Comments on J.B. Smith (Climatic Change, 32, 313-326) and the aggregation of climate change damage costs
Article Abstract:
Joel Smith's study which standardized the published estimates for the costs of climate change damages to the US failed to take into account Tol's revised damage estimates for a similar situation of 2.5 deg C warming and 50 cm sea level rise. Taking these revised data into account, several mistakes in Smith's results can be seen. These include a wider range of maximum and minimum estimates of the total cost of climate change damages than that calculated by Smith, and that the variances in the different estimates are due to scientific uncertainty which have to be resolved in further studies.
Publication Name: Climatic Change
Subject: Earth sciences
ISSN: 0165-0009
Year: 1998
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Discounting in economics and climate change
Article Abstract:
Some economists contend that differential discount rates should be applied to different investments. Conventional discount rates would be accorded on conventional investments including investments in greenhouse gas abatement. On the other hand, the impacts of climate change would receive a zero or near-zero discount rate. These economists argue that since climate is a non-time-degradable commitment, it should have a time-independent welfare value.
Publication Name: Climatic Change
Subject: Earth sciences
ISSN: 0165-0009
Year: 1997
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Discounting and climate change
Article Abstract:
The relationship between economics and long-term environmental issues is analyzed. It is argued that different discount rates should not be applied to different sectors of the economy. It is also necessary to strike a fair balance between the present and the future when it comes to resolving long-term environmental issues. Moreover, the need for efficient use of limited economic resources when resolving such issues cannot be overemphasized.
Publication Name: Climatic Change
Subject: Earth sciences
ISSN: 0165-0009
Year: 1997
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