Additive Damages, Fat-Tailed Climate Dynamics, and Uncertain Discounting

DSpace/Manakin Repository

Additive Damages, Fat-Tailed Climate Dynamics, and Uncertain Discounting

Show simple item record

dc.contributor.author Weitzman, Martin L.
dc.date.accessioned 2012-09-25T19:15:13Z
dc.date.issued 2009
dc.identifier.citation Weitzman, Martin L. 2009. Additive damages, fat-tailed climate dynamics, and uncertain discounting. Economics 3:2009-39. en_US
dc.identifier.issn 1864-6042 en_US
dc.identifier.uri http://nrs.harvard.edu/urn-3:HUL.InstRepos:9639963
dc.description.abstract This paper in applied theory argues that there is a loose chain of reasoning connecting the following three basic links in the economics of climate change: 1) additive disutility damages may be appropriate for analyzing some impacts of global warming; 2) an uncertain feedback-forcing coefficient, which might be near one with infinitesimal probability, can cause the distribution of the future time trajectory of global temperatures to have fat tails and a high variance; 3) when high-variance additive damages are discounted at an uncertain rate of pure time preference, which might be near zero with infinitesimal probability, it can make expected present discounted disutility very large. Some possible implications for welfare analysis and climate-change policy are briefly noted. en_US
dc.description.sponsorship Economics en_US
dc.language.iso en_US en_US
dc.publisher Economics en_US
dc.relation.isversionof http://www.economics-ejournal.org/economics/journalarticles/2009-39 en_US
dash.license LAA
dc.subject climate change en_US
dc.subject fat tails en_US
dc.title Additive Damages, Fat-Tailed Climate Dynamics, and Uncertain Discounting en_US
dc.type Journal Article en_US
dc.description.version Version of Record en_US
dc.relation.journal Economics en_US
dash.depositing.author Weitzman, Martin L.
dc.date.available 2012-09-25T19:15:13Z

Files in this item

Files Size Format View
AdditiveDamagesFatTailed.pdf 266.9Kb PDF View/Open

This item appears in the following Collection(s)

  • FAS Scholarly Articles [7103]
    Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University

Show simple item record

 
 

Search DASH


Advanced Search
 
 

Submitters