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Rolling Dice For The Future Of The Planet

Author

Listed:
  • Duane Chapman
  • Vivek Suri
  • Steven G. Hall

Abstract

In an influential paper published in Science, Nordhaus employs an integrated climate‐economy model to study climate change. He finds that optimizing climate change policy requires low levels of controls on emissions of greenhouse gases. This paper follows his pioneering methodology but challenges his conclusions. Nordhaus's results depend crucially on certain parameters such as the discount rate and the autonomous decline in energy intensity of production. However, choosing a set of different though equally plausible values for these parameters causes the control rate to rise substantially. This translates into a greater level of action for slowing climate change.

Suggested Citation

  • Duane Chapman & Vivek Suri & Steven G. Hall, 1995. "Rolling Dice For The Future Of The Planet," Contemporary Economic Policy, Western Economic Association International, vol. 13(3), pages 1-9, July.
    • Handle: RePEc:bla:coecpo:v:13:y:1995:i:3:p:1-9
    DOI: 10.1111/j.1465-7287.1995.tb00719.x
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    References listed on IDEAS

    as
    1. Nordhaus, William D., 1993. "Rolling the 'DICE': an optimal transition path for controlling greenhouse gases," Resource and Energy Economics, Elsevier, vol. 15(1), pages 27-50, March.
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    Cited by:

    1. Khanna, Neha & Chapman, Duane, 1997. "Climate Policy And Petroleum Depletion," Working Papers 127811, Cornell University, Department of Applied Economics and Management.
    2. Neumayer, Eric, 1999. "Global warming: discounting is not the issue, but substitutability is," Energy Policy, Elsevier, vol. 27(1), pages 33-43, January.
    3. Richard B. Howarth, 1996. "Climate Change And Overlapping Generations," Contemporary Economic Policy, Western Economic Association International, vol. 14(4), pages 100-111, October.
    4. Stephen H. Schneider, 1998. "The Climate for Greenhouse Policy in the U.S. and the Incorporation of Uncertainties into Integrated Assessments," Energy & Environment, , vol. 9(4), pages 425-440, June.
    5. Neha Khanna & Duane Chapman, 1996. "Time Preference, Abatement Costs, And International Climate Policy: An Appraisal Of Ipcc 1995," Contemporary Economic Policy, Western Economic Association International, vol. 14(2), pages 56-66, April.
    6. Leslie Shiell & Suzanne Loney, 2007. "Global Warming Damages and Canada's Oil Sands," Canadian Public Policy, University of Toronto Press, vol. 33(4), pages 419-440, December.
    7. Roughgarden, Tim & Schneider, Stephen H., 1999. "Climate change policy: quantifying uncertainties for damages and optimal carbon taxes," Energy Policy, Elsevier, vol. 27(7), pages 415-429, July.
    8. Barron, Eric & Chapman, Duane & Khanna, Neha & Rose, Adam Z. & Schultz, Peter A. & Kasting, James F., 1996. "Penn State -Cornell Integrated Assessment Model," Working Papers 127929, Cornell University, Department of Applied Economics and Management.
    9. Khanna, Neha & Chapman, Duane, 1997. "A Critical Overview of the Economic Structure of Integrated Assessment Models of Climate Change," Working Papers 127883, Cornell University, Department of Applied Economics and Management.
    10. Hall, Darwin C., 1998. "Albedo and vegetation demand-side management options for warm climates," Ecological Economics, Elsevier, vol. 24(1), pages 31-45, January.

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