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

Richard Tol and Gary Yohe
Authors registered in the RePEc Author Service: Paul Collier

World Economics, 2007, vol. 8, issue 2, 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.

Date: 2007
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