Aggregation of Experts Opinions and the Assessment of Tipping Points. Catastrophic Forecasts for Higher Temperature Changes

Marcello Basili and Federico Crudu ()

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: This paper assesses the probability of occurrence of tipping points conditional on a given temperature scenario by combining probability intervals from elicited experts opinions using the data of Kriegler et al. (2009). The computation of such conditional probabilities is based on the aggregation of imprecise probability judgments through the Steiner point. In addition, the probability of a tipping point can be updated via the standard Bayes rule to generate tipping point scenarios. Our results suggest that tipping events may happen with relatively large probabilities, in contrast with the view that tipping points are low-probability-high-impact events.

Keywords: Bayesian updating; aggregation; global warming; judgmental forecasting; Steiner point; tipping points (search for similar items in EconPapers)
JEL-codes: C10 D81 Q54 (search for similar items in EconPapers)
Date: 2021-12
New Economics Papers: this item is included in nep-env
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Persistent link: https://EconPapers.repec.org/RePEc:usi:wpaper:868

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