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Climate Change And Externality

In: CLIMATE CHANGE ECONOMICS Commemoration of Nobel Prize for William Nordhaus

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  • ZILI YANG

Abstract

Climate change is an externality phenomenon. The DICE/RICE models are IAMs that treat climate change as an externality explicitly. Such a feature of DICE/RICE is recognized by the Nobel Committee and is one of the primary reasons for its influence. This paper argues the essentiality of incorporating external effects of climate change in our understanding of climate change from a socio-economic perspective; points out the biases of missing the externality elements in climate change economics; outlining the crucial role of externality in IAM modeling.

Suggested Citation

  • Zili Yang, 2021. "Climate Change And Externality," World Scientific Book Chapters, in: Robert Mendelsohn (ed.), CLIMATE CHANGE ECONOMICS Commemoration of Nobel Prize for William Nordhaus, chapter 7, pages 93-101, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811247699_007
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    More about this item

    Keywords

    William Nordhaus; Climate Change; Integrated Assessment; Climate Change Adaptation; Climate Change Policy; Climate Clubs;
    All these keywords.

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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