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non-utilitarian ethics, rights, distributional inequity, poverty, and treatment of future generations. How then can this report, acknowledging so many of those aspects of climate change that render orthodox economic analysis unsuitable for generating policy recommendations, go ahead to conduct a global cost-benefit calculation based on microeconomic theory and make that the foundation for its policy recommendations? Spash has argued that issues are suppressed and sidelined in a careful and methodical manner, with the pretense they have been addressed by 'state of the art' solutions. Meanwhile, the authors maintain allegiance to an economic orthodoxy which perpetuates the dominant political myth that traditional economic growth can be both sustained and answer all our problems. Besides perpetuating myths, this diverts attention away from alternative approaches, away from ethical debates over harming the innocent, the poor and future generations, and away from the fundamental changes needed to tackle the very real and serious problems current economic systems pose for environmental systems. In addition the policy recommendation of carbon trading is seen as deeply flawed for also failing to take account of social, ecological and economic reality.
614:(2010) give considerable attention to the Stern Review, noting that the targets of 550 ppm imply a global temperature increase of at least 3 °C "well beyond what climate science consider dangerous, and which would bring the earth's average global temperature to a height last seen in the middle Pliocene around 3 million years ago" (p. 154). They posit that the basis for such high targets is "economics, pure and simple" (p. 155), that is, stronger emissions cuts were seen by the Stern Review authors as "prohibitive, destabilizing capitalism itself" (p. 155). "All of this signals that any reduction in CO2 equivalent emissions beyond around 1 per cent per year would make it virtually impossible to maintain strong economic growth—the bottom line of the capitalism economy. Consequently, in order to keep the treadmill of accumulation going the world needs to risk environmental Armageddon" (p. 156).
970:, is highly critical of the Stern Review, and has said that "If a student of mine were to hand in this report as a Masters thesis, perhaps if I were in a good mood I would give him a 'D' for diligence; but more likely I would give him an 'F' for fail (Cox and Vadon, 2007). There is a whole range of very basic economics mistakes that somebody who claims to be a Professor of Economics simply should not make. Stern consistently picks the most pessimistic for every choice that one can make. He overestimates through cherry-picking, he double counts particularly the risks and he underestimates what development and adaptation will do to impacts." Tol has referred to the Stern Review as "populist science." In a paper published in 2008, Tol showed that the Stern Review's estimate of the
632:", the Stern report 'misused' disaster analysts research by Robert Muir-Wood, head of research at Risk Management Solutions, a US-based consultancy. The Stern report, citing Muir-Wood, said: "New analysis based on insurance industry data has shown that weather-related catastrophe losses have increased by 2% each year since the 1970s over and above changes in wealth, inflation and population growth/movement. If this trend continued or intensified with rising global temperatures, losses from extreme weather could reach 0.5%–1% of world GDP by the middle of the century." According to Muir-Wood "said his research showed no such thing and accused Stern of "going far beyond what was an acceptable extrapolation of the evidence".
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generations in relation to succeeding generations. It is these two things that are crucial: risk and ethics. Different commentators may vary in their emphasis, but it is the two together that are crucial. Jettison either one and you will have a much reduced programme for action—and if you judge risks to be small and attach little significance to future generations you will not regard global warming as a problem. It is surprising that the earlier economic literature on climate change did not give risk and ethics the attention they so clearly deserve, and it is because we chose to make them central and explicit that we think we were right for the right reasons.
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growth and the elasticity of marginal utility, in line with Frank Ramsey's growth model. The Stern Review's average discount rate for climate change damages is approximately 1.4%, which, at the time of the Review, was lower than that used in most previous economic studies on climate change. Accounting for risk in the stochastic framework, however, means the expected mean or certainty equivalent discount rate will be below the discount rate for the mean expected outcome (Dietz, 2008, p. 11). In other words, accounting for risk means a greater weight is applied to worst case outcomes, as per the insurance market.
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modelling. Intergenerational justice would require more realistic assumption: one particular view is what they call the "sustainabilitarian" approach, which seeks to maximise present consumption subject to the constraint that future generations enjoy a quality of life at least as good as that enjoyed by the current generation. They support the discount factors used in the Stern analysis, particularly the view that discounting should reflect only the probability that the world will end at a given future date, and not the "impatience" of an infinitely lived representative consumer.)
1028:(via the social discount rate) "cavalierly". Dasgupta (2006, pp. 6–7) accepted the Review's argument for a PTP-rate of 0.1%, but did not accept Stern's choice of 1 for the elasticity of marginal utility. He argued this point by calculating a saving rate of 97.5% based on the Review's values for the PTP-rate and elasticity of marginal utility. Dasgupta stated that " 97.5% savings rate is so patently absurd that we must reject it out of hand." The calculation by Dasgupta was based on a model which had a deterministic economy, constant population, and no technological change.
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1193:(Treasury Committee, 2008) has said that Stern's central mitigation cost estimate is "reasonable", but economists Robert Mendelsohn and Dieter Helm have commented that the estimate is probably too low. According to Mendelsohn, the Stern Review is far too optimistic about mitigation costs, stating that " of the depressing things about the greenhouse gas problem is that the cost of eliminating it is quite high. We will actually have to sacrifice a great deal to cut emissions dramatically" (Mendelsohn, 2007).
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Lea questions the long-term economic projections made in the Review, commenting that economic forecasts for just two or three years ahead are usually wrong. Lea goes on to describe the problem of drawing conclusions from combining scientific and economic models as "monumentally complex", and doubts whether the international co-operation on climate change, as argued for in the Review, is really possible. In conclusion, Lea says that the real motive behind the Review is to justify increased tax on fuels.
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1099:. Neumayer argued that the real issue is the non-substitutable loss of natural capital, that is to what extent climate change inflicts irreversible and non-substitutable damage to and loss of natural capital. Economists define natural capital as the multiple and various services of nature from which humans benefit- from natural resources to pollution absorption and environmental amenities.
3253:"Minutes of Evidence, taken before the Treasury Committee, Tuesday 23 January 2007. Professor Paul Ekins, Head of Environment Group, Policy Studies Institute. Reply to Question 2. In: Climate change and the Stern Review: the implications for Treasury policy. Produced by the UK House of Commons Treasury Select Committee. The fourth report of the 2007–08 session"
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the wealth and superior technologies that could be used to handle whatever comes at them including climate change. So hurrying the process of switching from carbon-based fuels along by boosting energy costs means that humanity will have to delay buying other good things such as clean water, better sanitation, more and better food, and more education."
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elasticity of utility, while in the Review, Stern chose a value of 1. According to Arrow, Stern's recommended stabilisation target passes a cost-benefit test even when considerably higher PTP-rate (up to around 8%) than Stern's (0.1%) is used. Arrow acknowledged that his argument depended on Stern's stabilisation central cost estimate being correct.
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economic commensuration of costs and benefits, the probabilistic approach to uncertainty and the application of a utilitarian intergenerational calculus. Their criticism applies equally to the likes of
Nordhaus and Tol. The orthodox economic debate is seen as a distraction from the basic ethical issues e.g. discounting instead of justice.
1346:, Stern said "Looking back, I underestimated the risks. The planet and the atmosphere seem to be absorbing less carbon than we expected, and emissions are rising pretty strongly. Some of the effects are coming through more quickly than we thought then" in the 2006 Review. He now believes we are "on track for something like four degrees".
1294:, or species extinction. Dietz points out that in many Integrated Assessment Models (IAMs), health and ecosystem impacts are not included because the monetary valuation of these impacts is "speculative and uncertain". Dasgupta (2008) also points out most models do not consider natural capital. Although recent studies on
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transportation also cannot be justified in the name of future generations. From the perspective of future generations, it is in their interest that all investments earn the same rate of return. The ethical justification for intentionally overspending on selective projects with low rates of return is weak indeed.
348:, stated that the Review demonstrated that scientific evidence of global warming was "overwhelming" and its consequences "disastrous" if the world failed to act. The UK Treasury, which commissioned the report, simultaneously published a document of favourable comments on the Review. Those quoted include:
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and admitted that in the Stern Review, "We underestimated the risks we underestimated the damage associated with temperature increases and we underestimated the probabilities of temperature increases". In June 2008, Stern said that because climate change is happening faster than predicted, the cost
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In conventional cost-benefit analysis, biodiversity and ecosystem services that are not valued as losses are difficult to quantify. Neumayer argues that the real issue is non-substitutable loss of natural capital; to what extent climate change inflicts irreversible and non-substitutable damage to and
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e mitigation target) of around 1.5 to 4.5 °C above pre-industrial temperatures. Significant portions of climate damages would therefore still persist with Stern's mitigation target. To measure the benefit of Stern's mitigation target, the residual climate damages from mitigation would need to be
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and uncertainties in the economy (p. 121). His suggested tax rate was in the range of 25 to 30 dollars per ton of carbon. Stern did not accept
Mendelsohn's argument that the Review presented a choice of policy versus no policy. Stern commented that the arguments for his recommended stabilisation
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Smith (2009) responded to
Dasgupta's criticism of the Stern Review's implied savings rate. She showed that the rates of PTP and risk aversion in the Stern Review are consistent with saving rates of 25–32% rather than 97.5% when a macroeconomic model with the production function actually used by Stern
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newspaper, Varian commented "Sir Partha's stripped-down model leaves out uncertainty, technological change and population growth, but even so, such a high savings rate is totally implausible." Varian also questioned whether or not it was ethical for the current generation to transfer wealth to future
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investments in mitigation that cannot even earn a positive rate of return will be worth far less to future generations than those same dollars invested in the market. Placing climate change before investments in other important nonmarket services such as conservation, health, education, security, and
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describes the "destructive character" of the Stern Review's policy proposals, saying that "Surely it is reasonable to argue that if one wants to help future generations deal with climate change, the best policies would be those that encouraged economic growth. This would endow future generations with
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on water resources, food production, health, and the environment. According to the Review, without action, the overall costs of climate change will be equivalent to losing at least 5% of global gross domestic product (GDP) each year, now and forever. Including a wider range of risks and impacts could
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LORD STERN'S report on climate change, which underpins government policy, has come under fire from a disaster analyst who says the research he contributed was misused. Robert Muir-Wood, head of research at Risk
Management Solutions, a US-based consultancy, said the Stern report misquoted his work to
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As far as discounting is concerned, the effects of improved technology work through increased consumption and do not need to be treated separately. However, specification of an optimal response to climate change will depend on assumptions about improvements in technology and the extent to which such
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have argued that an analysis of the problem must consider both the ethical and economic issues associated with discounting. They have made the claim that high rates of discounting as the ones proposed by
Nordhaus are only consistent with the infinitely-lived-representative-agent approach to economic
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matter and need to be taken seriously. Something is surely amiss when such in-depth and comprehensive studies as the Stern(2007) review overlook this topic altogether." This criticism was rejected by the authors. They noted that by recommending a comprehensive global carbon price (see
Summary above)
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Stern's investment advice makes sense only if you think that warming will hammer GDP by 10% a year. You don't gain much at all from emission cuts, however, if you think GDP will only drop by 5% a year if we do nothing. And if you think warming will only cost the global economy 2% of GDP every year,
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on which the Stern Review is based. She says that "authorities on climate science say that the climate system is far too complex for modest reductions in one of the thousands of factors involved in climate change (i.e., carbon emissions) to have a predictable effect in magnitude, or even direction."
