9780915707959

Economics and Policy Issues in Climate Change

by
  • ISBN13:

    9780915707959

  • ISBN10:

    0915707950

  • Format: Hardcover
  • Copyright: 1998-08-01
  • Publisher: Taylor & Francis

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Summary

Global climate change has emerged as one of today's most challenging and controversial policy issues. In this significant new contribution, a roster of premier scholars examines economic and social aspects of that far-reaching phenomenon. Although the 1997 "summit" in Kyoto focused world attention on climate, it was just one step in an ongoing process. Research by the U.N.'s Intergovernmental Panel on Climate Change (IPCC) has been ongoing since 1988. An extensive IPCC Working Group report published in 1995 examined the economic and social aspects of climate change. In this new volume, eminent economists assess that IPCC report and address the questions that emerge. The result is a reasoned, cogent look at the realities of climate change and some methods (and difficulties) of dealing with them. William Nordhaus's introduction establishes the context for this book. It provides basic scientific background, reviews the IPCC's activities, and explains the genesis of the project. Subsequent contributions fall into two categories. Early chapters review analytical issues critical to social and economic understanding of climate change. For example, Granger Morgan looks at how typical decisionmaking frameworks relate to this topic. Other chapters in this section discuss discounting and intergenerational equity, the possible role of cost-benefit analysis, and the institutional architecture needed to address the problem effectively. A second set of chapters address specific economic questions surrounding climate-change policy. For example, John Weyant and Tom Kram look at the costs of slowing climate change. Weyant agrees with the IPCC that the economic cost is high, relative to other economic and environmental policies. There is tremendous uncertainty in these estimates, however, and different approaches to modeling -- economic, engineering, and social-psychological -- yield very different interpretations and prognoses. In another chapter, Robert Mendelsohn examines the costs of not slowing climate change. What impacts can we expect, how might they vary among different nations and regions, and how likely are we to encounter catastrophic results?

Table of Contents

Foreword vii(2)
Michael A. Toman
Preface ix
William D. Nordhaus
1. Assessing the Economics of Climate Change: An Introduction
1(24)
William D. Nordhaus
Part 1. Major Analytical Issues 25(142)
2. Policy Analysis for Decisionmaking About Climate Change
25(34)
M. Granger Morgan
Comments
51(8)
Akihiro Amano
51(4)
Alan S. Manne
55(4)
3. Equity and Discounting in Climate-Change Decisions
59(52)
Robert C. Lind
Richard E. Schuler
Comments
97(14)
William R. Cline
97(8)
Richard N. Cooper
105(6)
4. Applicability of Cost-Benefit Analysis to Climate Change
111(26)
Paul R. Portney
Comments Ferenc L. Toth
129(8)
5. Greenhouse Policy Architectures and Institutions
137(22)
Richard Schmalensee
Comments R.K. Pachauri
159(8)
Part 2. Specific Climate-Change Policy Issues 167(138)
6. The Costs of Greenhouse-Gas Abatement
167(24)
Tom Kram
7. The Costs of Carbon Emissions Reductions
191(28)
John P. Weyant
Comments Richard Richels
215(4)
8. Climate-Change Damages
219(44)
Robert Mendelsohn
Comments
237(50)
Richard S.J. Tol
237(6)
John Reilly
243(14)
William R. Cline
257(6)
9. Integrated Assessment Modeling of Climate Change
263(42)
Charles D. Kolstad
Comments
287(18)
John P. Weyant
287(4)
Jae Edmonds
291(14)
Index 305

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