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Challenges and innovations in the economic evaluation of the risks of climate change

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  • Rising, James A.
  • Taylor, Charlotte
  • Ives, Matthew C.
  • Ward, Robert E.T.

Abstract

A large discrepancy exists between the dire impacts that most natural scientists project we could face from climate change and the modest estimates of damages calculated by mainstream economists. Economic assessments of climate change risks are intended to be comprehensive, covering the full range of physical impacts and their associated market and non-market costs, considering the greater vulnerability of poor people and the challenges of adaptation. Available estimates still fall significantly short of this goal, but alternative approaches that have been proposed attempt to address these gaps. This review seeks to provide a common basis for natural scientists, social scientists, and modellers to understand the research challenges involved in evaluating the economic risks of climate change. Focusing on the estimation processes embedded in economic integrated assessment models and the concerns raised in the literature, we summarise the frontiers of research relevant to improving quantitative damage estimates, representing the full complexity of the associated systems, and evaluating the impact of the various economic assumptions used to manage this complexity.

Suggested Citation

  • Rising, James A. & Taylor, Charlotte & Ives, Matthew C. & Ward, Robert E.T., 2022. "Challenges and innovations in the economic evaluation of the risks of climate change," Ecological Economics, Elsevier, vol. 197(C).
  • Handle: RePEc:eee:ecolec:v:197:y:2022:i:c:s0921800922000994
    DOI: 10.1016/j.ecolecon.2022.107437
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    1. Desbordes, Rodolphe & Eberhardt, Markus, 2024. "Climate change and economic prosperity: Evidence from a flexible damage function," Journal of Environmental Economics and Management, Elsevier, vol. 125(C).
    2. Ashish Dwivedi & Claudio Sassanelli & Dindayal Agrawal & Md. Abdul Moktadir & Idiano D'Adamo, 2023. "Drivers to mitigate climate change in context of manufacturing industry: An emerging economy study," Business Strategy and the Environment, Wiley Blackwell, vol. 32(7), pages 4467-4484, November.
    3. Chang, Jun-Jie & Mi, Zhifu & Wei, Yi-Ming, 2023. "Temperature and GDP: A review of climate econometrics analysis," Structural Change and Economic Dynamics, Elsevier, vol. 66(C), pages 383-392.
    4. Tol, Richard S.J., 2024. "A meta-analysis of the total economic impact of climate change," Energy Policy, Elsevier, vol. 185(C).
    5. Francesco Lamperti & Andrea Roventini, 2022. "Beyond climate economics orthodoxy: impacts and policies in the agent-based integrated-assessment DSK model," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 19(3), pages 357-380, December.
    6. Banning, Maximilian & Großmann, Anett & Heinisch, Katja & Hohmann, Frank & Lutz, Christian & Schult, Christoph, 2023. "Evidence-based support for adaptation policies in emerging economies," IWH Studies 2/2023, Halle Institute for Economic Research (IWH).
    7. Rodolphe Desbordes & Markus Eberhardt, 2022. "Climate change and economic prosperity: Evidence from a flexible damage function," Discussion Papers 2022-06, University of Nottingham, GEP.
    8. Boly, Mohamed & Combes, Jean-Louis & Combes Motel, Pascale, 2023. "Does environment pay for politicians?," Economic Modelling, Elsevier, vol. 128(C).

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