Recent thinking about the economics of climate change has concerned the uncertainty about the upper bound of both climate sensitivity to greenhouse gases and the damages that might occur at high temperatures. This argument suggests that the appropriate probability distributions for these factors...

This paper develops a model to evaluate then potential role of the global forest as an option to reduce climate change. The approach is to assess the forest as both a source of renewable energy and a potential storage of carbon together with non-carbon energy. The analysis shows that the global...

This paper reviews the economic modelling of climate change impacts, using integrated assessment models (IAMs). IAMs consider the most relevant interactions and feedback mechanisms of the human-climate system and integrate various relevant academic disciplines, ranging from climate modeling to...

This paper reviews the economic modelling of climate change impacts, using integrated assessment models (IAMs). IAMs consider the most relevant interactions and feedback mechanisms of the human-climate system and integrate various relevant academic disciplines, ranging from climate modeling to...

We examine the treatment of climate damages in the FUND model. By inserting software switches to turn individual features on and off, we obtain FUND's estimates for 15 categories of damages, and for components of the agricultural category. FUND, as used by the U.S. government to estimate the...

Recent thinking about the economics of climate change has concerned the uncertainty about the upper bound of both climate sensitivity to greenhouse gases and the damages that might occur at high temperatures. This argument suggests that the appropriate probability distributions for these factors...

Dasgupta and Weitzman have shown that the saving rates implied by the Stern Review’s values for the rate of pure time preference and the elasticity of the marginal utility of consumption are too high from either a normative (Dasgupta) or descriptive (Weitzman) perspective. Given the attention...

Uncertainty plays a key role in the economics of climate change, and the discussions surrounding its implications for climate policy are far from settled. We give an overview of the literature on uncertainty in integrated assessment models of climate change and identify some future research...

* The current version of this paper was prepared with the support of the Australian Department of Climate Change and the Environmental Economics Research Hub at the Australian National University. Earlier versions were submitted to the London School of Economics and Political Science in partial...

This survey examines the history and current practice in integrated assessment models (IAMs) of the economics of climate change. It begins with a review of the emerging problem of climate change. The next section provides a brief sketch of the rise of IAMs in the 1970s and beyond. The subsequent...