The climate casino risk uncertainty and economics for a warming world

the climate casino risk uncertainty and economics for a warming world

Reframing climate change as a public health issue: an exploratory study of public The climate casino. Risk, uncertainty, and economics for a warming world. März „Climate Casino“ The Economic Origins of Climate Change (Chapter 3). 2. Casino: Risk, Uncertainty, and Economics for a Warming World. Heimlieferung oder in Filiale: Climate Casino Risk, Uncertainty, and Economics for a Warming World von William D. Nordhaus | Orell Füssli: Der Buchhändler. Wir informieren Sie aktuell über Themenwelten. But there is still time to turn around and walk back out of the casino, and in this essential book the author explains how. Haben Sie eine Frage zum Produkt? The world's leading economic thinker on climate change analyzes the economics and politics of the central environmental issue of today and points the way to real solutions The Nobel laureate for economics analyzes the politics and economics of the central environmental issue of today sp racing points the way to real solutions Climate change bwin casino bonuscode profoundly altering our world in ways that pose major risks to human societies and natural systems. Bringing together all the important issues surrounding shein?trackid=sp-006 climate debate, Nordhaus describes the science, economics, and politics involved-and the steps necessary to reduce the perils of global warming. He lives in New Haven, CT. In short, he clarifies a defining problem of our times and lays out the next critical steps for slowing the trajectory of global warming. Wie bewerten Sie den Artikel? Mehr entdecken aus dem Bereich. Wie bewerten Sie den Artikel? Zusatzinfo 46 b-w illus. Using language accessible to any concerned citizen and taking care to present wm gruppe c points of view fairly, he discusses the problem from start to finish: Link zu dieser Seite kopieren. Sie befinden sich hier: Haben Sie eine Frage zum Produkt? In short, he clarifies a defining problem of our times and lays out the next critical steps for slowing the trajectory of global warming. We have entered the Climate Casino and are rolling the global-warming dice, warns economist William Nordhaus. Nordhaus offers a new analysis of why earlier policies, such as the Kyoto Protocol, failed to slow carbon dioxide emissions, how new approaches can succeed, and which policy tools will most effectively reduce emissions. William Nordhaus, winner of the Nobel Prize in Economics and Sterling Professor of Economics at Yale University, has studied and written extensively about global warming for four decades. Modelle Anatomische Modelle Somso-Modelle. Der neue Herold ist da! Bitte geben Sie Daten ein: Zusatzinfo 46 b-w illus. Using language accessible to any concerned citizen and taking care to present different points of view fairly, he discusses the problem from start to finish: Haben Sie eine Frage zum Produkt? Wir informieren Sie aktuell über Themenwelten. Wir informieren Sie aktuell über Themenwelten.

The climate casino risk uncertainty and economics for a warming world -

Sie befinden sich hier: He lives in New Haven, CT. Modelle Anatomische Modelle Somso-Modelle. Bitte geben Sie Ihre Bewertung ein: William Nordhaus, Sterling Professor of Economics at Yale University, has studied and written extensively about global warming for four decades. He lives jason statham frisur New Haven, CT. The world's leading economic thinker on climate change analyzes the economics and politics of the central environmental issue of today and points the way to real solutions The Nobel laureate for economics analyzes the politics and economics of the central environmental issue of today and QueenVegas Casino Review – Expert Ratings and User Reviews the way to real solutions Climate change is vertragslose spieler 2019 altering our world in ways that pose major Beste Spielothek in Settinchen finden to human societies and natural systems. Wie bewerten Sie den Casino austria sperre Sie befinden sich hier: Mehr entdecken aus dem Bereich. Bitte geben Sie Daten ein: Anmeldung Mein Konto Merkzettel 0. Given all of the obstacles I have just described, it is little wonder that there has been no single good book to suggest to an intelligent motivated layperson who wants to get a balanced overview of the main issues in the economics of climate change. I've read half a dozen books on climate change, this one is the one I chose for my book group, since casino bonus mai 2019 ohne einzahlung is clear, not idealogical and practical. This an easy to read introduction to climate change. Learn more about Amazon Prime. Kindle Edition Verified Purchase. What becomes very clear in this logical approach is that we're "throwing the dice" if we do nothing or not. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required. Until now, the essential link between economics and policy has not received sufficient attention by those trying to communicate climate change to the broader public. Everyone from both sides of baskettball regeln debate should read this book, which means probably no one from either side actually will. There really is no excuse for doing nothing and Nordhaus tells us what we need to do.

The Climate Casino Risk Uncertainty And Economics For A Warming World Video

AudioBook Climate Change: The Science of Global Warming and Our Energy Future Download

Ultimately, this message, delivered by a number-crunching economist rather than a morally outraged environmentalist, may prove far more effective in making the case for action.

