The Economics of Climate Change: The Stern ReviewCambridge University Press, 2007 M01 4 - 692 pages There is now clear scientific evidence that emissions from economic activity, particularly the burning of fossil fuels for energy, are causing changes to the Earth's climate. A sound understanding of the economics of climate change is needed in order to underpin an effective global response to this challenge. The Stern Review is an independent, rigourous and comprehensive analysis of the economic aspects of this crucial issue. It has been conducted by Sir Nicholas Stern, Head of the UK Government Economic Service, and a former Chief Economist of the World Bank. The Economics of Climate Change will be invaluable for all students of the economics and policy implications of climate change, and economists, scientists and policy makers involved in all aspects of climate change. |
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1.5 reduces 95th percentile Appendix to Chapter argued argument Arrow assumptions Baseline climate BAU climate change business-as-usual change from 10.9 climate sensitivity cost estimates cost of BAU damage exponent damage function exponent Dasgupta Discount factors economics of risk effects elasticity of marginal emissions ethical judgements evaluation example extra unit Figure PA.2 future GDP per capita global greenhouse gas growth rate High climate high temperatures human race surviving IAMs impacts of climate impacts range 60 important income Increasing the elasticity Integrated Assessment Models investment issues loss estimates loss in GDP marginal utility market impacts model is designed model structure modelling of Chapter Natural Environment non-market impacts Mean PAGE2002 model percentage points previous studies Probability of human pure rate pure time discount pure time preference rate of pure regions risk aversion risk of catastrophe sensitivity analysis Stern Review strong mitigation Sustainable Development Table PA.1 temperature increase utility of consumption