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Fat-Tailed Uncertainty in the Economics of Catastrophic Climate Change

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  • Martin L. Weitzman

Abstract

In this article, I revisit some basic issues concerning structural uncertainty and catastrophic climate change. My target audience here are general economists, so this article could also be viewed as a somewhat less technical exposition that supplements my previous work. Using empirical examples, I argue that it is implausible that low-probability, high-negative impact events would not much influence an economic analysis of climate change. I then try to integrate the empirical examples and the theory together into a unified package with a unified message that the possibility of catastrophic climate change needs to be taken seriously. Copyright 2011, Oxford University Press.

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  • Martin L. Weitzman, 2011. "Fat-Tailed Uncertainty in the Economics of Catastrophic Climate Change," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 5(2), pages 275-292, Summer.
    • Handle: RePEc:oup:renvpo:v:5:y:2011:i:2:p:275-292
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    File URL: http://hdl.handle.net/10.1093/reep/rer006
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