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Arrow analysed the Stern Review's conclusions by looking at the Review's central estimate of GHG stabilisation costs of 1% GNP, and high-end climate damages of 20% GNP (Arrow, 2007a, pp. 4–5). As part of the Ramsay formula for the social discount rate, Arrow chose a value of 2 for the marginal
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of the costs of climate change, and underestimates the costs of emission reduction. Other critics have argued that the economic cost of the proposals put forward by Stern would be severe, or that the scientific consensus view on global warming, on which Stern relied, is incorrect. By contrast, some
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supported the Review's general conclusions, but was uncomfortable about how most (greater than 90%) of the Review's monetised damages of climate change occur after 2200. Cline noted that the Review's large cost-benefit ratio for mitigation policy allows room for these long-term costs to be reduced
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has criticised the Stern Review for parametric choices that, he argues, are inadequately sensitive to inequality. In subsequent debate, Stern has conceded the case for a higher elasticity, but noted that this would call for much more extensive redistribution of income within the current generation
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Radical ideas are needed not only at the level of understandings but also of forward strategies. The Stern Review is much stronger on the former than the latter, and leaves a lot of questions unanswered on implementation, particularly the downstream practicalities of bringing avoided deforestation
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Besides these broad insights, a number of specific results emerge as well. First, with a very low discount rate, the social cost of carbon is arbitrary. We know this because the estimate does not converge as the time horizon expands. It follows that assumption about the remote future dominate the
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Nordhaus has been very critical of the Ramsey zero pure time preference on the basis of utilitarian ethical stance. He takes a strictly market based view of intergenerational projects arguing that the social rate of time preference reflects the rate of return observed in the marketplace. Nordhaus
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Thus, ecological economist Clive Spash has questioned whether the report is nothing more than an exercise in rhetoric. Spash notes that a range of serious problems challenging economic analysis is raised or mentioned in the report including: strong uncertainty, incommensurability, plural values,
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In response to these talks, Stern accepted Cline's comment about the weighting of future damages, and said that the weighting of these damages could be reduced by the increasing the size of the elasticity of marginal utility in the social discount rate. With regards to criticisms of the discount
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Using a high discount rate decreases the assessed benefit of actions designed to reduce greenhouse gas emissions. The Stern Review did not use a single discount rate, but applied a stochastic approach whereby the discount rate varied with the expected outcomes, reflecting the interaction between
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A more fundamental criticism of the Stern report is that it raises a series of problems which it totally fails to address because of its orthodox approach. It simultaneously ignores a range of critical literature from ecological economics and environmental ethics which challenges such orthodox
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The main criticisms cited above concern the details of calculations and modelling choices within an orthodox economic framing of the world and mostly try to argue against substantive greenhouse gas mitigation. Ecological economists accept the need for serious action but reject the reasoning of
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for radically reducing carbon technology and the accompanying calls for immediacy in enacting them makes clear in a further way how utterly impractical the environmentalist program for controlling global warming actually is. The fundamental impracticality of the program, of course, lies in its
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The difference between Stern's estimates and those of
Nordhaus can largely (though not entirely) be explained by the difference in the PTP-rate. Previous studies by Nordhaus and others have adopted PTP-rates of up to 3 per cent, implying that (other things being equal) an environmental cost or
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noted that Stern's estimates of business-as-usual climate damages were given in terms of per capita consumption equivalents, but Stern's costs of mitigation were given in terms of a percentage reduction in gross world product. Yohe stated that the two different measures are "not really at all
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In 2007, a symposium was held at Yale
University on the Stern Review, with talks by several economists, including Nordhaus and Stern (Yale Symposium, 2007). Stern presented the basic conclusions of the Review, and commented on some of the criticisms of it made by other speakers. Chris Hope of
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Mr. Stern's core argument that the price of inaction would be extraordinary and the cost of action modest falls apart when one actually reads the 700-page tome. Despite using many good references, the Stern Review on the
Economics of Climate Change is selective and its conclusion flawed. Its
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s unambiguous conclusions about the need for extreme immediate action will not survive the substitution of assumptions that are more consistent with today's marketplace real interest rates and savings rates. Hence, the central questions about global-warming policy—how much, how fast, and how
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credit for giving readers an authoritative-looking impression that seemingly objective best-available-practice professional economic analysis robustly supports its conclusions, instead of more openly disclosing the full extent to which the Review's radical policy recommendations depend upon
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The case for strong and urgent action set out in the Review is based, first, on the severe risks that the science now identifies (together with the additional uncertainties that it points to but that are difficult to quantify) and, second, on the ethics of the responsibilities of existing
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the Stern Review considers cost-benefit analysis as a marginal analysis inappropriately applied to a non-marginal multi-disciplinary systemic problem (p. 50). Both Stern (p. 163) and the IPCC Reports after 1995 take a multi-criteria approach rather than a narrowly monetary one and question
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emissions is justified, because there remains substantial uncertainty about the extent of the costs of global climate change, and because these costs will be incurred far in the future. However, I believe that Stern's fundamental conclusion is justified: we are much better off reducing
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Members of the Stern Review team have also given several talks that have covered criticisms of the Review. A talk given by
Dimitri Zenghelis at the Tyndall Centre looked at criticisms of the Review and presented an overview of its main findings. In an official letter (2008),
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have made gains in monetising the value of ecosystems, more recent studies on ecosystem services suggest the Stern Review underestimates the need for mitigation action as it is difficult for models to quantify the collapse of ecosystem services under climate change.
322:, was optimistic about the opportunities for industry to meet demands created by investment in technology to combat climate change. The Prince of Wales' Corporate Leaders Group on Climate Change, formed by 14 of UK's leading companies shared this hope. Chairman of
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that was used in the Review. Hope explained what would happen to the Stern Review's damage estimates if they were made using different assumptions, for example, a higher discount rate. Hope also pointed to the assumptions used in the model to do with adaptation.
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consumption (Dietz, 2008, p. 10). Stern accepts the case for discounting, but argues that applying a PTP-rate of anything much more than zero to social policy choice is ethically inappropriate. His view is supported by a number of economists, including
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Dasgupta argues that there is some confusion in the Stern review about the underlying rationale for the selection of the Ramsey parameters. He states that the review mixes both market returns on investment with parameters selected on ethical grounds.
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comparable". Yohe commented on how the Review gives the impression that all climate damages can be avoided through the investment of 1% of world GDP in mitigation. This, however, would still lead to global warming (as per the Review's 550 ppm CO
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was critical of the Review's analysis but accepted its conclusion of the urgent need to reduce emissions. Helm justified this on the grounds that future damages to the environment would probably not be fully compensated for by increases in man-made
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The Stern review was not released for regular peer-review, since the UK Government doesn't undertake peer review on commissioned reviews. Papers were published and presentations held, that outlined the approach in the months preceding the release.
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a number of economists and scientists argued that Stern assumptions in the Review are far more pessimistic than those made by most experts in the field, and that the Review's conclusions are at odds with the mainstream view (Cox and Vadon, 2007).
3096:. This version: Website of Hal R. Varian, emeritus professor in the School of Information, the Haas School of Business, and the Department of Economics at the University of California at Berkeley. Also published as a column in the New York Times
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With increasing average consumption in future, the marginal utility of consumption will decline. The elasticity of the marginal utility of consumption (part of the social discount rate) may be interpreted as a measure of aversion to inequality.
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Robert Mendelsohn was critical of the way the Stern justified his suggested mitigation policy in the Review. Mendelsohn said that rather than finding an optimal policy, the Review presented a choice of policy versus no-policy. Jeffrey Sachs of
817:, the assumptions that must be made about the remote future are so uncertain that they are essentially arbitrary. Consequently, the assumptions made dominate the results and with a low discount rate the social cost of carbon is also arbitrary.
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climate change damages were calculated for a "business-as-usual" greenhouse gas (GHG) emissions pathway. Residual climate change damages (at the margin) were also calculated for other emissions pathways, especially one peaking at 450 ppm
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MP of the UK Government, dismisses the criticisms of the Review made by several economists, which, in her view, show "a fundamental misunderstanding of the role of formal, highly aggregated economic modelling in evaluating a policy issue".
932:. Quiggin says that there is no generally accepted theory accounting for the observed magnitude of the equity premium and hence no easy way of determining which approach, if either, should be regarded as the appropriate market comparator.
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to lead a major review of the economics of climate change, to understand more comprehensively the nature of the economic challenges and how they can be met, in the UK and globally. The Stern Review was prepared by a team of economists at
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The impacts of climate change are not evenly distributed—the poorest countries and people will suffer earliest and most. And if and when the damages appear it will be too late to reverse the process. Thus we are forced to look a long way
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Spash, C. L. (2007) Problems in economic assessments of climate change with attention to the USA. Frontiers in Environmental Valuation and Policy. J. Erickson and J. Gowdy. Cheltenham, UK/Northampton, MA, USA, Edward Elgar Publishing
459:, said: "Without countries like the US, China or India, making decisive commitments, UK competitiveness will undoubtedly suffer if we act alone. This would be bad for business, bad for the economy and ultimately bad for our climate."
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Mendelsohn, R., T. Sterner, M. Persson and J.P. Weyant (8 July 2008). "Comments on Simon Dietz and Nicholas Stern's Why Economic Analysis Supports Strong Action on Climate Change: A Response to the Stern Review's Critics".
777:, wrote "My view—which I admit may well be wrong—of this knotty problem is that we are impatient in the sense of valuing the present and near-future much more than we value the distant future, but that we shouldn't do so."
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used in the Review. Discounting is used by economists to compare economic impacts occurring at different times. Discounting was used by Stern in his calculation of the possible economic damages of future climate change.
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to minimise the economic and social disruptions. The Stern Review's main conclusion is that the benefits of strong, early action on climate change far outweigh the costs of not acting. The Review points to the potential
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broadly endorsed the approach undertaken by Stern, but concluded, in the light of new information, that Stern had underestimated the severity of the problem and the extent of the cuts in emissions that were required to
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thinking. Stern as an orthodox economist squeezes all matters and concepts into a narrow mathematical formalism which heterodox economists, such as Tony Lawson, point out fails to address economic and social reality.
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of future generations even if they are poorer than the current generation. The social discount rate used by Stern, however, accounts for the possible increased wealth (consumption) of future generations through the
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Climate change may initially have small positive effects for a few developed countries, but it is likely to be very damaging for the much higher temperature increases expected by mid-to-late century under BAU
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Stern: We are in pretty good company here in that Solow, Sen, Keynes, Ramsey and all kinds of people have adopted the approach to pure time discounting that we have adopted. It is not particularly unusual.
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There is no definitive answer to this question because it is inherently an ethical judgment that requires comparing the well-being of different people: those alive today and those alive in 50 or 100 years.
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Spash, C. L. (2007) Fallacies of economic growth in addressing environmental losses: Human induced climatic change. Newsletter of the Australia New Zealand Society for Ecological Economics (ANZSEE)(May):
578:, which states that improvements in energy-efficiency of technologies can potentially increase greenhouse gas emission, Steve Sorrel concludes with "A prerequisite for all the above is a recognition that
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1000:) assessment of climate change. One of Weitzman's conclusions was that Stern deserved credit for increasing public awareness on the dangers of climate change. However, Weitzman also commented that:
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UK, James Smith, expressed the hope of the group that business and Government would discuss how Britain could obtain "first mover advantage" in what he described as "massive new global market".
1219:, 2008). Weyant wrote that his own high short-run cost projection for stabilisation, of possibly 10% GDP, resulted "primarily from institutional pessimism rather than technological pessimism."
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also raised his view that the present generation will have to forgo a large amount of consumption now for the benefit of future generations who will be much richer than the present generation.
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will bring challenges for competitiveness but also opportunities for growth. Policies to support the development of a range of low-carbon and high-efficiency technologies are required urgently.
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is required to be invested to avoid the worst effects of climate change. In June 2008, Stern increased the estimate for the annual cost of achieving stabilisation between 500 and 550 ppm
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The Stern Review team have responded to criticisms of the Review in a number of papers. In these papers, they reassert their view that early and strong action on climate change is necessary:
149:) have supported the Review. Others have criticised aspects of Review's analysis, but argued that some of its conclusions might still be justified based on other grounds, e.g., see papers by
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Tol chose to omit two of Stern's SCC estimates. The omitted SCC estimates are both associated with emissions pathways leading to a stabilisation of GHG concentrations: one at 450 ppm CO
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In his talk, Nordhaus criticised the fact that the Stern Review had not been subject to a peer-review, and repeated earlier criticisms of the Review's discount rate. William Cline of the
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Asset managers F&C look to the business opportunities and say "this is an unprecedented opportunity to generate real value for our clients". Brendan Barber, General Secretary of the
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questioned some of the assumptions used in Nordhaus's integrated assessment model (DICE) of climate change. Sachs was supportive of Stern's cost estimates of climate change mitigation.
