Informing Climate Policy Given Incommensurable Benefits Estimates
Author(s)Jacoby, Henry D.
The determination of long-term goals for climate policy, or of near-term mitigation effort, requires a shared conception among nations of what is at stake. Unfortunately, because of different attitudes to risk, problems of valuing non-market effects, and disagreements about aggregation across rich and poor nations, no single benefit measure is possible that can provide commonly accepted basis for judgment. In response to this circumstance, a portfolio of estimates is recommended, including global variables that can be represented in probabilistic terms, regional impacts expressed in natural units, and integrated monetary valuation. Development of such a portfolio is a research task, and the needed program of work suggested.
Abstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
MIT Joint Program on the Science and Policy of Global Change
Report no. 107
Report no. 107;
climate policy, benefit estimation, uncertainty, non-monetary valuation