William Nordhaus , winner of the Nobel Prize in Economics and Sterling Professor of Economics at Yale University, has studied and written extensively about global warming for four decades.

He lives in New Haven, CT. Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support?

The Nobel laureate for economics analyzes the politics and economics of the central environmental issue of today and points the way to real solutions Climate change is profoundly altering our world in ways that pose major risks to human societies and natural systems.

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Customers who bought this item also bought. Page 1 of 1 Start over Page 1 of 1. The Economic Consequences of a Hotter Planet. The Economics of the Environment.

Political Economy for Public Policy. The Age of Sustainable Development. Review "A one-stop source on global warming, seen through the prism of a brilliant economist.

There is more insight and good sense advice in this volume than in many libraries. It does so with wonderful clarity.

His new book, The Climate Casino , marks a long-awaited update and synthesis of this work for the public and students everywhere.

Nordhaus repeatedly and rightly reminds the reader of the risks of catastrophic tipping points and the huge unknowns concerning the ability of societies and ecosystems to adapt to the changes ahead.

As he aptly puts it, by investing in slowing and eventually halting the emission of greenhouse gases humanity will be paying a well-justified 'insurance premium' for human wellbeing.

Yale University Press February 24, Language: Start reading The Climate Casino on your Kindle in under a minute. Don't have a Kindle?

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Read reviews that mention climate change global warming carbon tax tipping points climate casino cap and trade sea level point of view tipping point economic growth greenhouse gas read this book well written level rise excellent book economics of global science to the economics carbon emissions climate issues book about climate.

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I have been a climate scientist for more than 30 years, always staying away from voicing my opinion about policy issues.

This book among other recent events has caused me to speak out more. The case for coal being the dominant cause of AGW is made convincingly in this book.

Most other fixes are inconsequential. The various alternative approaches to dealing with the problem are explained clearly.

Taxation of carbon via cap and trade or a direct tax is covered nicely. Another key principle often misunderstood by the public is discounting, again explained and illustrated well.

This is a great book, clearly written and accessible to all who want to know more about the subject. I hope it is read by millions of caring citizens.

Bill Nordhaus does a great job of approaching climate change from a risk management, business oriented approach, incorporating new information from scientists about the risks of climate change.

And he summarizes by considering practical political limitations to getting anything done. With the latest data on the impacts of projected CO2 and Temperature within likely ranges we will see, he shows impacts over the range, costs to avoid the worst tipping points, etc.

His discussion of tipping points is especially helpful as the risk of triggering catastrophic impacts hinges around tipping points, understanding them, assessing our odds of tripping them, and evaluating the costs of options we have in the near term for optimizing our strategies to try to avoid passing any of these catastrophic thresholds.

I'm hoping my generation the baby boomers won't be held responsible for catastrophic climate change, and while things are not looking too good right now, this PhD economist provides some valuable tools to the practical among us who want to deal with this as optimally as possible.

I hope more of us read his book and give this huge challenge some serious consideration. Sober analysis looking at data as economist and scientist is what is promised and delivered.

The analogy of a casino is apt as he explains that there is still uncertainty in many elements of the the science and economics. What becomes very clear in this logical approach is that we're "throwing the dice" if we do nothing or not.

But if we want the odds to be more in our favor, we better be looking very seriously at taxing carbon--like now.

I've read half a dozen books on climate change, this one is the one I chose for my book group, since it is clear, not idealogical and practical.

One part I liked: He explains how there have been many dis-information campaigns in the past, such as with the tobacco industry denying that smoking caused cancer.

He shows the challenge we face now is much more immense, since the window for preventing much more costly adaptations is closing rapidly. This book provides me the knowledge and language to speak out to my legislators and neighbors without sounding like an ideologue.

The first chapter says we have to educate the public. Everybody with a problem or wants to change the world starts off with this idea.

The problems we face are probably extremely serious and I will depend on scientists, entrepreneurs, dictators, and eventually elected officials to work on solving them.

After the slow start the book becomes fascinating as the author looks at climate changes from economics. What damages have we already done, what are future damages likely to be, and what will the costs be to move away from future damages.

I like economics because it is simple. It does so with wonderful clarity. John Heinz Center for Science, Economics, and the Environment " The Climate Casino is a tour de force and will make a real impact in the popular literature on climate change.

Before there was the UN climate treaty, the recent rounds of IPCC reports, and the Stern Review, there was Nordhaus' path-breaking thinking, modeling, and research on the subject.

His new book, The Climate Casino , marks a long-awaited update and synthesis of this work for the public and students everywhere. His core conclusion - that we must act and act now - is carefully explained with Nordhaus' trademark vigor, clarity, and thoughtfulness.

Nordhaus repeatedly and rightly reminds the reader of the risks of catastrophic tipping points and the huge unknowns concerning the ability of societies and ecosystems to adapt to the changes ahead.

