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Economic Damages from Climate Change: A Review of Modeling Approaches

This report elucidates one aspect of economic IAMs: the damage function. Damage functions map environmental changes (primarily mean temperature increases) to economic impacts. This crucial step in the determination of SCC appears in very different form in the leading economic IAMs. Through sections 3, 4, and 5 we review, in turn, the damage functions of the Dynamic Integrated Model of Climate and the Economy (DICE), the Framework for Uncertainty, Negotiation and Distribution (FUND) and the Policy Analysis of the Greenhouse Effect (PAGE). Section 6 discusses some empirical, programmatic and conceptual limitations of these three IAMs. Section 7 concludes. We begin, however, by providing a brief elaboration on integrated assessment modelling practices used by the IPCC. Readers familiar with IAMs and the IPCC's recent work may wish to skip this review.

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Paper provided by Schwartz Center for Economic Policy Analysis (SCEPA), The New School in its series SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. with number 2014-3.

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Length: 65 pages
Date of creation: Mar 2014
Handle: RePEc:epa:cepawp:2014-3
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  1. D. S. Prasada Rao & Bart van Ark, 2013. "Introduction," Chapters,in: World Economic Performance, chapter 1, pages 1-6 Edward Elgar Publishing.
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  5. S Fankhauser, 1995. "Protection versus retreat: the economic costs of sea-level rise," Environment and Planning A, Pion Ltd, London, vol. 27(2), pages 299-319, February.
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  7. T. Heller & R. Huet & Bénédicte Vidaillet, 2013. "Introduction," Post-Print hal-00848256, HAL.
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  9. Pycroft, Jonathan & Vergano, Lucia & Hope, Chris & Paci, Daniele & Ciscar, Juan Carlos, 2011. "A tale of tails: Uncertainty and the social cost of carbon dioxide," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 5, pages 1-29.
  10. Detlef Vuuren & Jae Edmonds & Mikiko Kainuma & Keywan Riahi & Allison Thomson & Kathy Hibbard & George Hurtt & Tom Kram & Volker Krey & Jean-Francois Lamarque & Toshihiko Masui & Malte Meinshausen & N, 2011. "The representative concentration pathways: an overview," Climatic Change, Springer, vol. 109(1), pages 5-31, November.
  11. Ackerman, Frank & Munitz, Charles, 2012. "Climate damages in the FUND model: A disaggregated analysis," Ecological Economics, Elsevier, vol. 77(C), pages 219-224.
  12. Greiner, Alfred & Gruene, Lars & Semmler, Willi, 2014. "Economic growth and the transition from non-renewable to renewable energy," Environment and Development Economics, Cambridge University Press, vol. 19(04), pages 417-439, August.
  13. Hope, Chris W., 2011. "The social cost of CO2 from the PAGE09 model," Economics Discussion Papers 2011-39, Kiel Institute for the World Economy (IfW).
  14. Arrow, K. & Cropper, M. & Gollier, C. & Groom, B. & Heal, G. & Newell, R. & Nordhaus, W. & Pindyck, R. & Pizer, W. & Portney, P. & Sterner, T. & Tol, R. S. J. & Weitzman, Martin L., 2013. "Determining Benefits and Costs for Future Generations," Scholarly Articles 12841963, Harvard University Department of Economics.
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