EconPapers    
Economics at your fingertips  
 

Climate Change Policy: What Do the Models Tell Us?

Robert Pindyck ()

Journal of Economic Literature, 2013, vol. 51, issue 3, 860-72

Abstract: 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 empirical foundation; and the models can tell us nothing about the most important driver of the SCC, the possibility of a catastrophic climate outcome. IAM-based analyses of climate policy create a perception of knowledge and precision, but that perception is illusory and misleading.

JEL-codes: C51 Q54 Q58 (search for similar items in EconPapers)
Date: 2013
Note: DOI: 10.1257/jel.51.3.860
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (313) Track citations by RSS feed

Downloads: (external link)
http://www.aeaweb.org/articles.php?doi=10.1257/jel.51.3.860 (application/pdf)
http://www.aeaweb.org/jel/ds/5103/JEL.51.3.860_ds.zip (application/zip)
Access to full text is restricted to AEA members and institutional subscribers.

Related works:
Working Paper: Climate Change Policy: What Do the Models Tell Us? (2013) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aea:jeclit:v:51:y:2013:i:3:p:860-72

Ordering information: This journal article can be ordered from
https://www.aeaweb.org/journals/subscriptions

Access Statistics for this article

Journal of Economic Literature is currently edited by Steven Durlauf

More articles in Journal of Economic Literature from American Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Michael P. Albert ().

 
Page updated 2021-09-11
Handle: RePEc:aea:jeclit:v:51:y:2013:i:3:p:860-72