On Modeling and Interpreting the Economics of Catastrophic Climate Change
Abstract
With climate change as prototype example, this paper analyzes the implications of structural uncertainty for the economics of low- probability, high-impact catastrophes. Even when updated by Bayesian learning, uncertain structural parameters induce a critical tail fattening of posterior-predictive distributions. Such fattened tails have strong im- plications for situations, like climate change, where a catastrophe is theoretically possible...
Paper Details
Title
On Modeling and Interpreting the Economics of Catastrophic Climate Change
Published Date
Jan 28, 2009
Volume
91
Issue
1
Pages
1 - 19
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