Opportunities for advances in climate change economics

Target carbon's costs, policy designs, and developing countries 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...

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Bibliographic Details
Published in:Science (American Association for the Advancement of Science) 2016-04, Vol.352 (6283), p.292-293
Main Authors: Burke, M., 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, I., Stock, J., Tol, R. S. J.
Format: Article
Language:English
Subjects:
Climate change
Climate science
Economic impact
Environmental policy
PERSPECTIVES
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Summary:Target carbon's costs, policy designs, and developing countries 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.
ISSN:0036-8075
1095-9203
DOI:10.1126/science.aad9634