There is an increasing demand for putting a shadow price on the environment to guide public policy and incentivise private behaviour. In practice, setting that price can be extremely difficult as uncertainties abound. There is often uncertainty not just about individual parameters but about the...

Under the Kyoto Protocol, transition countries are expected to become important players in the emerging market for greenhouse gas emission reductions, as they can reduce emissions at a relatively low cost. However, the attractiveness of the region as a supplier of emission reductions will not...

The economic impact of climate change is usually measured as the amount by which the climate of a given period will affect output or GDP in that period. This paper draws attention to some of the dynamic effects through which climate change may affect economic growth and hence future output. In...

Two reasons to be concerned about climate change are its unjust distributional impact and its negative aggregate effect on economic growth and welfare. Although our knowledge of the impact of climate change is incomplete and uncertain, economic valuation is difficult and controversial, and the...

Poor countries are more heavily affected by extreme weather events and future climate change than rich countries. One of the reasons for this is the so-called adaptation deficit, that is, limits in the ability of poorer countries to adapt. This paper analyses the link between income and...