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Correction and Update: The Economic Effects of Climate Change

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  • Richard S. J. Tol

Abstract

Gremlins intervened in the preparation of my paper "The Economic Effects of Climate Change" published in the Spring 2009 issue of this journal. In Table 1 of that paper, titled "Estimates of the Welfare Impact of Climate Change," minus signs were dropped from the two impact estimates, one by Plambeck and Hope (1996) and one by Hope (2006). In Figure 1 of that paper, titled "Fourteen Estimates of the Global Economic Impact of Climate Change," and in the various analyses that support that figure, the minus sign was dropped from only one of the two estimates. The corresponding Table 1 and Figure 1 presented here correct these errors. Figure 2 titled,"Twenty-One Estimates of the Global Economic Impact of Climate Change"? adds two overlooked estimates from before the time of the original 2009 paper and five more recent ones.

Suggested Citation

  • Richard S. J. Tol, 2014. "Correction and Update: The Economic Effects of Climate Change," Journal of Economic Perspectives, American Economic Association, vol. 28(2), pages 221-226, Spring.
    • Handle: RePEc:aea:jecper:v:28:y:2014:i:2:p:221-26
    Note: DOI: 10.1257/jep.28.2.221
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    References listed on IDEAS

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    1. Maddison, David, 2003. "The amenity value of the climate: the household production function approach," Resource and Energy Economics, Elsevier, vol. 25(2), pages 155-175, May.
    2. Richard Tol, 2002. "Estimates of the Damage Costs of Climate Change. Part 1: Benchmark Estimates," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 21(1), pages 47-73, January.
    3. Roberto Roson & Dominique Van der Mensbrugghe, 2012. "Climate change and economic growth: impacts and interactions," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 4(3), pages 270-285.
    4. Richard S. J. Tol, 2009. "The Economic Effects of Climate Change," Journal of Economic Perspectives, American Economic Association, vol. 23(2), pages 29-51, Spring.
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    2. van den Bergh, J.C.J.M. & Botzen, W.J.W., 2015. "Monetary valuation of the social cost of CO2 emissions: A critical survey," Ecological Economics, Elsevier, vol. 114(C), pages 33-46.
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    5. William Nordhaus, 2018. "Evolution of modeling of the economics of global warming: changes in the DICE model, 1992–2017," Climatic Change, Springer, vol. 148(4), pages 623-640, June.
    6. Kahn, Matthew E. & Mohaddes, Kamiar & Ng, Ryan N.C. & Pesaran, M. Hashem & Raissi, Mehdi & Yang, Jui-Chung, 2021. "Long-term macroeconomic effects of climate change: A cross-country analysis," Energy Economics, Elsevier, vol. 104(C).
    7. Newell, Richard G. & Prest, Brian C. & Sexton, Steven E., 2021. "The GDP-Temperature relationship: Implications for climate change damages," Journal of Environmental Economics and Management, Elsevier, vol. 108(C).
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    10. Howard, Peter H. & Sterner, Thomas, 2022. "Between Two Worlds: Methodological and Subjective Differences in Climate Impact Meta-Analyses," RFF Working Paper Series 22-10, Resources for the Future.
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    12. Kym Anderson, 2016. "Agricultural Trade, Policy Reforms, and Global Food Security," Palgrave Studies in Agricultural Economics and Food Policy, Palgrave Macmillan, number 978-1-137-46925-0, June.
    13. William D. Nordhaus & Andrew Moffat, 2017. "A Survey of Global Impacts of Climate Change: Replication, Survey Methods, and a Statistical Analysis," NBER Working Papers 23646, National Bureau of Economic Research, Inc.
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    15. Francisco Estrada & Richard S J Tol & Wouter J W Botzen, 2017. "Global economic impacts of climate variability and change during the 20th century," PLOS ONE, Public Library of Science, vol. 12(2), pages 1-16, February.
    16. Jacob LaRiviere & David Kling & James N Sanchirico & Charles Sims & Michael Springborn, 2018. "The Treatment of Uncertainty and Learning in the Economics of Natural Resource and Environmental Management," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 12(1), pages 92-112.
    17. Majid Khan & Abdul Rashid, 2022. "(A)symmetry effects of climate changes on economic growth: a panel data analysis," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 69(4), pages 571-607, December.
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    21. Howard, Peter H. & Sylvan, Derek, 2015. "The Economic Climate: Establishing Consensus on the Economics of Climate Change," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205761, Agricultural and Applied Economics Association.
    22. Bastien-Olvera, Bernardo A., 2019. "Business-as-usual redefined: Energy systems under climate-damaged economies warrant review of nationally determined contributions," Energy, Elsevier, vol. 170(C), pages 862-868.
    23. Asta Mikalauskiene & Justas Štreimikis & Ignas Mikalauskas & Gintarė Stankūnienė & Rimantas Dapkus, 2019. "Comparative Assessment of Climate Change Mitigation Policies in Fuel Combustion Sector of Lithuania and Bulgaria," Energies, MDPI, vol. 12(3), pages 1-25, February.

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    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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