An aggregate integrated assessment model is used to investigate the relative merits of hedging over the near term against the chance that atmospheric concentrations of carbon dioxide will be limited as a matter of global policy. Hedging strategies are evaluated given near term uncertainty about...

The two main flavours of integrated climate change assessment (formal cost benefit analysis and the precautionary approach to assessing dangerous anthropogenic interference with the climate system) also reflect the major controversies in applying climate policy. In this assessment, we present an...

Our ability to understand the geographical dispersion of the impacts of climate change has not yet progressed to the point of being able to quantify costs and benefits distributed across globe along one or more climate scenarios in any meaningful way. We respond to this chaotic state of affairs...

The selection of climate policies should be an exercise in risk management reflecting the many relevant sources of uncertainty. Studies of climate change and its impacts rarely yield consensus on the distribution of exposure, vulnerability, or possible outcomes. Hence policy analysis cannot...