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has written a paper on the Stern Review (Weitzman, 2007). In this paper, Weitzman described himself as "skeptical" in regards to the discount rate used by Stern in the Review's formal (
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2383:. Stern Review Report on the Economics of Climate Change (pre-publication edition). Pre-publication PDF edition: HM Treasury. Print version: Cambridge University Press. p. 304
3117:""Saving the World but Saving Too Much? Pure Time Preference and Saving Rates in Integrated Assessment Modelling." Environmental Economics Research Hub Research Report No. 39"
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has argued that standard discounting procedures are inherently incapable of dealing with extreme, low-probability events, such as the risk of catastrophic climate change.
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benefit occurring 25 years in the future is worth about half as much as the same benefit today. Richard Tol argues that in estimating discounting rates and the consequent
3666:"House of Commons Deposited Paper DEP2008-0858: Letter from Joan Ruddock MP to Andrew Tyrie MP regarding critiques of the Stern review of the economics of climate change"
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According to Dietz (2008, pp. 10–11), Varian's analysis had apparently confused the PTP-rate with the social discount rate. The PTP-rate, if positive, discounts the
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commented on the Stern Review. Dasgupta (2006, p. 1) described the Review as "a long and impressive document", but felt that the authors had treated the issue of
240:, through tax, trading or regulation, is an essential foundation for climate change policy. Creating a broadly similar carbon price signal around the world, and using
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Commenting on the Review's suggested increases in environmental tax, the British Chambers of Commerce have pointed to the dangers to business of additional taxation.
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future consumption should be discounted simply because it takes place in the future and people generally prefer the present to the future (inherent discounting)
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Climate change threatens the basic elements of life for people around the world—access to water, food production, health, and use of land and the environment.
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587:. A carbon price imposes a wedge between the supply price received by producers and demand price paid by consumers thereby prompting substitution away from
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Spash, C. L. (2007) The economics of climate change impacts à la Stern: Novel and nuanced or rhetorically restricted?' Ecological Economics 63(4): 706–713.
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Uncertainty about future consumption may be addressed either through adjustments to the discount rate or by replacing uncertain flows of consumption with
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Yohe and Tol (2007) described Lea's article as a climate sceptics "scattershot approach" aiming to confuse the public by questioning the causal role of CO
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wrote a paper (Barker, 2008) supportive of the Review. Barker was critical of how some economists have applied cost-benefit analysis to climate change:
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on international development, argued that the key proposals in relation to how to use forests to tackle climate change may prove difficult to implement:
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There has been a mixed reaction to the Stern Review from economists. Several economists have been critical of the Review, for example, a paper by Byatt
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2411:"A long-run target for climate policy: the Stern Review and its critics, supporting research for the UK Committee on Climate Change's inaugural report
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for private investment; see the extensive review by Frederick et al. (2002) According to Quiggin, the difference between the two is determined by the
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Funtowicz, S. O. and J. R. Ravetz (1994) The worth of a songbird: Ecological economics as a post-normal science. Ecological Economics 10(3): 197–207.
102:. Although not the first economic report on climate change, it is significant as the largest and most widely known and discussed report of its kind.
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283:; independent academics were involved as consultants only. The scientific content of the Review was reviewed by experts from the Walker Institute.
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are around 1% of global GDP, if we start to take strong action now. It would already be very difficult and costly to aim to stabilise at 450ppm CO
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emissions substantially than risking the consequences of failing to act, even if, unlike Stern, one heavily discounts uncertainty and the future.
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provides a tool for estimating the total impact on the economy; our estimates suggest that this is likely to be higher than previously suggested.
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said "Now the government must act and, among other things, invest in efficient decentralised power stations and tackle the growth of aviation."
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Neumayer (2007) A missed opportunity: the Stern review on climate change fails to tackle the issue of non-substitutable loss of natural capital
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Both supporters and opponents of Stern's discount rate have used comparisons with market rates of return on capital to justify their position.
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Daily, G. C., P. R. Ehrlich, H. A. Mooney and A. H. Ehrlich (1991) Greenhouse economics: Learn before you leap. Ecological Economics 4: 1–10.
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Adaptation policy is crucial for dealing with the unavoidable impacts of climate change, but it has been under-emphasised in many countries.
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In an appearance before the House of Commons Treasury Select Committee (2008), Stern was asked about the discount rate used in the Review:
769:. Cline wrote a book on global warming, published in 1992, where he made similar ethical choices to Stern for discounting. DeLong, echoing
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rate, Stern accepted that differences of opinion could exist on his ethical choice for the PTP-rate (Yale Symposium, 2007, p. 118).
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argue that the Review emission reduction targets are too weak, and that the climate change damage estimates in the Review are too small.
173:
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increase this to 20% of GDP or more, also indefinitely. Stern believes that 5–6 degrees of temperature increase is "a real possibility".
98:(LSE) and also chair of the Centre for Climate Change Economics and Policy (CCCEP) at Leeds University and LSE. The report discusses the
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Spash, C. L. (2007) Understanding climate change: Need for new economic thought. Economic and Political Weekly February(10th): 483–490.
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3204:"A Missed Opportunity: The Stern Review on Climate Change Fails to Tackle the Issue of Non-Substitutable Loss of Natural Capital"
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controversial extreme assumptions and unconventional discount rates that most mainstream economists would consider much too low
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The RIBA Trust Annual Lecture: Lord Stern (part of the International Dialogues: Architecture and Climate Change talks series)
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cost-benefit analysis. This is one reason for the intemperate response from some traditional economists to the Stern Review
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generations (via investment in mitigation), who, given Stern's assumptions, would be much wealthier than we presently are.
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395:, Adviser to the UK Government on the long term links between transport and economic growth, and former chief executive of
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said "This removes the last refuge of the 'do-nothing' approach on climate change, particularly in the US." Tom Delay of
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The Stern Review differed strongly from most other estimates of climate change costs in the economics literature in 2006.
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Barker, T. (August 2008). "The economics of avoiding dangerous climate change. An editorial essay on The Stern Review".
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The Stern Review has received various critical responses. Some economists have argued that the Review overestimates the
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The scientific evidence points to increasing risks of serious, irreversible impacts from climate change associated with
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stated that the choice of discount rate was an inherently ethical judgement for which there was no definitive answer.
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Frederick, S.W., G. Loewenstein and T. O'Donoghue (2002). "Time Discounting and Time Preference: A Critical Review".
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suggest a firm link between global warming and the frequency and severity of disasters such as floods and hurricanes.
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383:
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Sorrel, Steve (April 2009). "Jevons' Paradox revisited: The evidence for backfire from improved energy efficiency".
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449:, by emphasising the complexity of making economic predictions and by attributing a motive for Stern's conclusions.
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An effective response to climate change will depend on creating the conditions for international collective action.
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Other comments by Stern included what he viewed as confusion over what he had suggested as a possible level for a
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fear-mongering arguments have been sensationalized, which is ultimately only likely to make the world worse off.
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Spash, C. L. (1993) Economics, ethics, and long-term environmental damages. Environmental Ethics 15(2): 117–132
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Spash, C. L. (1994) Double CO2 and beyond: Benefits, costs and compensation. Ecological Economics 10(1): 27–36.
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commented on how the cost estimate of mitigation used in the Review was based on idealised models (Mendelsohn
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3126:. The Crawford School of Economics and Government, Australian National University, Canberra 0200 Australia.
3031:. Website of Sir Partha Dasgupta FBA FRS, Frank Ramsey Professor Emeritus of Economics, Cambridge university
2678:"Reflections on the Stern Review (1): A Robust Case for Strong Action to Reduce the Risks of Climate Change"
2057:"Stern Review: Implications for Climate Change. Environment: Science and Policy for Sustainable Development"
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HM Treasury have issued a document where several economists are quoted praising the Stern Review, including
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based on the "Ramsey" formula, which includes a term for inherent discounting, also called the pure rate of
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Economists have different views over the cost estimates of climate change mitigation given in the Review.
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Spokeswoman, said doing nothing is not an option, "we must act now". Simon Retallack of the UK think tank
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thought that the Review could have argued for emission reductions based on the non-substitutable loss of
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Debate over the Stern Review initially focused on the first of these points. In the Review, Stern used a
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2627:"Climate change and the Stern Review: the implications for Treasury policy. Fourth Report of 2007–2008"
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to reduce carbon would be even higher, of about 2% of GDP instead of the 1% in the original report.
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ever seen, presenting a unique challenge for economics. The Review provides prescriptions including
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1172:. According to Stern, the tax will not necessarily be the same as the social cost of carbon due to
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to accelerate action in developing countries, are urgent priorities for international co-operation.
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loss of natural capital. For example, it would be difficult to quantify the loss of coral reefs,
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1476:. Stern Review Report on the Economics of Climate Change (pre-publication edition). HM Treasury
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said "The Review offers a huge business opportunity." Richard Lambert, Director General of the
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Gail Whiteman's findings of economic costs of arctic methane release added to the Stern review
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1439:"Stern Review on The Economics of Climate Change (pre-publication edition). Executive Summary"
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explained how the damage estimates in the Review were calculated. Hope designed the PAGE2002
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Anthoff, David; Tol, Richard S. J.; Yohe, Gary W (2009). "Discounting for Climate Change".
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3639:"Beyond Stern: Financing international investment in low carbon technologies and projects"
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8:
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Adapted from a portion of Figure 1 in Tol and Yohe (2006) "A Review of the Stern Review"
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According to a paper Weitzman (2007), the Stern Review is "right for the wrong reasons".
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There are four main reasons commonly proposed by economists for placing a lower value on
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210:"Central estimates of the annual costs of achieving stabilisation between 500 and 550ppm
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Emissions have been, and continue to be, driven by economic growth; yet stabilisation of
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2019:
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flows. Stern adopted the latter approach, but was criticised by Tol and Yohe (2006) for
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improved technology of the future will make it easier to address global warming concerns
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311:, said that a global system of carbon trading is "urgently needed". Charlie Kronick of
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results; and since these assumptions are so uncertain, they are essentially arbitrary.
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responded by announcing that A$ 60 million would be allotted to projects to help cut
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3275:"Britain's Stern Review on Global Warming: It Could Be Environmentalism's Swan Song"
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Nordhaus, W. D. (2007). "A Review of the Stern Review on the Economics of Climate".
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Dasgupta's comments from this seminar were later published in the following paper:
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3352:"Some thoughts on the damage estimates presented in the Stern Review—An Editorial"
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In April 2008 Stern said that the severity of his findings were vindicated by the
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The Stern Review attracted positive attention from several sectors. Pia Hansen, a
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2470:"Climate economics: A meta-review and some suggestions. NBER Working Paper 13927"
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Dietz, S., D. Anderson, N. Stern, C. Taylor and D. Zenghelis (April–June 2007).
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Building a Low-Carbon Economy – the UK's Contribution to Tackling Climate Change
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Soon after publication of the Stern Review, former Chancellor of the Exchequer
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Spash, C. L. (2002) Greenhouse Economics: Value and Ethics. London, Routledge.
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improvements will be induced by policies that increase the cost of emissions.
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In contrast to those who argued that the Stern Review was too pessimistic or '
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In a response to a paper by members of the Stern Review team, John Weyant of
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Jensen, P.H. and E. Webster (2007), Australian Economic Review 40(2):421–431
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Hazard Research Centre said that Stern may have greatly underestimated the
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960:. Sachs and Stiglitz have also written favourable articles on the Review.
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The benefits of strong, early action on climate change outweigh the costs.
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3751:"Nicholas Stern: 'I got it wrong on climate change – it's far, far worse"
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the Stern Review proposed the most powerful mechanism for staunching the
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141:(2006) describes the Review as "deeply flawed". Some economists (such as
105:
The Review states that climate change is the greatest and widest-ranging
341:. Much of this funding was directed at the non-renewable coal industry.
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4745:
3781:
Barker, Terry (August 2008). "Special Topic: The Stern Review Debate".
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substantially but still support aggressive action to reduce emissions.
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has said that "Any serious consideration of the proposals made in the
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2565:. Research Unit Sustainability and Global Change, Hamburg University.
