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Possible Economic Impacts of a Shutdown of the Thermohaline Circulation: an Application of FUND

Author

Listed:
  • P. Michael Link
  • Richard S.J. Tol

    () (Economic and Social Research Institute, Dublin)

Abstract

Climate change can lead to a substantial reduction of the strength of the thermohaline circulation in the world oceans. This is often thought to have severe consequences particularly on the North Atlantic region and Northern and Western Europe. The integrated assessment model FUND is used to estimate the extent of these impacts. The results indicate that, owing to a slower warming (rather than cooling) of the regions most affected by a thermohaline circulation collapse, climate change induced damages in these regions would be smaller in case of a shutdown of the thermohaline circulation. However, even with a thermohaline circulation collapse, the total and marginal impacts of climate change are negative.

Suggested Citation

  • P. Michael Link & Richard S.J. Tol, 2004. "Possible Economic Impacts of a Shutdown of the Thermohaline Circulation: an Application of FUND," Working Papers FNU-42, Research unit Sustainability and Global Change, Hamburg University, revised Apr 2004.
  • Handle: RePEc:sgc:wpaper:42
    as

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    File Function: First version, 2004
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    References listed on IDEAS

    as
    1. Richard S.J. Tol, 2002. "Technology Protocols For Climate Change: An Application Of Fund," Working Papers FNU-14, Research unit Sustainability and Global Change, Hamburg University, revised Sep 2002.
    2. Tol, Richard S.J., 2005. "Emission abatement versus development as strategies to reduce vulnerability to climate change: an application of FUND," Environment and Development Economics, Cambridge University Press, vol. 10(05), pages 615-629, October.
    3. Richard Tol, 2002. "Estimates of the Damage Costs of Climate Change, Part II. Dynamic Estimates," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 21(2), pages 135-160, February.
    4. Tol, Richard S. J., 2002. "Welfare specifications and optimal control of climate change: an application of fund," Energy Economics, Elsevier, vol. 24(4), pages 367-376, July.
    5. Tol, Richard S. J., 1996. "The damage costs of climate change towards a dynamic representation," Ecological Economics, Elsevier, vol. 19(1), pages 67-90, October.
    6. Klaus Keller & Kelvin Tan & Francois M.M. Morel & David F. Bradford, 1999. "Preserving the Ocean Circulation: Implications for Climate Policy," CESifo Working Paper Series 199, CESifo Group Munich.
    7. P. Michael Link & Richard S.J. Tol, 2003. "Economic impacts of changes in population dynamics of fish on the fisheries in the Barents Sea," Working Papers FNU-30, Research unit Sustainability and Global Change, Hamburg University, revised May 2003.
    8. Richard Tol, 2002. "Estimates of the Damage Costs of Climate Change. Part 1: Benchmark Estimates," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 21(1), pages 47-73, January.
    9. Tol, Richard S. J., 2001. "Equitable cost-benefit analysis of climate change policies," Ecological Economics, Elsevier, vol. 36(1), pages 71-85, January.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    climate change; climate change impacts; thermohaline circulation; integrated assessment;

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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