CLIMATE CHANGE AND EXTERNALITY
Climate Change Economics (CCE), 2020, vol. 11, issue 04, 1-9
Climate change is an externality phenomenon. The DICE/RICE models are IAMs that treat climate change as an externality explicitly. Such a feature of DICE/RICE is recognized by the Nobel Committee and is one of the primary reasons for its influence. This paper argues the essentiality of incorporating external effects of climate change in our understanding of climate change from a socio-economic perspective; points out the biases of missing the externality elements in climate change economics; outlining the crucial role of externality in IAM modeling.
Keywords: Climate change; externality; integrated assessment model (IAM); the DICE and RICE models (search for similar items in EconPapers)
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