Climate Change Policy: What Do the Models Tell Us?

@article{Pindyck2013ClimateCP,
  title={Climate Change Policy: What Do the Models Tell Us?},
  author={R. Pindyck},
  journal={NBER Working Paper Series},
  year={2013}
}
  • R. Pindyck
  • Published 2013
  • Economics
  • NBER Working Paper Series
Very little. A plethora of integrated assessment models (IAMs) have been constructed and used to estimate the social cost of carbon (SCC) and evaluate alternative abatement policies. These models have crucial flaws that make them close to useless as tools for policy analysis: certain inputs (e.g. the discount rate) are arbitrary, but have huge effects on the SCC estimates the models produce; the models' descriptions of the impact of climate change are completely ad hoc, with no theoretical or… Expand
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