Fat-Tailed Uncertainty in the Economics of Catastrophic Climate Change. Weitzman, M. L. Review of Environmental Economics and Policy, 5(2):275–292, June, 2011.
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Paper doi abstract bibtex
Paper doi abstract bibtex In this article, I revisit some basic issues concerning structural uncertainty and catastrophic climate change. My target audience here are general economists, so this article could also be viewed as a somewhat less technical exposition that supplements my previous work. Using empirical examples, I argue that it is implausible that low-probability, high-negative impact events would not much influence an economic analysis of climate change. I then try to integrate the empirical examples and the theory together into a unified package with a unified message that the possibility of catastrophic climate change needs to be taken seriously.
@article{weitzman_fat-tailed_2011,
title = {Fat-{Tailed} {Uncertainty} in the {Economics} of {Catastrophic} {Climate} {Change}},
volume = {5},
issn = {1750-6816, 1750-6824},
url = {http://scholar.harvard.edu/files/weitzman/files/fattaileduncertaintyeconomics.pdf},
doi = {10.1093/reep/rer006},
abstract = {In this article, I revisit some basic issues concerning structural uncertainty and catastrophic climate change. My target audience here are general economists, so this article could also be viewed as a somewhat less technical exposition that supplements my previous work. Using empirical examples, I argue that it is implausible that low-probability, high-negative impact events would not much influence an economic analysis of climate change. I then try to integrate the empirical examples and the theory together into a unified package with a unified message that the possibility of catastrophic climate change needs to be taken seriously.},
language = {en},
number = {2},
urldate = {2017-06-10},
journal = {Review of Environmental Economics and Policy},
author = {Weitzman, M. L.},
month = jun,
year = {2011},
keywords = {GA, Untagged},
pages = {275--292},
}Downloads: 0
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