2337:
Climate Change 1995: Economic and Social Dimensions of Climate Change
1260:
402:
Several academic economists are also quoted praising the Review (see
3591:"Right for the Right Reasons: A final rejoinder on the Stern Review"
1902:"Stern message maps out way forward on climate change, says F&C"
1177:
range were included in Chapter 13 of the Review (pp. 124–125).
2091:"The Economics and Politics of Climate Change: An Appeal to Reason"
856:, 2007, pp. 138–139). Whilst critical of Stern's discounting,
3828:"Policy Brief No. 3: Discounting, Uncertainty, and Climate Change"
2374:
Stern, N. "Box 13.3 The social cost of carbon and stabilisation".
1243:
Critics of the Stern Review don't think serious action to limit CO
924:. The higher rates preferred by Stern's critics are closer to the
4291:
3949:
2992:"A Review of The Stern Review on the Economics of Climate Change"
2335:"Intertemporal Equity, Discounting, and Economic Efficiency. In:
2132:"Stern Review. The dodgy numbers behind the latest warming scare"
2109:"House of Commons Treasury Select Committee. Minutes of Evidence"
1515:"Cost of tackling global climate change has doubled, warns Stern"
975:
553:, criticised Stern's conclusion, taking a calculation by himself:
134:
to 2% of GDP to account for faster than expected climate change.
92:
Grantham Research Institute on Climate Change and the Environment
3564:"Stern Team – Additional papers and Presentations by Lord Stern"
5544:
5304:
3637:
Tyndall Centre for Climate Change Research (19 February 2007).
2291:
2289:
1865:. Yale Center for the Study of Globalization. pp. 117–130.
1804:"Background to Stern Review on the Economics of Climate Change"
1534:
Tol, R.S.J. and G.Yohe (2006). "A Review of the Stern Review".
110:
2910:"The Social Cost of Carbon: Trends, Outliers and Catastrophes"
2887:"EU makes grandiose gestures, but climate is all that changes"
2625:
House of Commons Treasury Select Committee (15 January 2008).
2076:"The challenge of putting Stern's prescriptions into practice"
1585:"The Stern Review: A Dual Critique, Part II. Economic Aspects"
1404:
5218:
Cooperative Mechanisms under Article 6 of the Paris Agreement
4301:
3945:
Chrysler Boss says Stern Report is based on dubious economics
3447:
Lawson, T. (1997) Economics & Reality. London, Routledge.
2449:. Yale Center for the Study of Globalization, Yale University
374:
222:
e. If we delay, the opportunity to stabilise at 500–550ppm CO
3748:
3045:"Commentary: The Stern Review's Economics of Climate Change"
3026:"Comments on the Stern Review's Economics of Climate Change"
2715:"Comments on the Stern Review's Economics of Climate Change"
2286:
795:, criticised the Review for its use of a low discount rate:
647:
Economics of climate change mitigation § Discount rates
617:
3893:
1273:
subtracted from Stern's business-as-usual climate damages.
974:(SCC) along a "business-as-usual" emissions pathway was an
899:
of Yale University is a critic of the Review and has said:
160:
3861:
Full text of the Stern Review, archived on Wayback Machine
2264:
John Bellamy Foster, Brett Clark and Richard York (2010).
2061:
Environment Science and Policy for Sustainable Development
1949:
Muspratt, Caroline; Seawright, Stephen (30 October 2006).
1904:(Press release). F&C Asset Management. 30 October 2006
5394:
Illustrative model of greenhouse effect on climate change
3940:
3485:"Climate Impacts on Ecosystems – Climate Change – US EPA"
2509:. Peter G. Peterson Institute for International Economics
1764:"Climate-change policy: why has so little been achieved?"
563:
981:
808:
informs but does not answer these fundamental questions.
679:
consumption levels will be higher in the future, so the
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2946:
e and the other 550 ppm (p. 2 of this source)
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337:
while reiterating that Australia would not ratify the
5533:
5235:
United Nations Framework Convention on Climate Change
3873:
Economist.zoom: How to value a grandchild, 4 Dec 2006
3124:
Environmental Economics Research Hub Research Reports
2914:
Economics: The Open-Access, Open-Assessment e-Journal
2578:
Economics: The Open-Access, Open-Assessment e-Journal
3383:
3143:
Smith's work is also available as: K.Smith (2010), '
2020:"Comments on the Stern Review by leading economists"
1118:, a similar study conducted in Australia in 2008 by
863:
672:
occurring in the future rather than in the present:
122:
The Review proposes that one per cent of global GDP
3566:. UK Office of Climate Change. 2008. Archived from
3465:
Dietz et al, 2007. Reflections on the Stern Review.
2556:
1830:"Walker Institute contribution to the Stern Review"
1806:. London: HM Treasury. 19 July 2005. Archived from
852:, a claim rejected by the Stern Review team (Dietz
651:One of the issues debated among economists was the
3868:The Economics of Climate Change – The Stern Review
3833:. Economics for Equity and the Environment website
3749:Heather Stewart; Larry Elliott (26 January 2013).
3329:"The Case for Mitigating Greenhouse Gas Emissions"
3250:
3094:"Recalculating the Costs of Global Climate Change"
2817:Sachs, J. (February 2007). "Moving Beyond Kyoto".
2530:"Recalculating the Costs of Global Climate Change"
2268:The Ecological Rift: Capitalism's War on the Earth
2265:
1944:
1942:
1613:
1513:Jowit, Juliette; Wintour, Patrick (26 June 2008).
1410:
1222:
916:The discount rate chosen by Stern is close to the
1948:
1432:
1430:
207:is feasible and consistent with continued growth.
5581:
5435:Intergovernmental Panel on Climate Change (IPCC)
2650:"The ethics of distribution in a warming planet"
2055:Yohe, Gary W.; Tol, Richard S. J. (March 2007).
2014:
2012:
606:', others argued that it did not go far enough.
3856:Full text of the Stern Review, from HM Treasury
2213:
1939:
1849:
1847:
1690:Stern Review on the Economics of Climate Change
1555:
1276:
80:Stern Review on the Economics of Climate Change
24:Stern Review on the Economics of Climate Change
3894:Centre for Climate Change Economics and Policy
3474:Dasgupta, P., 2008. Discounting Climate change
3290:"Global Climate Change: A Challenge to Policy"
2861:
2575:
2441:
2074:Brown, David; Peskett, Leo (5 December 2006).
1685:
1427:
329:On 1 November 2006, Australian Prime Minister
16:2006 report on the economics of climate change
4170:History of climate change policy and politics
3965:
3825:
3712:
2989:
2676:Dietz, S.; et al. (January–March 2007).
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2009:
1882:
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373:, Member, Planning Commission, Government of
290:
100:effect of global warming on the world economy
71:Effect of global warming on the world economy
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2737:Review of Environmental Economics and Policy
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2402:
2400:
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2165:"Business sees red over green tax onslaught"
2088:
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1512:
1467:Stern, N. (2006). "Summary of Conclusions".
4287:Atlantic meridional overturning circulation
3663:
2904:
2729:
2727:
2377:13 Towards a Goal for Climate-Change Policy
2332:
2162:
2093:. Centre for Policy Studies. Archived from
1977:"$ 60m to help cut emissions | NEWS.com.au"
1681:
1679:
1677:
1618:. Grasping Reality with a Sharp Beak (Blog)
1004:in my opinion, Stern deserves a measure of
839:
5516:
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2214:Cox, S. & R. Vadon (26 January 2007).
2193:
1869:
1639:
1637:
1635:
1633:
1180:
1031:Dasgupta's calculation was later cited by
628:article "Climate change study was 'misused
558:then Stern's investment advice is lunacy.
5590:Climate change assessment and attribution
5256:
5062:Adaptation strategies on the German coast
4195:United Nations Climate Change conferences
3688:"I underestimated the threat, says Stern"
3114:
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2504:
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1231:has commented on the Stern Review in the
1066:
1065:(see the formula cited in the section on
635:
618:Stern report misused climate change study
5595:Reports of the United Kingdom government
4766:Co-benefits of climate change mitigation
3685:
3349:
2724:
2467:
2111:. UK Parliament website. 15 January 2008
2035:
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1674:
1609:
1607:
1605:
980:
161:Summary of the Review's main conclusions
5122:National Adaptation Programme of Action
4911:Land use, land-use change, and forestry
3878:Summary of key findings from the report
3742:
3523:"The brave new world of carbon trading"
2437:
2435:
2216:"Running the rule over Stern's numbers"
2054:
1757:
1755:
1753:
1643:
1630:
1614:J. Bradford DeLong (18 December 2006).
1551:
1549:
1508:
1506:
697:
686:future consumption levels are uncertain
683:of additional consumption will be lower
257:if strong collective action starts now.
253:There is still time to avoid the worst
5582:
4771:Economics of climate change mitigation
4734:Gold Standard (carbon offset standard)
4247:
4075:Scientific consensus on climate change
3780:
3251:Treasury Committee (15 January 2008).
3145:Stern, Climate Policy and Saving Rates
2527:
2236:
2209:
2207:
2205:
2038:"Just another excuse for higher taxes"
1922:
1646:"Stern and the critics on discounting"
1494:
1457:
1411:Francis Cairncross (30 October 2006).
1077:Tyndall Centre Climate Change Research
968:Economic and Social Research Institute
881:
791:, who has done several studies on the
439:scientific consensus on climate change
82:is a 700-page report released for the
5430:Coupled Model Intercomparison Project
5255:
4960:
4696:
4246:
4158:
4039:
3991:
3953:
3718:"Stern takes bleaker view on warming"
2927:10.5018/economics-ejournal.ja.2008-25
2600:10.5018/economics-ejournal.ja.2009-24
2373:
2295:
2196:"Global Warming Costs & Benefits"
1853:
1602:
1413:"Time to get Stern on climate change"
1130:
470:. David Brown and Leo Peskett of the
422:
5620:Climate change in the United Kingdom
5452:Representative Concentration Pathway
4393:Tipping points in the climate system
4069:Carbon dioxide in Earth's atmosphere
2559:"The Stern Review: A Deconstruction"
2477:National Bureau of Economic Research
2444:"Yale Symposium on the Stern Review"
2432:
2298:"Climate change study was 'misused'"
1854:Stern, Sir Nicolas (February 2007).
1750:
1546:
1503:
1356:Climate change in the United Kingdom
966:, an environmental economist at the
5223:Nationally determined contributions
4933:Individual action on climate change
4138:World energy supply and consumption
2884:
2864:"A Cool Calculus of Global Warming"
2528:Varian, Hal R. (14 December 2006).
2296:Leake, Jonathan (31 January 2010).
2202:
2152:. Reason Magazine. 3 November 2006.
2040:. London: Telegraph. Archived from
1995:"Climate change fight 'can't wait'"
1923:Barber, Brendan (30 October 2006).
1497:"Report's stark warning on climate"
1196:Professor Emeritus of Economics at
935:
13:
5362:Fixed anvil temperature hypothesis
3979:
3774:
3277:. capitalism.net. 1 November 2006.
3052:National Institute Economic Review
1863:Yale Symposium on the Stern Review
1644:Quiggin, John (20 December 2006).
1495:Peston, Robert (29 October 2006).
610:, Brett Clark and Richard York in
591:activities. This insures that the
433:(2006), Ruth Lea, Director of the
388:Sustainable Development Commission
14:
5631:
5289:Satellite temperature measurement
4894:forestry for carbon sequestration
4175:History of climate change science
3849:
3356:The Integrated Assessment Journal
3327:Arrow, K.J. (10 December 2007b).
3092:Varian, H.R. (14 December 2006).
3024:Dasgupta, P. (12 December 2006).
2841:10.1038/scientificamerican0207-30
2648:Roemer, J.E. (15 December 2008).
2333:Arrow, K.J.; et al. (1995).
2130:Bjørn Lomborg (2 November 2006).
