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There is a low but uncertain probability that climate change could trigger “mega-catastrophes,” severe and at least partly irreversible adverse effects across broad regions. This paper first discusses the state of current knowledge and the defining characteristics of potential climate change...
Persistent link: https://www.econbiz.de/10008497176
Persistent link: https://www.econbiz.de/10008527190
The property catastrophe reinsurance industry faces a major challenge. Since 1989, climatic volatility has produced … financial instruments that can be successfully used to hedge unknown catastrophe risks. …
Persistent link: https://www.econbiz.de/10005619352
According to the Framework Convention on Climate Change, global collective action is needed to stabilize “greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous [our emphasis] anthropogenic interference with the climate system.” The Framework Convention thus...
Persistent link: https://www.econbiz.de/10010734324
To what extent does economic analysis of climate change depend on low-probability, high-impact events? This question has received a great deal of attention lately, with the contention increasingly made that climate damage could be so large that societal willingness to pay to avoid extreme...
Persistent link: https://www.econbiz.de/10010746080
Some recent research suggests that uncertainty about the response of the climate system to atmospheric greenhouse gas (GHG) concentrations can have a disproportionately large influence on benefits estimates for climate change policies, potentially even dominating the effect of the discount rate....
Persistent link: https://www.econbiz.de/10008587624
If the threshold that triggers climate catastrophe is known with certainty, and the benefits of avoiding catastrophe … net benefits of avoiding catastrophe are lower, treaties typically fail to help countries cooperate to avoid catastrophe …, sustaining only modest cuts in emissions. These results are unaffected by uncertainty about the impact of catastrophe. By …
Persistent link: https://www.econbiz.de/10011043098
if the accumulated stock of pollutants is on the threshold of a worldwide catastrophe. In this context dominated by …
Persistent link: https://www.econbiz.de/10011075059
possibility of catastrophe, since we are unable to evaluate a risk averse representative agent's expected utility when there is …
Persistent link: https://www.econbiz.de/10011075699
This study represents the first attempt at an integrated approach to assessing the potential impacts of climate change … outcomes by about 2050. The results show the multiple impacts of climate change and the importance of spatial and temporal … variation in these impacts. The study focused in particular on the potential impacts of climate change on the water supply …
Persistent link: https://www.econbiz.de/10010511214