A Stern Reply to the Reply to the Review of the Stern Review

Richard S.J. Tol () and Gary W. Yohe
Authors registered in the RePEc Author Service: Paul Collier

World Economics, 2007, vol. 8, issue 2, pages 153-159

Abstract: Tol and Yohe point out that, in their reply [Vol. 8, No. 1] to Tol and Yohe’s review [Vol. 7, No. 4], the Stern team demonstrates the fragility of the numerical findings of the cost–benefit analysis in the Stern Review. At the same time, the Stern team puts less weight on cost–benefit analysis as a guide to policy making on climate change. Tol and Yohe show that the Stern Review allows several, mutually contradictory interpretations of the model that underlies the cost estimates; and argue that each interpretation implies that Stern’s cost estimates have a severe downward bias.

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