1925:"TUC comment on the Stern review"
1888:"Expert reaction to Stern Review"
1655:. JohnQuiggin.com. Archived from
1445:from the original on 9 March 2010
1361:Avoiding Dangerous Climate Change
864:Future consumption will be higher
384:Confederation of British Industry
309:Confederation of British Industry
5567:
5555:
5543:
5515:
5503:
5492:
5491:
5479:
5140:Climate Change Performance Index
4519:Destruction of cultural heritage
3716:; Pickard, Jim (16 April 2008).
2885:Tol, Richard (27 January 2008).
2442:Yale Symposium (February 2007).
2089:Nigel Lawson (1 November 2006).
1771:Oxford Review of Economic Policy
1208:utterly destructive character."
926:weighted average cost of capital
483:into climate mitigation efforts.
274:announced that he had asked Sir
86:on 30 October 2006 by economist
84:Government of the United Kingdom
42:Government of the United Kingdom
5279:Instrumental temperature record
5230:Sustainable Development Goal 13
3706:
3679:
3657:
3630:
3582:
3556:
3514:
3504:
3495:
3477:
3468:
3459:
3450:
3441:
3432:
3423:
3414:
3404:
3395:
3374:
3343:
3320:
3281:
3267:
3244:
3223:10.1016/j.gloenvcha.2007.04.001
3195:
3150:
3108:
3085:
3017:
2983:
2974:
2965:
2949:
2897:
2878:
2855:
2810:
2769:
2703:
2641:
2618:
2569:
2550:
2521:
2498:
2461:
2367:
2326:
2257:
2230:
2187:
2163:Kollewe, J. (30 October 2006).
2156:
2142:
2123:
2101:
2082:
2067:
2048:
2029:
1987:
1969:
1916:
1894:
1856:"11. Reaction to the Panelists"
1822:
1796:
1583:Byatt, I.; et al. (2006).
1223:Comparison with climate damages
890:
510:criticised the Stern Review in
462:Prof. Bill McGuire of Benfield
191:Integrated assessment modelling
5347:Climate variability and change
4697:
4378:Retreat of glaciers since 1850
2999:Journal of Economic Literature
2778:Journal of Economic Literature
2507:"Comments on the Stern Review"
2194:Taylor, J. (3 November 2006).
1951:"Amber alert over green taxes"
1699:Journal of Economic Literature
1576:
1558:Journal of Economic Literature
1527:
1488:
1125:avoid dangerous climate change
640:
472:Overseas Development Institute
165:The executive summary states:
1:
5457:Shared Socioeconomic Pathways
4992:Climate emergency declaration
3664:Ruddock, J. (19 March 2008).
3521:Spash, C. L. (16 July 2010).
3043:Dasgupta, P. (January 2007).
1398:
1371:Garnaut Climate Change Review
1116:Garnaut Climate Change Review
978:in the economics literature.
732:is the social discount rate,
261:
5610:Economics and climate change
5440:IPCC Sixth Assessment Report
4666:Middle East and North Africa
3992:
3890:, linked index of resources.
3826:Howarth, R.B. (April 2009).
2557:Tol, R.S.J. G. Yohe (2007).
2505:Cline, W. (5 January 2008).
2036:Ruth Lea (31 October 2006).
2025:. HM Treasury. 6 March 2024.
1342:In an interview at the 2013
1277:Ecological Economic Critique
364:, executive director of the
7:
4514:Depopulation of settlements
4159:
3935:The Day the Climate Changed
3211:Global Environmental Change
2980:Weitzman, 2007, p. 724
2971:Weitzman, 2007, p. 703
2251:10.1016/j.enpol.2008.12.003
1997:. BBC News. 31 October 2006
1366:Economics of global warming
1349:
1142:integrated assessment model
1016:At a seminar held in 2006,
793:economics of global warming
366:International Energy Agency
268:Chancellor of the Exchequer
10:
5636:
5600:2006 in the United Kingdom
5274:Global surface temperature
5165:Popular culture depictions
5077:Ecosystem-based adaptation
4807:Carbon capture and storage
4729:Carbon offsets and credits
4040:
3686:Adam, D. (18 April 2008).
3115:Smith, K. (October 2009).
2790:10.1257/002205102320161311
2346:Cambridge University Press
1381:Politics of global warming
1376:Global warming controversy
1114:. The draft report of the
1093:London School of Economics
644:
503:, criticising the Review.
455:, Director-General of the
410:Negative critical response
355:, former President of the
291:Positive critical response
176:(BAU) paths for emissions.
96:London School of Economics
5486:Climate change portal
5473:
5412:
5379:Extreme event attribution
5297:
5266:
5262:
5251:
5195:
5130:
5052:
5002:School Strike for Climate
4974:
4970:
4956:
4925:
4881:Climate-smart agriculture
4842:
4799:
4709:
4705:
4692:
4616:
4469:
4416:
4259:
4255:
4242:
4165:
4154:
4083:
4052:
4048:
4035:
4018:Climate change adaptation
4013:Climate change mitigation
4008:Effects of climate change
3998:
3987:
3803:10.1007/s10584-008-9433-x
3542:10.1080/13563460903556049
3181:10.1007/s10584-008-9433-x
1732:10 September 2008 at the
1470:Executive summary (short)
1392:Prosperity Without Growth
878:2007. pp. 135–137).
493:Centre for Policy Studies
468:effects of global warming
435:Centre for Policy Studies
255:impacts of climate change
116:impacts of climate change
66:
58:
48:
36:
28:
23:
5389:Global warming potential
5196:International agreements
4843:Preserving and enhancing
4277:Arctic methane emissions
4199:Years in climate change
4106:Greenhouse gas emissions
4003:Causes of climate change
3726:. London. Archived from
3064:10.1177/0027950107077111
2420:. Simon Dietz's homepage
2409:Dietz, S. (2 May 2008).
2306:. London. Archived from
2272:. Monthly Review Press.
2171:. London. Archived from
1832:. Walker Institute. 2006
1026:intergenerational equity
840:Treatment of uncertainty
831:, Humberto Llavador and
804:costly—remain open. The
386:and Economic Advisor to
382:, Former Director of UK
344:British Prime Minister,
335:greenhouse gas emissions
5615:2006 in the environment
5420:Climate change scenario
5072:Disaster risk reduction
4724:Carbon emission trading
4534:U.S. insurance industry
4504:Civilizational collapse
4351:sea surface temperature
3255:. UK Parliament website
2862:Stiglitz, J.E. (2006).
2629:. UK Parliament website
2468:Heal, G. (April 2008).
2136:The Wall Street Journal
1927:. Trades Union Congress
1890:. BBC. 30 October 2006.
1686:Weitzman, M.L. (2007).
1441:. HM Treasury, London.
1235:(Arrow, 2007a) and for
1181:The costs of mitigation
5413:Research and modelling
5097:Nature-based solutions
4917:Nature-based solutions
4859:Carbon dioxide removal
4776:Fossil fuel divestment
4761:Climate risk insurance
4671:Small island countries
4282:Arctic sea ice decline
3306:10.2202/1553-3832.1270
3147:, Climate Policy 10(3)
2990:Weitman M. L. (2007).
2584:(2009–24): 2009–2024.
2563:Working Papers FNU-125
2198:. Cato Institute Blog.
1743:5 October 2010 at the
1330:Stern's later comments
1318:
1307:Response to criticisms
1254:
1086:
1050:and Nordhaus is used.
1011:
986:
906:
826:
810:
752:the rate of growth of
636:Response of economists
560:
531:science correspondent
523:
491:gave a lecture at the
485:
457:Institute of Directors
404:Response of economists
5374:Earth's energy budget
5257:Background and theory
5145:Climate crisis (term)
4817:Fossil fuel phase-out
4711:Economics and finance
4676:by individual country
4618:By country and region
4593:Security and conflict
4588:Psychological impacts
4267:Abrupt climate change
4190:Charles David Keeling
4023:By country and region
3530:New Political Economy
3288:Arrow, K.J. (2007a).
3202:Neumayer, E. (2007).
2097:on 26 September 2007.
1423:on 26 September 2007.
1313:
1241:
1198:Pepperdine University
1191:King's College London
1081:
1002:
984:
972:social cost of carbon
901:
822:
815:social cost of carbon
797:
665:e GHG concentration.
555:
518:
506:Environmental writer
480:
427:In an article in the
320:Trades Union Congress
5203:Glasgow Climate Pact
4864:Carbon sequestration
4429:Mass mortality event
3011:10.1257/jel.45.3.703
2891:Sunday Business Post
2044:on 18 November 2007.
1983:on 18 November 2007.
1810:on 10 September 2008
1783:10.1093/oxrep/grn014
1721:10.1257/jel.45.3.703
1570:10.1257/jel.45.3.686
1386:World Energy Outlook
1344:World Economic Forum
1138:Cambridge University
1067:inherent discounting
846:certainty equivalent
704:social discount rate
698:Inherent discounting
574:In his paper on the
542:Jerry Taylor of the
266:On 19 July 2005 the
229:The transition to a
37:Commissioned by
5342:Climate sensitivity
5117:The Adaptation Fund
4573:Infectious diseases
4470:Social and economic
3795:2008ClCh...89..173B
3331:. Project Syndicate
3173:2008ClCh...89..173B
2866:. Project Syndicate
2833:2007SciAm.296b..30S
2820:Scientific American
2749:10.1093/reep/ren012
1955:The Daily Telegraph
1725:This paper is also
1265:Wesleyan University
1227:Nobel prize winner
1213:Stanford University
1159:Columbia University
882:Improved technology
612:The Ecological Rift
608:John Bellamy Foster
593:substitution effect
297:European Commission
111:environmental taxes
5605:Low-carbon economy
4913:(LULUCF and AFOLU)
4885:Forest management
4869:Direct air capture
4834:Sustainable energy
4791:Net zero emissions
4786:Low-carbon economy
4781:Green Climate Fund
4568:Indigenous peoples
4461:Plant biodiversity
4249:Effects and issues
3645:on 15 January 2008
2534:The New York Times
2175:on 30 October 2006
1738:Weitzman's website
1662:on 27 January 2011
1437:Stern, N. (2006).
1296:ecosystem services
1150:Peterson Institute
1131:The Yale Symposium
1042:The New York Times
987:
918:real interest rate
568:The Investigation,
546:, a United States
423:General criticisms
231:low-carbon economy
5531:
5530:
5469:
5468:
5465:
5464:
5404:Radiative forcing
5247:
5246:
5243:
5242:
5067:Adaptive capacity
4952:
4951:
4948:
4947:
4812:Energy transition
4688:
4687:
4684:
4683:
4398:Tropical cyclones
4324:Urban heat island
4238:
4237:
4150:
4149:
4146:
4145:
4111:Carbon accounting
4065:Greenhouse effect
4031:
4030:
3939:10 January 2007,
3927:6 November 2006,
3915:2 November 2006,
3491:. 12 August 2013.
3350:Yohe, G. (2006).
3294:Economist's Voice
2713:(December 2006).
2279:978-1-58367-218-1
1762:Helm, D. (2008).
1688:"A Review of the
1653:unpublished paper
1292:biodiversity loss
1237:Project Syndicate
1233:Economist's Voice
1107:Oxford University
897:Robert Mendelsohn
833:Joaquim Silvestre
775:Tjalling Koopmans
761:, Thomas Sterner,
622:According to the
393:Sir Rod Eddington
226:e may slip away."
174:business-as-usual
76:
75:
5627:
5572:
5571:
5560:
5559:
5548:
5547:
5539:
5519:
5518:
5507:
5506:
5495:
5494:
5484:
5483:
5482:
5447:Paleoclimatology
5264:
5263:
5253:
5252:
5014:Ecological grief
4997:Climate movement
4972:
4971:
4958:
4957:
4938:Plant-based diet
4829:Renewable energy
4707:
4706:
4694:
4693:
4529:Economic impacts
4451:Invasive species
4307:Coastal flooding
4257:
4256:
4244:
4243:
4180:Svante Arrhenius
4156:
4155:
4126:from agriculture
4116:Carbon footprint
4101:Greenhouse gases
4050:
4049:
4037:
4036:
3989:
3988:
3974:
3967:
3960:
3951:
3950:
3888:"The Stern gang"
3842:
3840:
3838:
3832:
3822:
3789:(3–4): 173–449.
