Revisiting Fat-Tailed Uncertainty in the Economics of Climate Change

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https://doi.org/10.1093/reep/rer006Metadata
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Weitzman, Marin L. 2011. Revisiting Fat-tailed uncertainty in the economics of climate change. Review of Environmental Economics and Policy 5(2): 275-292.Abstract
In this article, I revisit some basic issues concerning structural uncertainty and catastrophic climate change. My target audience here are general economists, so this article could also be viewed as a somewhat less technical exposition that supplements my previous work. Using empirical examples, I argue that it is implausible that low-probability, high-negative impact events would not much influence an economic analysis of climate change. I then try to integrate the empirical examples and the theory together into a unified package with a unified message that the possibility of catastrophic climate change needs to be taken seriously.Terms of Use
This article is made available under the terms and conditions applicable to Open Access Policy Articles, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#OAPCitable link to this page
http://nrs.harvard.edu/urn-3:HUL.InstRepos:11130443
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