Economics and the challenge of global warming

Cover -- Title -- Copyright -- Dedication -- Contents -- Acknowledgments -- Introduction and a Road Map -- Scope and Focus -- Motivation and Audience -- Structure -- 1 Climate Change -- The Science -- The International Policy Response -- References -- 2 The Role of Benefit Cost in Climate Policy -- Background -- Inability to Make Secure Inter-Generational Transfers -- Willingness and Ability to Pay -- Risk and Uncertainty -- Catastrophe -- Sustainability -- Alternatives: Tolerable Windows, Safe Minimum Standards, Precautionary Approach, and the 2°C Target -- Summary -- References -- 3 Discounting and Social Weighting (Aggregating over Time and Space) -- Introduction -- Discounting -- Descriptive versus Prescriptive Approaches -- The Ramsey Equation -- Rho, the Pure Time Preference Parameter -- Adjusting for Consumption Growth -- Deconstructing Eta -- Estimating Eta -- Taking Stock -- Unsnarling the Discount Rate Tangle -- Richer Models -- Recalculating Damages -- Declining Discount Rates -- Social (Equity) Weighting: Aggregating over Space -- Concepts -- In Practice -- Complications -- Conclusions -- References -- 4 Empirical Estimates -- Integrated Assessment Models -- Damage Functions: The Weakest Link? -- An Uncertain Bottom Line -- Generating the Numbers -- The Art of Shadow Pricing -- Agriculture -- Sea-Level Rise -- Adaptation Costs -- Counting (on) Trees: Slowing Deforestation -- Conclusion -- References -- 5 Strategic Responses -- The Development Option -- Adaptation versus Mitigation -- Supply, Demand, and the Green Paradox -- Technology -- Is Technology Policy Needed? -- Mitigation-Technology Connections -- Empirical Studies -- Geo-Engineering -- Conclusions -- References -- 6 Targets and Tools -- Absolute versus Intensity Targets -- Certainty of GDP Growth -- Uncertain GDP Growth -- Choices -- The Toolbox.