The Climate Policy Dilemma
Name
2012-008.pdf
Description
main article
Size
961.65 KB
Format
Adobe PDF
Checksum (MD5)
9fa98a568660f26c83eac765d893ceb0
Author(s)
Pindyck, Robert S.
Date Issued
July 2012
Publisher
MIT CEEPR
Citation
CEEPR-WP-2012-009
Series/Report no.
CEEPR Working Papers;2012-009
Abstract
Climate policy poses a dilemma for environmental economists. The economic argument for stringent GHG abatement is far from clear. There is disagreement among both climate scientists and economists over the likelihood of alternative climate outcomes, over the nature and extent of the uncertainty over those outcomes, and over the framework that should be used to evaluate potential benefits from GHG abatement, including key policy parameters. I argue that the case for stringent abatement—if it can be made at all—cannot be based on the kinds of modeling exercises that have permeated the literature, but instead must be based on the possibility of a catastrophic outcome. I discuss how an analysis that incorporates such an outcome might be conducted.
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