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Global Environmental Risks

Author

Listed:
  • Graciela Chichilnisky
  • Geoffrey Heal

Abstract

We consider the economics of global environmental risks. In this area, we are dealing with risks that are poorly understood, endogenous, collective, and irreversible. In policy terms, the nature and extent of uncertainty about global climate change implies that society's position will be dominated by two questions: What cost is worth incurring to reduce the poorly-understood risk of climate change, or to improve our understanding of the risk? How may existing social institutions, such as insurance contracts and securities markets, be used to provide the most efficient allocation of the risks associated with global climate change?

Suggested Citation

  • Graciela Chichilnisky & Geoffrey Heal, 1993. "Global Environmental Risks," Journal of Economic Perspectives, American Economic Association, vol. 7(4), pages 65-86, Fall.
  • Handle: RePEc:aea:jecper:v:7:y:1993:i:4:p:65-86
    Note: DOI: 10.1257/jep.7.4.65
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.7.4.65
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    References listed on IDEAS

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    1. Malinvaud, E., 1972. "The allocation of individual risks in large markets," Journal of Economic Theory, Elsevier, vol. 4(2), pages 312-328, April.
    2. Charles J. Cicchetti & A. Myrick Freeman III, 1971. "Option Demand and Consumer Surplus: Further Comment," The Quarterly Journal of Economics, Oxford University Press, vol. 85(3), pages 528-539.
    3. Pindyck, Robert S, 1991. "Irreversibility, Uncertainty, and Investment," Journal of Economic Literature, American Economic Association, vol. 29(3), pages 1110-1148, September.
    4. Wise, Sherry & Johnson, Stanley R. & Just, Richard E. & Bockstael, Nancy, 1991. "Commodity and Resource Policies in Agricultural Systems," Staff General Research Papers Archive 396, Iowa State University, Department of Economics.
    5. William R. Cline, 1992. "Economics of Global Warming, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 39.
    6. Kenneth J. Arrow & Anthony C. Fisher, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, Oxford University Press, vol. 88(2), pages 312-319.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • Q21 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Demand and Supply; Prices

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