3769:
3768:
3766:
3764:
3746:
3740:
3739:
3737:
3735:
3730:on 21 April 2008
3710:
3704:
3703:
3701:
3699:
3683:
3677:
3676:
3674:
3672:
3661:
3655:
3654:
3652:
3650:
3641:. Archived from
3634:
3628:
3627:
3621:
3613:
3611:
3609:
3595:
3586:
3580:
3579:
3577:
3575:
3570:on 27 March 2009
3560:
3554:
3553:
3527:
3518:
3512:
3508:
3502:
3499:
3493:
3492:
3481:
3475:
3472:
3466:
3463:
3457:
3454:
3448:
3445:
3439:
3436:
3430:
3427:
3421:
3418:
3412:
3408:
3402:
3399:
3393:
3390:
3381:
3378:
3372:
3371:
3369:
3367:
3347:
3341:
3340:
3338:
3336:
3324:
3318:
3317:
3285:
3279:
3278:
3271:
3265:
3264:
3262:
3260:
3248:
3242:
3241:
3239:
3237:
3217:(3–4): 297–301.
3208:
3199:
3193:
3192:
3167:(3–4): 173–194.
3154:
3148:
3142:
3140:
3138:
3121:
3112:
3106:
3105:
3103:
3101:
3089:
3083:
3082:
3080:
3078:
3049:
3040:
3038:
3036:
3030:
3021:
3015:
3014:
2996:
2987:
2981:
2978:
2972:
2969:
2963:
2953:
2947:
2941:
2939:
2929:
2901:
2895:
2894:
2882:
2876:
2875:
2873:
2871:
2859:
2853:
2852:
2814:
2808:
2807:
2801:
2793:
2773:
2767:
2766:
2760:
2752:
2731:
2722:
2721:
2719:
2707:
2701:
2700:
2698:
2696:
2682:
2673:
2664:
2663:
2661:
2659:
2654:
2645:
2639:
2638:
2636:
2634:
2622:
2616:
2615:
2593:
2573:
2567:
2566:
2554:
2548:
2547:
2542:
2540:
2525:
2519:
2518:
2516:
2514:
2502:
2496:
2495:
2493:
2491:
2485:
2479:. Archived from
2474:
2465:
2459:
2458:
2456:
2454:
2448:
2439:
2430:
2429:
2427:
2425:
2419:
2406:
2393:
2392:
2390:
2388:
2382:
2371:
2365:
2364:
2362:
2360:
2354:
2348:. Archived from
2343:
2330:
2324:
2323:
2317:
2315:
2303:The Sunday Times
2293:
2284:
2283:
2271:
2261:
2255:
2254:
2245:(4): 1456–1469.
2234:
2228:
2227:
2225:
2223:
2211:
2200:
2199:
2191:
2185:
2184:
2182:
2180:
2160:
2154:
2153:
2150:"Stern Measures"
2146:
2140:
2139:
2127:
2121:
2120:
2118:
2116:
2105:
2099:
2098:
2086:
2080:
2079:
2071:
2065:
2064:
2052:
2046:
2045:
2033:
2027:
2026:
2024:
2016:
2007:
2006:
2004:
2002:
1991:
1985:
1984:
1979:. Archived from
1973:
1967:
1966:
1964:
1962:
1946:
1937:
1936:
1934:
1932:
1920:
1914:
1913:
1911:
1909:
1898:
1892:
1891:
1884:
1867:
1866:
1860:
1851:
1842:
1841:
1839:
1837:
1826:
1820:
1819:
1817:
1815:
1800:
1794:
1793:
1791:
1789:
1768:
1759:
1748:
1724:
1714:
1696:
1683:
1672:
1671:
1669:
1667:
1661:
1650:
1641:
1628:
1627:
1625:
1623:
1616:"Do Unto Others"
1611:
1600:
1599:
1589:
1580:
1574:
1573:
1553:
1544:
1543:
1531:
1525:
1524:
1510:
1501:
1500:
1492:
1486:
1485:
1483:
1481:
1475:
1464:
1455:
1454:
1452:
1450:
1434:
1425:
1424:
1419:. Archived from
1408:
1336:2007 IPCC report
1239:(Arrow, 2007b):
936:General comments
922:government bonds
785:William Nordhaus
681:marginal utility
631:
589:carbon-intensive
566:radio programme
501:Select committee
497:House of Commons
437:, questions the
305:The Carbon Trust
44:
21:
20:
5635:
5634:
5630:
5629:
5628:
5626:
5625:
5624:
5580:
5579:
5578:
5566:
5554:
5542:
5534:
5532:
5527:
5480:
5478:
5461:
5408:
5399:Orbital forcing
5293:
5258:
5239:
5213:Paris Agreement
5191:
5187:Warming stripes
5126:
5092:Managed retreat
5087:Loss and damage
5048:
4982:Business action
4966:
4944:
4921:
4844:
4838:
4795:
4756:Climate finance
4701:
4680:
4612:
4465:
4441:Extinction risk
4417:Flora and fauna
4412:
4373:Permafrost thaw
4368:Ozone depletion
4297:Extreme weather
4251:
4234:
4161:
4142:
4079:
4044:
4027:
3994:
3983:
3978:
3852:
3836:
3834:
3830:
3783:Climatic Change
3777:
3775:Further reading
3772:
3762:
3760:
3747:
3743:
3733:
3731:
3723:Financial Times
3711:
3707:
3697:
3695:
3684:
3680:
3670:
3668:
3662:
3658:
3648:
3646:
3635:
3631:
3615:
3614:
3607:
3605:
3598:World Economics
3593:
3587:
3583:
3573:
3571:
3562:
3561:
3557:
3525:
3519:
3515:
3509:
3505:
3500:
3496:
3483:
3482:
3478:
3473:
3469:
3464:
3460:
3455:
3451:
3446:
3442:
3437:
3433:
3428:
3424:
3419:
3415:
3409:
3405:
3400:
3396:
3391:
3384:
3379:
3375:
3365:
3363:
3348:
3344:
3334:
3332:
3325:
3321:
3286:
3282:
3273:
3272:
3268:
3258:
3256:
3249:
3245:
3235:
3233:
3206:
3200:
3196:
3160:Climatic Change
3155:
3151:
3136:
3134:
3119:
3113:
3109:
3099:
3097:
3090:
3086:
3076:
3074:
3047:
3034:
3032:
3028:
3022:
3018:
2994:
2988:
2984:
2979:
2975:
2970:
2966:
2957:World Economics
2954:
2950:
2945:
2902:
2898:
2883:
2879:
2869:
2867:
2860:
2856:
2815:
2811:
2795:
2794:
2774:
2770:
2754:
2753:
2732:
2725:
2717:
2708:
2704:
2694:
2692:
2685:World Economics
2680:
2674:
2667:
2657:
2655:
2652:
2646:
2642:
2632:
2630:
2623:
2619:
2591:10.1.1.434.8421
2574:
2570:
2555:
2551:
2538:
2536:
2526:
2522:
2512:
2510:
2503:
2499:
2489:
2487:
2483:
2472:
2466:
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2452:
2450:
2446:
2440:
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2423:
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2417:
2407:
2396:
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2384:
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2341:
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2327:
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2287:
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2262:
2258:
2235:
2231:
2221:
2219:
2212:
2203:
2192:
2188:
2178:
2176:
2169:The Independent
2161:
2157:
2148:
2147:
2143:
2128:
2124:
2114:
2112:
2107:
2106:
2102:
2087:
2083:
2072:
2068:
2053:
2049:
2034:
2030:
2022:
2018:
2017:
2010:
2000:
1998:
1993:
1992:
1988:
1975:
1974:
1970:
1960:
1958:
1947:
1940:
1930:
1928:
1921:
1917:
1907:
1905:
1900:
1899:
1895:
1886:
1885:
1870:
1858:
1852:
1845:
1835:
1833:
1828:
1827:
1823:
1813:
1811:
1802:
1801:
1797:
1787:
1785:
1766:
1760:
1751:
1745:Wayback Machine
1734:Wayback Machine
1727:available (PDF)
1712:10.1.1.318.8083
1694:
1684:
1675:
1665:
1663:
1659:
1648:
1642:
1631:
1621:
1619:
1612:
1603:
1592:World Economics
1587:
1581:
1577:
1554:
1547:
1536:World Economics
1532:
1528:
1511:
1504:
1493:
1489:
1479:
1477:
1473:
1465:
1458:
1448:
1446:
1435:
1428:
1409:
1405:
1401:
1352:
1332:
1309:
1279:
1271:
1251:
1246:
1225:
1183:
1133:
1097:natural capital
1022:Partha Dasgupta
994:Martin Weitzman
954:Joseph Stiglitz
938:
893:
884:
871:Partha Dasgupta
866:
858:Martin Weitzman
850:double counting
842:
789:Yale University
726:
725:
708:time preference
700:
664:
649:
643:
638:
629:
620:
580:rebound effects
576:Jevons' Paradox
527:Reason magazine
453:Miles Templeman
448:
430:Daily Telegraph
425:
412:
397:British Airways
293:
264:
236:Establishing a
225:
221:
215:
163:
151:Martin Weitzman
131:
90:, chair of the
40:
32:30 October 2006
17:
12:
11:
5:
5633:
5623:
5622:
5617:
5612:
5607:
5602:
5597:
5592:
5577:
5576:
5574:Global warming
5564:
5552:
5529:
5528:
5526:
5525:
5513:
5501:
5489:
5474:
5471:
5470:
5467:
5466:
5463:
5462:
5460:
5459:
5454:
5449:
5444:
5443:
5442:
5432:
5427:
5422:
5416:
5414:
5410:
5409:
5407:
5406:
5401:
5396:
5391:
5386:
5381:
5376:
5371:
5366:
5365:
5364:
5354:
5352:Cloud feedback
5349:
5344:
5339:
5334:
5333:
5332:
5327:
5322:
5317:
5307:
5301:
5299:
5295:
5294:
5292:
5291:
5286:
5281:
5276:
5270:
5268:
5260:
5259:
5249:
5248:
5245:
5244:
5241:
5240:
5238:
5237:
5232:
5227:
5226:
5225:
5220:
5210:
5208:Kyoto Protocol
5205:
5199:
5197:
5193:
5192:
5190:
5189:
5184:
5183:
5182:
5177:
5172:
5162:
5160:Media coverage
5157:
5152:
5150:Climate spiral
5147:
5142:
5136:
5134:
5128:
5127:
5125:
5124:
5119:
5114:
5109:
5104:
5099:
5094:
5089:
5084:
5079:
5074:
5069:
5064:
5058:
5056:
5050:
5049:
5047:
5046:
5041:
5039:Public opinion
5036:
5031:
5026:
5021:
5016:
5011:
5006:
5005:
5004:
4994:
4989:
4987:Climate action
4984:
4978:
4976:
4968:
4967:
4954:
4953:
4950:
4949:
4946:
4945:
4943:
4942:
4941:
4940:
4929:
4927:
4923:
4922:
4920:
4919:
4914:
4908:
4907:
4906:
4901:
4899:REDD and REDD+
4896:
4891:
4883:
4878:
4876:Carbon farming
4873:
4872:
4871:
4866:
4856:
4850:
4848:
4840:
4839:
4837:
4836:
4831:
4826:
4821:
4820:
4819:
4809:
4803:
4801:
4797:
4796:
4794:
4793:
4788:
4783:
4778:
4773:
4768:
4763:
4758:
4753:
4748:
4743:
4738:
4737:
4736:
4726:
4721:
4715:
4713:
4703:
4702:
4690:
4689:
4686:
4685:
4682:
4681:
4679:
4678:
4673:
4668:
4663:
4658:
4653:
4648:
4643:
4638:
4633:
4628:
4622:
4620:
4614:
4613:
4611:
4610:
4608:Water security
4605:
4603:Water scarcity
4600:
4598:Urban flooding
4595:
4590:
4585:
4580:
4575:
4570:
4565:
4560:
4559:
4558:
4548:
4543:
4538:
4537:
4536:
4526:
4521:
4516:
4511:
4506:
4501:
4496:
4491:
4490:
4489:
4484:
4473:
4471:
4467:
4466:
4464:
4463:
4458:
4453:
4448:
4446:Forest dieback
4443:
4438:
4433:
4432:
4431:
4420:
4418:
4414:
4413:
4411:
4410:
4405:
4400:
4395:
4390:
4385:
4383:Sea level rise
4380:
4375:
4370:
4365:
4364:
4363:
4358:
4356:stratification
4353:
4348:
4343:
4338:
4328:
4327:
4326:
4321:
4311:
4310:
4309:
4299:
4294:
4289:
4284:
4279:
4274:
4269:
4263:
4261:
4253:
4252:
4240:
4239:
4236:
4235:
4233:
4232:
4231:
4230:
4225:
4220:
4215:
4210:
4205:
4197:
4192:
4187:
4182:
4177:
4172:
4166:
4163:
4162:
4152:
4151:
4148:
4147:
4144:
4143:
4141:
4140:
4135:
4134:
4133:
4128:
4123:
4121:Carbon leakage
4118:
4113:
4103:
4098:
4093:
4087:
4085:
4081:
4080:
4078:
4077:
4072:
4062:
4060:Climate system
4056:
4054:
4046:
4045:
4033:
4032:
4029:
4028:
4026:
4025:
4020:
4015:
4010:
4005:
3999:
3996:
3995:
3985:
3984:
3981:Climate change
3977:
3976:
3969:
3962:
3954:
3948:
3947:
3937:
3925:
3907:
3906:
3905:
3904:
3896:
3891:
3885:
3880:
3875:
3870:
3865:
3864:
3863:
3851:
3850:External links
3848:
3847:
3846:
3843:
3823:
3776:
3773:
3771:
3770:
3741:
3705:
3678:
3656:
3629:
3581:
3555:
3536:(2): 169–195.
