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The Political Economy of Global Warming. From Data to Decisions

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    This article studies the process from data acquisition to policy decision in relation to an optimum policy on global warming. Policymakers must be reasonably skeptical before proposing remedies to curb warming, but policymakers cannot await the final proof of any proposal's merit. Balancing evidence with doubt requires an informed approach, in which information is converted to knowledge and used to illuminate and compare human welfare connected to different scenarios. This article suggests, normatively, three essential elements for data based policies: evidence, consequence, and strategy. The presented framework for data based policymaking combines results from decision theory, economics, and political theory.

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    Paper provided by Statistics Norway, Research Department in its series Discussion Papers with number 322.

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    Date of creation: Jul 2002
    Date of revision:
    Handle: RePEc:ssb:dispap:322
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    1. Salvador Barberà, 2001. "An introduction to strategy-proof social choice functions," Social Choice and Welfare, Springer, vol. 18(4), pages 619-653.
    2. Weitzman, Martin L., 1998. "Why the Far-Distant Future Should Be Discounted at Its Lowest Possible Rate," Journal of Environmental Economics and Management, Elsevier, vol. 36(3), pages 201-208, November.
    3. Vicki Knoblauch, 2001. "Using elections to represent preferences," Social Choice and Welfare, Springer, vol. 18(4), pages 823-831.
    4. Keuzenkamp, H.A. & Magnus, J.R., 1994. "On tests and significance in econometrics," Discussion Paper 1994-31, Tilburg University, Center for Economic Research.
    5. David F. Bradford, 1997. "On the Uses of Benefit-Cost Reasoning in Choosing Policy Toward Global Climate Change," NBER Working Papers 5920, National Bureau of Economic Research, Inc.
    6. Keuzenkamp, H.A. & Magnus, J.R., 1995. "On tests and significance in econometrics," Other publications TiSEM 1808e2e0-3805-4999-b9a1-5, Tilburg University, School of Economics and Management.
    7. Christopher A. Sims, 2001. "Pitfalls of a Minimax Approach to Model Uncertainty," American Economic Review, American Economic Association, vol. 91(2), pages 51-54, May.
    8. Lawrence H. Summers, 2000. "International Financial Crises: Causes, Prevention, and Cures," American Economic Review, American Economic Association, vol. 90(2), pages 1-16, May.
    9. Becker, Gary S, 1993. "Nobel Lecture: The Economic Way of Looking at Behavior," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 385-409, June.
    10. Margaret Forsyth, 2000. "On estimating the option value of preserving a wilderness area," Canadian Journal of Economics, Canadian Economics Association, vol. 33(2), pages 413-434, May.
    11. W. Michael Hanemann, 1994. "Valuing the Environment through Contingent Valuation," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 19-43, Fall.
    12. Tol, Richard S. J., 2001. "Equitable cost-benefit analysis of climate change policies," Ecological Economics, Elsevier, vol. 36(1), pages 71-85, January.
    13. Moretto, Michele, 2000. "Irreversible investment with uncertainty and strategic behavior," Economic Modelling, Elsevier, vol. 17(4), pages 589-617, December.
    14. Fernandez, Raquel & Rodrik, Dani, 1991. "Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty," American Economic Review, American Economic Association, vol. 81(5), pages 1146-55, December.
    15. Solow, Robert M, 1974. "The Economics of Resources or the Resources of Economics," American Economic Review, American Economic Association, vol. 64(2), pages 1-14, May.
    16. Fisher, Anthony C., 2000. "Investment under uncertainty and option value in environmental economics," Resource and Energy Economics, Elsevier, vol. 22(3), pages 197-204, July.
    17. repec:oup:qjecon:v:88:y:1974:i:2:p:312-19 is not listed on IDEAS
    18. repec:oup:qjecon:v:115:y:2000:i:1:p:1-44 is not listed on IDEAS
    19. Buchanan, J M, 1998. " Majoritarian Logic," Public Choice, Springer, vol. 97(1-2), pages 13-21, October.
    20. Deirdre N. McCloskey & Stephen T. Ziliak, 1996. "The Standard Error of Regressions," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 97-114, March.
    21. John Geweke & John Rust & Herman K. Van Dijk, 2000. "Introduction: inference and decision making," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(6), pages 545-546.
    22. James Buchanan, 2002. "Game theory, mathematics, and economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 8(1), pages 27-32.
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