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
F18 - International Economics - - Trade - - - Trade and Environment
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

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This page was last updated on 2008-10-3.


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