3513:
3503:
3494:
3476:
3467:
3458:
3449:
3440:
3431:
3422:
3413:
3403:
3394:
3382:
3373:
3342:
3319:
3280:
3266:
3243:
3194:
3149:
3107:
3084:
3016:
2982:
2973:
2964:
2948:
2943:
2920:(2008–25): 1.
2896:
2877:
2854:
2809:
2784:(2): 351–401.
2768:
2743:(2): 309–313.
2723:
2702:
2665:
2640:
2617:
2568:
2549:
2520:
2497:
2486:on 15 May 2011
2460:
2431:
2394:
2366:
2355:on 15 May 2011
2325:
2310:on 29 May 2010
2285:
2278:
2256:
2229:
2201:
2186:
2155:
2141:
2122:
2100:
2081:
2066:
2047:
2028:
2008:
1986:
1968:
1938:
1915:
1893:
1868:
1843:
1821:
1795:
1777:(2): 211–238.
1749:
1705:(3): 703–724.
1673:
1629:
1601:
1575:
1564:(3): 686–702.
1545:
1526:
1502:
1487:
1456:
1426:
1417:The First Post
1402:
1400:
1397:
1396:
1395:
1388:
1383:
1378:
1373:
1368:
1363:
1358:
1351:
1348:
1331:
1328:
1308:
1305:
1278:
1275:
1269:
1249:
1244:
1224:
1221:
1201:George Reisman
1182:
1179:
1132:
1129:
1091:(2007) of the
946:James Mirrlees
937:
934:
930:equity premium
892:
889:
883:
880:
865:
862:
841:
838:
736:the PTP-rate,
713:
712:
699:
696:
691:
690:
687:
684:
677:
662:
642:
639:
637:
634:
619:
616:
585:rebound effect
544:Cato Institute
513:OpinionJournal
446:
424:
421:
411:
408:
400:
399:
390:
377:
368:
359:
353:Paul Wolfowitz
339:Kyoto Protocol
292:
289:
276:Nicholas Stern
263:
260:
259:
258:
251:
248:
245:
242:carbon finance
234:
227:
223:
219:
213:
208:
198:greenhouse gas
194:
188:
184:
180:
177:
170:
162:
159:
129:
107:market failure
88:Nicholas Stern
74:
73:
68:
64:
63:
60:
56:
55:
53:Nicholas Stern
50:
46:
45:
38:
34:
33:
30:
26:
25:
15:
9:
6:
4:
3:
2:
5632:
5621:
5618:
5616:
5613:
5611:
5608:
5606:
5603:
5601:
5598:
5596:
5593:
5591:
5588:
5587:
5585:
5575:
5570:
5565:
5563:
5558:
5553:
5551:
5546:
5541:
5540:
5537:
5524:
5523:
5514:
5512:
5511:
5502:
5500:
5499:
5490:
5488:
5487:
5476:
5475:
5472:
5458:
5455:
5453:
5450:
5448:
5445:
5441:
5438:
5437:
5436:
5433:
5431:
5428:
5426:
5425:Climate model
5423:
5421:
5418:
5417:
5415:
5411:
5405:
5402:
5400:
5397:
5395:
5392:
5390:
5387:
5385:
5382:
5380:
5377:
5375:
5372:
5370:
5367:
5363:
5360:
5359:
5358:
5357:Cloud forcing
5355:
5353:
5350:
5348:
5345:
5343:
5340:
5338:
5335:
5331:
5328:
5326:
5323:
5321:
5318:
5316:
5313:
5312:
5311:
5308:
5306:
5303:
5302:
5300:
5296:
5290:
5287:
5285:
5282:
5280:
5277:
5275:
5272:
5271:
5269:
5265:
5261:
5254:
5250:
5236:
5233:
5231:
5228:
5224:
5221:
5219:
5216:
5215:
5214:
5211:
5209:
5206:
5204:
5201:
5200:
5198:
5194:
5188:
5185:
5181:
5178:
5176:
5173:
5171:
5168:
5167:
5166:
5163:
5161:
5158:
5156:
5153:
5151:
5148:
5146:
5143:
5141:
5138:
5137:
5135:
5133:
5132:Communication
5129:
5123:
5120:
5118:
5115:
5113:
5112:Vulnerability
5110:
5108:
5105:
5103:
5100:
5098:
5095:
5093:
5090:
5088:
5085:
5083:
5082:Flood control
5080:
5078:
5075:
5073:
5070:
5068:
5065:
5063:
5060:
5059:
5057:
5055:
5051:
5045:
5042:
5040:
5037:
5035:
5032:
5030:
5027:
5025:
5022:
5020:
5017:
5015:
5012:
5010:
5007:
5003:
5000:
4999:
4998:
4995:
4993:
4990:
4988:
4985:
4983:
4980:
4979:
4977:
4973:
4969:
4965:
4959:
4955:
4939:
4936:
4935:
4934:
4931:
4930:
4928:
4924:
4918:
4915:
4912:
4909:
4905:
4904:reforestation
4902:
4900:
4897:
4895:
4892:
4890:
4889:afforestation
4887:
4886:
4884:
4882:
4879:
4877:
4874:
4870:
4867:
4865:
4862:
4861:
4860:
4857:
4855:
4852:
4851:
4849:
4847:
4841:
4835:
4832:
4830:
4827:
4825:
4824:Nuclear power
4822:
4818:
4815:
4814:
4813:
4810:
4808:
4805:
4804:
4802:
4798:
4792:
4789:
4787:
4784:
4782:
4779:
4777:
4774:
4772:
4769:
4767:
4764:
4762:
4759:
4757:
4754:
4752:
4749:
4747:
4744:
4742:
4739:
4735:
4732:
4731:
4730:
4727:
4725:
4722:
4720:
4719:Carbon budget
4717:
4716:
4714:
4712:
4708:
4704:
4700:
4695:
4691:
4677:
4674:
4672:
4669:
4667:
4664:
4662:
4659:
4657:
4654:
4652:
4649:
4647:
4644:
4642:
4639:
4637:
4634:
4632:
4629:
4627:
4624:
4623:
4621:
4619:
4615:
4609:
4606:
4604:
4601:
4599:
4596:
4594:
4591:
4589:
4586:
4584:
4581:
4579:
4576:
4574:
4571:
4569:
4566:
4564:
4561:
4557:
4556:Mental health
4554:
4553:
4552:
4549:
4547:
4544:
4542:
4539:
4535:
4532:
4531:
4530:
4527:
4525:
4522:
4520:
4517:
4515:
4512:
4510:
4507:
4505:
4502:
4500:
4497:
4495:
4492:
4488:
4487:United States
4485:
4483:
4480:
4479:
4478:
4475:
4474:
4472:
4468:
4462:
4459:
4457:
4454:
4452:
4449:
4447:
4444:
4442:
4439:
4437:
4434:
4430:
4427:
4426:
4425:
4422:
4421:
4419:
4415:
4409:
4406:
4404:
4401:
4399:
4396:
4394:
4391:
4389:
4386:
4384:
4381:
4379:
4376:
4374:
4371:
4369:
4366:
4362:
4359:
4357:
4354:
4352:
4349:
4347:
4344:
4342:
4341:deoxygenation
4339:
4337:
4336:acidification
4334:
4333:
4332:
4329:
4325:
4322:
4320:
4317:
4316:
4315:
4312:
4308:
4305:
4304:
4303:
4300:
4298:
4295:
4293:
4290:
4288:
4285:
4283:
4280:
4278:
4275:
4273:
4270:
4268:
4265:
4264:
4262:
4258:
4254:
4250:
4245:
4241:
4229:
4226:
4224:
4221:
4219:
4216:
4214:
4211:
4209:
4206:
4204:
4201:
4200:
4198:
4196:
4193:
4191:
4188:
4186:
4183:
4181:
4178:
4176:
4173:
4171:
4168:
4167:
4164:
4157:
4153:
4139:
4136:
4132:
4131:from wetlands
4129:
4127:
4124:
4122:
4119:
4117:
4114:
4112:
4109:
4108:
4107:
4104:
4102:
4099:
4097:
4094:
4092:
4091:Deforestation
4089:
4088:
4086:
4082:
4076:
4073:
4070:
4066:
4063:
4061:
4058:
4057:
4055:
4051:
4047:
4043:
4038:
4034:
4024:
4021:
4019:
4016:
4014:
4011:
4009:
4006:
4004:
4001:
4000:
3997:
3990:
3986:
3982:
3975:
3970:
3968:
3963:
3961:
3956:
3955:
3952:
3946:
3942:
3938:
3936:
3932:
3931:
3926:
3924:
3923:Stern warning
3920:
3919:
3918:The Economist
3914:
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3714:Harvey, Fiona
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2244:
2240:
2239:Energy Policy
2233:
2217:
2210:
2208:
2206:
2197:
2190:
2174:
2170:
2166:
2159:
2151:
2145:
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2133:
2126:
2110:
2104:
2096:
2092:
2085:
2078:. ODI Weblog.
2077:
2070:
2062:
2058:
2051:
2043:
2039:
2032:
2021:
2015:
2013:
1996:
1990:
1982:
1978:
1972:
1956:
1952:
1945:
1943:
1926:
1919:
1903:
1897:
1889:
1883:
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1598:(4): 199–225.
