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The Value of Avoiding Climate Change

Author

Listed:
  • Heal, G.
  • Lin, Y.

Abstract

What costs is it worth incurring to avoid the risk of climate change? People rarely think of this as a question amenable to a precise answer. Yet an answer can be calculated: it depends on the following four parameters (at least). These are (1) the probability distribution of the effects of climate change, (2) the degree to which we are risk averse, (3) the date at which the climate change will occur, and (4) the rate at which we discount future benefits and costs relative to those in the present.

Suggested Citation

  • Heal, G. & Lin, Y., 1997. "The Value of Avoiding Climate Change," Papers 97-10, Columbia - Graduate School of Business.
  • Handle: RePEc:fth:colubu:97-10
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    More about this item

    Keywords

    RISK ; CLIMATE ; COSTS;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General

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