Opportunities for advances in climate change economics

Date
2016-04-01
Authors
Burke, M.
Rudik, Ivan
Craxton, M.
Kolstad, C.D.
Onda, C.
Allcott, H.
Baker, E.
Barrage, L.
Carson, R.
Gillingham, K.
Graff-Zivin, J.
Greenstone, M.
Hallegatte, S.
Hanemann, W.M.
Heal, G.
Hsiang, S.
Jones, B.
Kelly, D.L.
Kopp, R.
Kotchen, M.
Mendelsohn, R.
Meng, K.
Metcalf, G.
Moreno-Cruz, J.
Pindyck, R.
Rose, s.
Rudik, Ivan
Stock, J.
Tol, R.S.J.
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Rudik, Ivan
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Economics
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Economics
Abstract

There have been dramatic advances in understanding the physical science of climate change, facilitated by substantial and reliable research support. The social value of these advances depends on understanding their implications for society, an arena where research support has been more modest and research progress slower. Some advances have been made in understanding and formalizing climate-economy linkages, but knowledge gaps remain [e.g., as discussed in (1, 2)]. We outline three areas where we believe research progress on climate economics is both sorely needed, in light of policy relevance, and possible within the next few years given appropriate funding: (i) refining the social cost of carbon (SCC), (ii) improving understanding of the consequences of particular policies, and (iii) better understanding of the economic impacts and policy choices in developing economies.

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This is a manuscript of an article from Science 352 (2016): 292, doi: 10.1126/science.aad9634. Posted with permission.

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