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Economic Modelling of Climate Impacts: a Partial Review

Juan-Carlos Ciscar, Bert Saveyn and D. Van Regemorter

Review of Business and Economic Literature, 2012, vol. 57, issue 2, 144-157

Abstract: This paper reviews the economic modelling of climate change impacts, using integrated assessment models (IAMs). IAMs consider the most relevant interactions and feedback mechanisms of the human-climate system and integrate various relevant academic disciplines, ranging from climate modeling to economics. Our paper distinguishes two approaches: First, the reduced-form approach considers the direct link between climate change and economic impacts. That approach is highly aggregated or top-down as it does not consider in detail the cause-effect mechanisms between climate change and specific impacts. Second, the bottom-up approach models the specific framework and channels between climate change and its impacts on a specific area. Finally, the paper discusses ways to further improve the bottom-up methodology.

Date: 2012
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Handle: RePEc:sen:rebelj:v:57:i:2:y:2012:p:144-157