Model Uncertainty in Climate Change Economics: A Review and Proposed Framework for Future Research

Loïc Berger and Massimo Marinacci

Environmental & Resource Economics, 2020, vol. 77, issue 3, No 1, 475-501

Abstract: Abstract We review recent models of choices under uncertainty that have been proposed in the economic literature. In particular, we show how different concepts and methods of economic decision theory can be directly useful for problems in environmental economics. The framework we propose is general and can be applied in many different fields of environmental economics. To illustrate, we provide a simple application in the context of an optimal mitigation policy under climate change.

Keywords: Ambiguity; Non-expected utility; Model uncertainty; Climate change (search for similar items in EconPapers)
JEL-codes: D81 Q54 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (16)

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Working Paper: Model Uncertainty in Climate Change Economics: A Review and Proposed Framework for Future Research (2020)
Working Paper: Model Uncertainty in Climate Change Economics: A Review and Proposed Framework for Future Research (2020)
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DOI: 10.1007/s10640-020-00503-3

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