Costs of adjustment to climate change
The present paper argues that the costs of climate change are primarily adjustment costs. The central result is that climate change will reduce welfare whenever it occurs more rapidly than the rate at which capital stocks (interpreted broadly to include natural resource stocks) would naturally adjust through market processes. The costs of climate change can be large even when lands are close to their climatic optimum, or evenly distributed both above and below that optimum.
Volume (Year): 47 (2003)
Issue (Month): 4 (December)
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- John K. Horowitz & John Quiggin, 1999. "The Impact of Global Warming on Agriculture: A Ricardian Analysis: Comment," American Economic Review, American Economic Association, vol. 89(4), pages 1044-1045, September.
- Bockstael, Nancy E. & McConnell, Kenneth E., 1981. "Theory and estimation of the household production function for wildlife recreation," Journal of Environmental Economics and Management, Elsevier, vol. 8(3), pages 199-214, September.
- Quiggin, John, 1998. "Existence Value and the Contingent Valuation Method," Australian Economic Papers, Wiley Blackwell, vol. 37(3), pages 312-29, September.
- Kahneman, Daniel & Knetsch, Jack L., 1992. "Valuing public goods: The purchase of moral satisfaction," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 57-70, January.
- Mendelsohn, Robert & Nordhaus, William D & Shaw, Daigee, 1994. "The Impact of Global Warming on Agriculture: A Ricardian Analysis," American Economic Review, American Economic Association, vol. 84(4), pages 753-71, September.
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