1597:
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1287:
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1234:
1230:
1229:Kenneth Arrow
1220:
1218:
1214:
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1192:
1188:
1178:
1175:
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1089:Eric Neumayer
1085:
1080:
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1070:
1068:
1064:
1061:
1056:
1051:
1047:
1044:
1043:
1039:. Writing in
1038:
1034:
1029:
1027:
1023:
1019:
1014:
1010:
1007:
1001:
999:
995:
991:
983:
979:
977:
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965:
961:
959:
958:Jeffrey Sachs
955:
951:
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923:
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818:
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809:
807:
802:
796:
794:
790:
786:
782:
780:
776:
772:
768:
764:
763:William Cline
760:
759:Geoffrey Heal
755:
751:
747:
743:
740:the marginal
739:
735:
731:
724:
721: +
720:
717: =
716:
711:
709:
705:
695:
688:
685:
682:
678:
675:
674:
673:
671:
666:
659:
654:
653:discount rate
648:
633:
627:
626:
615:
613:
609:
605:
600:
598:
597:income effect
594:
590:
586:
581:
577:
572:
569:
565:
559:
554:
552:
549:
545:
540:
537:
534:
533:Ronald Bailey
530:
528:
522:
517:
515:
514:
509:
508:Bjørn Lomborg
504:
502:
498:
494:
490:
484:
479:
477:
473:
469:
465:
460:
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454:
450:
443:
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432:
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420:
417:
416:present value
407:
405:
398:
394:
391:
389:
385:
381:
378:
376:
372:
369:
367:
363:
362:Claude Mandil
360:
358:
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350:
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347:
342:
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332:
327:
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321:
316:
314:
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269:
256:
252:
249:
246:
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232:
228:
217:
209:
206:
202:
201:concentration
199:
195:
192:
189:
185:
181:
178:
175:
171:
168:
167:
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158:
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51:
47:
43:
39:
35:
31:
27:
22:
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5520:
5508:
5496:
5477:
5310:Carbon cycle
5267:Measurements
4962:Society and
4846:carbon sinks
4751:Climate debt
4741:Carbon price
4563:Human rights
4388:Season creep
4346:heat content
4272:Anoxic event
4185:James Hansen
3928:
3916:
3910:In the media
3909:
3908:
3835:. Retrieved
3786:
3782:
3761:. Retrieved
3756:The Guardian
3754:
3744:
3732:. Retrieved
3728:the original
3721:
3708:
3696:. Retrieved
3692:The Guardian
3691:
3681:
3669:. Retrieved
3659:
3647:. Retrieved
3643:the original
3632:
3618:cite journal
3606:. Retrieved
3604:(2): 229–258
3601:
3597:
3584:
3572:. Retrieved
3568:the original
3558:
3533:
3529:
3516:
3506:
3497:
3488:
3479:
3470:
3461:
3452:
3443:
3434:
3425:
3416:
3406:
3397:
3376:
3364:. Retrieved
3359:
3355:
3345:
3333:. Retrieved
3322:
3297:
3293:
3283:
3269:
3257:. Retrieved
3246:
3234:. Retrieved
3214:
3210:
3197:
3164:
3158:
3152:
3135:. Retrieved
3123:
3110:
3098:. Retrieved
3087:
3075:. Retrieved
3055:
3051:
3033:. Retrieved
3019:
3002:
2998:
2985:
2976:
2967:
2962:(4): 233–50.
2959:
2956:
2951:
2917:
2913:
2899:
2890:
2880:
2868:. Retrieved
2857:
2824:
2818:
2812:
2798:cite journal
2781:
2777:
2771:
2757:cite journal
2740:
2736:
2711:Dasgupta, P.
2705:
2693:. Retrieved
2688:
2684:
2656:. Retrieved
2643:
2631:. Retrieved
2620:
2611:
2581:
2577:
2571:
2562:
2552:
2544:
2537:. Retrieved
2533:
2523:
2511:. Retrieved
2500:
2488:. Retrieved
2481:the original
2463:
2451:. Retrieved
2422:. Retrieved
2412:
2385:. Retrieved
2376:
2369:
2357:. Retrieved
2350:the original
2336:
2328:
2319:
2312:. Retrieved
2308:the original
2301:
2267:
2259:
2242:
2238:
2232:
2220:. Retrieved
2189:
2177:. Retrieved
2173:the original
2168:
2158:
2144:
2135:
2125:
2113:. Retrieved
2103:
2095:the original
2084:
2069:
2060:
2050:
2042:the original
2031:
1999:. Retrieved
1989:
1981:the original
1971:
1959:. Retrieved
1954:
1929:. Retrieved
1918:
1906:. Retrieved
1896:
1862:
1834:. Retrieved
1824:
1812:. Retrieved
1808:the original
1798:
1786:. Retrieved
1774:
1770:
1702:
1698:
1689:
1664:. Retrieved
1657:the original
1652:
1620:. Retrieved
1595:
1591:
1578:
1561:
1557:
1542:(4): 233–50.
1539:
1535:
1529:
1520:The Guardian
1518:
1490:
1478:. Retrieved
1469:
1447:. Retrieved
1421:the original
1416:
1406:
1390:
1341:
1333:
1323:Joan Ruddock
1319:
1314:
1310:
1301:
1288:
1284:
1280:
1259:
1255:
1242:
1236:
1232:
1226:
1216:
1210:
1205:Stern Review
1204:
1195:
1184:
1167:
1163:
1155:
1147:
1134:
1120:Ross Garnaut
1101:
1087:
1082:
1073:Terry Barker
1071:
1062:
1052:
1048:
1040:
1030:
1015:
1012:
1005:
1003:
988:
962:
942:Robert Solow
939:
915:
911:
907:
902:
894:
891:Market rates
885:
875:
867:
853:
843:
827:
823:
819:
811:
805:
800:
798:
783:
771:Frank Ramsey
749:
737:
733:
729:
727:
722:
718:
714:
710:(PTP-rate):
701:
692:
667:
650:
625:Sunday Times
623:
621:
611:
601:
595:offsets the
584:
573:
567:
561:
556:
541:
538:
525:
524:
519:
511:
505:
489:Nigel Lawson
486:
481:
461:
451:
444:
428:
426:
413:
403:
401:
380:Adair Turner
371:Kirit Parikh
343:
328:
317:
294:
285:
272:Gordon Brown
265:
238:carbon price
164:
147:John Quiggin
138:
136:
123:
121:
104:
79:
77:
18:
5562:Environment
5337:Carbon sink
5315:atmospheric
5180:video games
4854:Blue carbon
4477:Agriculture
4456:Marine life
4403:Water cycle
4361:temperature
4096:Fossil fuel
3930:Der Spiegel
3236:5 September
2937:10419/18038
2906:Tol, R.S.J.
2658:5 September
2633:5 September
2179:5 September
2115:5 September
1788:2 September
1499:. BBC News.
1174:distortions
1103:Dieter Helm
964:Richard Tol
950:Amartya Sen
829:John Roemer
767:Brad DeLong
670:consumption
641:Discounting
548:libertarian
331:John Howard
281:HM Treasury
155:Dieter Helm
153:(2007) and
143:Brad DeLong
5584:Categories
5369:Cryosphere
5330:permafrost
5102:Resilience
5054:Adaptation
5029:Litigation
5019:Governance
4964:adaptation
4746:Carbon tax
4699:Mitigation
4636:Antarctica
4524:Disability
3763:27 January
3362:(3): 68–69
3005:(3): 724.
2314:31 January
2218:. BBC News
1449:31 January
1399:References
1187:Paul Ekins
1170:carbon tax
1105:(2008) of
1037:Hal Varian
1035:economist
1020:economist
998:aggregated
992:economist
779:Hal Varian
754:per-capita
742:elasticity
645:See also:
551:think-tank
476:think-tank
357:World Bank
346:Tony Blair
313:Greenpeace
262:Background
205:atmosphere
187:scenarios.
59:Media type
5384:Feedbacks
5155:Education
4656:Caribbean
4651:Australia
4578:Migration
4541:Fisheries
4482:Livestock
4408:Wildfires
4314:Heat wave
3811:1573-1480
3671:10 August
3314:154456120
3132:1835-9728
3072:154119493
2903:See also
2870:26 August
2827:(2): 21.
2586:CiteSeerX
1836:26 August
1707:CiteSeerX
1523:. London.
1261:Gary Yohe
1018:Cambridge
499:Treasury
124:per annum
49:Author(s)
29:Presented
5510:Glossary
5498:Category
5320:biologic
5034:Politics
4926:Personal
4631:Americas
4494:Children
4260:Physical
4053:Overview
3993:Overview
3898:Videos:
3819:54026931
3759:. London
3734:28 April
3698:3 August
3694:. London
3550:44071002
3366:18 April
3335:20 April
3231:54757696
3189:54026931
2908:(2008).
2849:17367017
2608:31481621
2001:28 April
1957:. London
1931:20 April
1908:28 April
1814:28 April
1741:Archived
1730:Archived
1480:28 April
1443:Archived
1350:See also
1033:Berkeley
723:η g
658:Marginal
604:alarmist
157:(2008).
5550:Economy
5536:Portals
5325:oceanic
5175:fiction
5024:Justice
4975:Society
4583:Poverty
4292:Drought
4160:History
4084:Sources
3791:Bibcode
3489:epa.gov
3259:11 June
3169:Bibcode
3058:: 4–7.
2829:Bibcode
2695:10 June
2222:11 June
1666:7 March
1622:7 March
1112:capital
1075:of the
1060:product
1055:welfare
990:Harvard
976:outlier
874:(Dietz
801:Review'
746:utility
562:In the
474:, a UK
203:in the
94:at the
67:Subject
5305:Albedo
5298:Theory
5009:Denial
4800:Energy
4661:Europe
4641:Arctic
4626:Africa
4551:Health
4546:Gender
4499:Cities
4424:Biomes
4331:Oceans
4319:Marine
4042:Causes
3837:20 May
3817:
3809:
3649:14 May
3608:14 May
3574:14 May
3548:
3312:
3229:
3187:
3130:
3070:
2847:
2606:
2588:
2539:11 May
2513:20 May
2490:20 May
2475:. The
2453:14 May
2424:14 May
2359:14 May
2276:
1961:11 May
1709:
1217:et al.
956:, and
876:et al.
854:et al.
806:Review
765:, and
748:, and
728:where
183:ahead.
139:et al.
62:Report
5522:Index
5284:Proxy
5044:Women
4509:Crime
4436:Birds
4302:Flood
3831:(PDF)
3815:S2CID
3594:(PDF)
3546:S2CID
3526:(PDF)
3310:S2CID
3300:(3).
3227:S2CID
3207:(PDF)
3185:S2CID
3137:9 May
3120:(PDF)
3100:9 May
3077:9 May
3068:S2CID
3048:(PDF)
3035:9 May
3029:(PDF)
2995:(PDF)
2718:(PDF)
2681:(PDF)
2653:(PDF)
2604:S2CID
2484:(PDF)
2473:(PDF)
2447:(PDF)
2418:(PDF)
2387:5 May
2381:(PDF)
2353:(PDF)
2342:(PDF)
2063:: 37.
2023:(PDF)
1859:(PDF)
1767:(PDF)
1736:from
1695:(PDF)
1660:(PDF)
1649:(PDF)
1588:(PDF)
1474:(PDF)
787:, of
375:India
324:Shell
5107:Risk
4646:Asia
4228:2024
4223:2023
4218:2022
4213:2021
4208:2020
4203:2019
3839:2009
3807:ISSN
3765:2013
3736:2011
3700:2009
3673:2020
3651:2009
3624:link
3610:2009
3576:2009
3511:2–4.
3411:Ltd.
3368:2011
3337:2011
3261:2010
3238:2009
3139:2011
3128:ISSN
3102:2011
3079:2011
3037:2011
2872:2009
2845:PMID
2804:link
2763:link
2697:2010
2660:2009
2635:2009
2541:2011
2515:2009
2492:2009
2455:2009
2426:2009
2389:2011
2361:2009
2316:2010
2274:ISBN
2224:2010
2181:2009
2117:2009
2003:2011
1963:2011
1933:2011
1910:2011
1838:2008
1816:2011
1790:2009
1668:2011
1624:2011
1482:2011
1451:2010
920:for
799:The
773:and
301:IPPR
145:and
78:The
5170:art
3941:BBC
3799:doi
3538:doi
3302:doi
3219:doi
3177:doi
3060:doi
3056:199
3007:doi
2932:hdl
2922:doi
2837:doi
2825:296
2786:doi
2745:doi
2691:(1)
2596:doi
2247:doi
1779:doi
1717:doi
1566:doi
1263:of
1189:of
1069:).
1006:dis
744:of
564:BBC
464:UCL
406:).
5586::
3943::
3933::
3921::
3813:.
3805:.
3797:.
3787:89
3785:.
3753:.
3720:.
3690:.
3620:}}
3616:{{
3600:.
3596:.
3544:.
3534:15
3532:.
3528:.
3487:.
3385:^
3358:.
3354:.
3308:.
3296:.
3292:.
3225:.
3215:17
3213:.
3209:.
3183:.
3175:.
3165:89
3163:.
3122:.
3066:.
3054:.
3050:.
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