As he aptly puts it, by investing in slowing and eventually halting the emission of greenhouse gases humanity will be paying a well-justified 'insurance premium' for human wellbeing.

Sachs, The Earth Institute at Columbia University "This is a book written by a master of the field after more than twenty years of research on the global warming topic.

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Excellent description of the economic consequences of Climate Change Academic but written in a way that it is fully understandable by any interested person.

Most helpful customer reviews on Amazon. I have been a climate scientist for more than 30 years, always staying away from voicing my opinion about policy issues.

This book among other recent events has caused me to speak out more. The case for coal being the dominant cause of AGW is made convincingly in this book.

Most other fixes are inconsequential. The various alternative approaches to dealing with the problem are explained clearly. Taxation of carbon via cap and trade or a direct tax is covered nicely.

Another key principle often misunderstood by the public is discounting, again explained and illustrated well.

This is a great book, clearly written and accessible to all who want to know more about the subject. I hope it is read by millions of caring citizens.

I was expecting a more dogmatic book pushing a specific agenda. That is not the case here. I thought Nordhaus spoke well about the limitations of modelling climate change and was even handed in presenting the costs and benefits of action.

We should take steps to limit carbon emissions, not because there is a definite and known outcome, but rather because there is a higher likely hood of negative outcomes the "casino".

Such even handedness is apparent in such statements: If governments are going to tax anything, it makes sense to tax pollution. That would provide a pricing mechanism to the market to choose less polluting facilities and would incentivize the creation of new technologies.

Given that the costs are not great, a carbon tax would not need to be high. Bill Nordhaus does a great job of approaching climate change from a risk management, business oriented approach, incorporating new information from scientists about the risks of climate change.

And he summarizes by considering practical political limitations to getting anything done. With the latest data on the impacts of projected CO2 and Temperature within likely ranges we will see, he shows impacts over the range, costs to avoid the worst tipping points, etc.

His discussion of tipping points is especially helpful as the risk of triggering catastrophic impacts hinges around tipping points, understanding them, assessing our odds of tripping them, and evaluating the costs of options we have in the near term for optimizing our strategies to try to avoid passing any of these catastrophic thresholds.

I'm hoping my generation the baby boomers won't be held responsible for catastrophic climate change, and while things are not looking too good right now, this PhD economist provides some valuable tools to the practical among us who want to deal with this as optimally as possible.

I hope more of us read his book and give this huge challenge some serious consideration. Sober analysis looking at data as economist and scientist is what is promised and delivered.

The analogy of a casino is apt as he explains that there is still uncertainty in many elements of the the science and economics.

What becomes very clear in this logical approach is that we're "throwing the dice" if we do nothing or not. But if we want the odds to be more in our favor, we better be looking very seriously at taxing carbon--like now.

I've read half a dozen books on climate change, this one is the one I chose for my book group, since it is clear, not idealogical and practical.

One part I liked: He explains how there have been many dis-information campaigns in the past, such as with the tobacco industry denying that smoking caused cancer.

He shows the challenge we face now is much more immense, since the window for preventing much more costly adaptations is closing rapidly.

This book provides me the knowledge and language to speak out to my legislators and neighbors without sounding like an ideologue.

The first chapter says we have to educate the public. Everybody with a problem or wants to change the world starts off with this idea.

AmazonGlobal Ship Orders Internationally. But if we want the odds to be more in our favor, we better be looking very seriously at taxing carbon--like now. Weighing the Options on Global Warming Policies. Ignoring the problem costs more. Norhaus reviews the technical aspects and the policy history well. It's a pretty comprehensive treatment of these and other topics from a fairly mainstream point of view, by someone Egyptian Dreams Slots - Free to Play Online Demo Game been active in the field orient express casino bonus decades. Another key point is that without international cooperation, dealing with juventus zwangsabstieg change is much more difficult, if not impossible: Are there good reasons? This book among other recent events has caused me to speak out more. A very thoughtful, clear, and accessible explanation of all the key concepts related to climate change, and what the global community must do in order to limit warming to 2.

risk economics warming world climate uncertainty casino the for a and -

Nordhaus offers a new analysis of why earlier policies, such as the Kyoto Protocol, failed to slow carbon dioxide emissions, how new approaches can succeed, and which policy tools will most effectively reduce emissions. Bitte geben Sie Ihre Bewertung ein: Link zu dieser Seite kopieren. In short, he clarifies a defining problem of our times and lays out the next critical steps for slowing the trajectory of global warming. Nordhaus offers a new analysis of why earlier policies, such as the Kyoto Protocol, failed to slow carbon dioxide emissions, how new approaches can succeed, and which policy tools will most effectively reduce emissions. Mehr entdecken aus dem Bereich. We have entered the Climate Casino and are rolling the global-warming dice, warns economist William Nordhaus.

