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dc.contributor.authorWeitzman, Martin L.
dc.date.accessioned2013-11-13T16:04:26Z
dc.date.issued2012
dc.identifierQuick submit: 2013-07-18T12:55:26-04:00
dc.identifier.citationWeitzman, Martin L. 2012. GHG targets as insurance against catastrophic climate damages. Journal of Public Economic Theory 14(2): 221-244.en_US
dc.identifier.issn1097-3923en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:11315435
dc.description.abstractA critical issue in climate change economics is the specification of the so-called “damages function” and its interaction with the unknown uncertainty of catastrophic outcomes. This paper asks how much we might be misled by our economic assessment of climate change when we employ a conventional quadratic damages function and/or a thin-tailed probability distribution for extreme temperatures. The paper gives some numerical examples of the indirect value of various greenhouse gas (GHG) concentration targets as insurance against catastrophic climate change temperatures and damages. These numerical exercises suggest that we might be underestimating considerably the welfare losses from uncertainty by using a quadratic damages function and/or a thin-tailed temperature distribution. In these examples, the primary reason for keeping GHG levels down is to insure against high-temperature catastrophic climate risks.en_US
dc.description.sponsorshipEconomicsen_US
dc.language.isoen_USen_US
dc.publisherWiley Blackwell (Blackwell Publishing)en_US
dc.relation.isversionofdoi:10.1111/j.1467-9779.2011.01539.xen_US
dash.licenseOAP
dc.titleGHG Targets as Insurance Against Catastrophic Climate Damagesen_US
dc.typeJournal Articleen_US
dc.date.updated2013-07-18T16:55:57Z
dc.description.versionAccepted Manuscripten_US
dc.rights.holderMartin Weitzman
dc.relation.journalJournal of Public Economic Theoryen_US
dash.depositing.authorWeitzman, Martin L.
dc.date.available2013-11-13T16:04:26Z
dc.identifier.doi10.1111/j.1467-9779.2011.01539.x*
workflow.legacycommentsIn QSDB. Manuscript obtained and substituted for SWORDed file.en_US
dash.contributor.affiliatedWeitzman, Martin


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