Opportunities for advances in climate change economics

Burke, M, Craxton, M, Kolstad, C D, Onda, C, Allcott, H, Baker, E, Barrage, L, Carson, R, Gillingham, K, Graff-Zivin, J, Greenstone, M, Hallegatte, S, Hanemann, W M, Heal, G, Hsiang, S, Jones, B, Kelly, D L, Kopp, R, Kottchen, M, Mendelsohn, R O, Meng, K, Metcalf, G, Moreno-Cruz, J, Pindyck, R, Rose, S H, Rudik, I, Stock, J W and Tol, R S J (2016) Opportunities for advances in climate change economics. Science, 352 (6283). pp. 292-293. ISSN 0036-8075

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Abstract

There have been dramatic advances in understanding the physical science of climate change, facilitated by substantial and reliable research support. The social value of these advances depends on understanding their implications for society, an arena where research support has been more modest and research progress slower. Some advances have been made in understanding and formalizing climate-economy linkages, but knowledge gaps remain [e.g., as discussed in (1, 2)]. We outline three areas where we believe research progress on climate economics is both sorely needed, in light of policy relevance, and possible within the next few years given appropriate funding: (i) refining the social cost of carbon (SCC), (ii) improving understanding of the consequences of particular policies, and (iii) better understanding of the economic impacts and policy choices in developing economies.

Item Type: Article
Schools and Departments: School of Business, Management and Economics > Economics
Subjects: G Geography. Anthropology. Recreation > GE Environmental Sciences
H Social Sciences > HB Economic theory. Demography
Depositing User: Richard Tol
Date Deposited: 01 Apr 2016 08:34
Last Modified: 31 Aug 2016 07:03
URI: http://sro.sussex.ac.uk/id/eprint/60213
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