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dc.contributor.authorTol, Richard S. J.en_US
dc.date.accessioned2011-09-30T09:44:27Z-
dc.date.available2011-09-30T09:44:27Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/50039-
dc.description.abstractI review the literature on the economic impacts of climate change, an externality that is unprecedentedly large, complex, and uncertain. Only 14 estimates of the total damage cost of climate change have been published, a research effort that is in sharp contrast to the urgency of the public debate and the proposed expenditure on greenhouse gas emission reduction. These estimates show that climate change initially improves economic welfare. However, these benefits are sunk. Impacts would be predominantly negative later in the century. Global average impacts would be comparable to the welfare loss of a few percent of income, but substantially higher in poor countries. There are over 200 estimates of the marginal damage cost of carbon dioxide emissions. The uncertainty about the social cost of carbon is large and right-skewed. For a standard discount rate, the expected value $50/tC, which is much lower than the price of carbon in the European Union but much higher than the price of carbon elsewhere. Current estimates of the damage costs of climate change are incomplete, with positive and negative biases. Most important among the missing impacts are the indirect effects of climate change on economic development, large scale biodiversity loss, low probability - high impact scenarios, the impact of climate change on violent conflict, and the impacts of climate change beyond 2100. From a welfare perspective, the impact of climate change is problematic because population is endogenous, and because policy analyses should separate impatience, risk aversion, and inequity aversion between and within countries.en_US
dc.language.isoengen_US
dc.publisherESRI Dublinen_US
dc.relation.ispartofseriesESRI working paper 255en_US
dc.subject.jelQ54en_US
dc.subject.ddc330en_US
dc.subject.keywordimpacts of climate changeen_US
dc.subject.keywordsocial cost of carbonen_US
dc.subject.stwKlimaveränderungen_US
dc.subject.stwTreibhausgasen_US
dc.subject.stwKohlendioxiden_US
dc.subject.stwUmweltbelastungen_US
dc.subject.stwKostenen_US
dc.subject.stwSoziale Kostenen_US
dc.subject.stwWohlfahrtseffekten_US
dc.subject.stwWelten_US
dc.titleThe economic impact of climate changeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn584378270en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:ESRI Working Papers, The Economic and Social Research Institute (ESRI)

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