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This text on the economics of climate change and climate policy can be used at three different levels - advanced undergraduate, post-graduate and doctoral. It covers the critical issues and clearly identifies the specific sections each level of reader should explore
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Weitzman's Dismal Theorem has that the expected net present value of a stock problem with a stochastic growth rate with unknown variance is unbounded. Cost-benefit analysis can therefore not be applied to greenhouse gas emission control. We use the Generalized Central Limit Theorem to show that...
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