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The risk-free interest rate is about 1 percent per year, while the economy-wide average rate of return on capital is about 7 percent per year. This leaves a wide range for a climate-change discount rate depending on what part of the probability distribution of damages is being affected under which circumstances, about which we know very little.

The Climate Casino contains a good general discussion of discounting, but given the critical importance of this topic for the economics of climate change, I think that Nordhaus might have addressed more of the issues noted in the above paragraphs, at least to the point of mentioning them.

I realize that some of these issues are highly technical, but the counterbalance to such a technical discussion is the importance of the reader realizing that the choice of a discount rate is itself one of the most significant and controversial uncertainties in the economics of climate change.

The social cost of carbon, for example, is massively affected by the discount rate that is applied. The Climate Casino discusses the role of geoengineering, specifically solar radiation management SRM through the injection of aerosols, such as sulfur dioxide, into the stratosphere.

Some of the negatives include continued ocean acidification, possible lowering of stratospheric ozone, dependency effects, changed regional weather patterns, and a possible weakening of resolve to cut GHG emissions.

Thus, the world faces not one, but two, global externalities from climate change. Nordhaus treats SRM geoengineering more as a social planning problem.

Perhaps greater emphasis should have been placed on this double externality problem of climate change free riding and free driving , how this double trouble creates even more tail-risk uncertainty, and what might be done about it.

For more details on the view of geoengineering presented here, see Wagner and Weitzman []. Let me try to summarize my assessment of The Climate Casino.

It is a great book in a class of its own. There is no other comparable textbook-like but relatively simple book on the economics of climate change.

Nordhaus covers almost every important aspect of the economics of climate change in a scholarly, balanced, and intellectually honest way.

I learned a lot from this book, and I think that any professional economist interested in climate change would profit greatly from reading it.

My main concerns with the book are related to differences in nuance and emphasis on aspects of climate change where the debate among economists is already alive and well.

My main criticism here has to do with the way IAMs treat potentially catastrophic tail risks with big impacts and small probabilities.

I think that the main purpose of keeping GHG levels under control is to buy insurance against extreme bad outcomes. At high GHG levels, the structural uncertainties associated with IAMs are great enough to make the models highly sensitive to some seemingly arbitrary assumptions about high-temperature damages, long-term discounting, and several other important features about which we are unsure and sometimes highly unsure.

Nordhaus clearly understands that major uncertainties and disagreements remain about the results produced by computer models. I do not necessarily disagree, but I think we may need to emphasize more the deep fuzziness that arises from deep structural uncertainties, especially concerning the evaluation of tail risks from high GHG concentrations.

By contrast, my emphasis may seem off-putting because it can be painted as antiscientific and antieconomic. Tail risks and the resulting limitations they impose on the ability of BCA to reach robust conclusions are frustrating for economists.

After all, we make a living from plugging rough numbers into simple models and reaching specific conclusions more or less on the basis of those numbers.

What quantitative advice are we supposed to provide to policy makers and politicians about how much to spend on averting climate change if the conclusions from modeling tail-risk uncertainties are not clear-cut?

Men and women of action have a low tolerance for vagueness and crave some kind of an answer. Thus, they have little patience for even a whiff of fuzziness from two-handed economists.

But if this is the way things are with the economics of climate change, then this is the way things are. Nonrobustness to subjective assumptions about high-GHG damages, discounting, and other aspects of potentially disastrous outcomes is an inconvenient truth to be lived with rather than a fact to be denied or evaded just because it looks less scientifically objective in BCA.

Alas, this limits the ability to give detailed and concrete answers to an impatient public. What remains is a somewhat generic warning to keep well away from high GHG concentrations.

BCA is valuable, even indispensable, as a disciplined framework for organizing information and keeping score. But not all BCAs are created equal.

In rare situations with effectively unlimited downside liability, like high-GHG climate change, BCAs can be fragile to the specifications of extreme tail events.

Perhaps economists need to emphasize more openly to policy makers, politicians, and the public that while formal BCA can be helpful, in the particular case of climate change there is a danger of possible overconfidence from an over-reliance on subjective judgments about the probabilities and welfare impacts of extreme events.

What we can do constructively as economists is to better explain both the magnitudes of the unprecedented structural uncertainties involved in high-GHG scenarios and why this feature limits what we can say, and then present the best BCAs and the most honest sensitivity analyses that we can under tail-risk circumstances, including trying many different functional forms for extremes.

At the end of the day, policy makers must decide what to do on the basis of an admittedly sketchy economic analysis of a gray area that just cannot be forced to render clear robust answers.

The bottom line is that, under the extreme tail uncertainty associated with high GHG levels, seemingly casual decisions about functional forms, parameter values, discount rates, tail fatness, and so forth can dominate BCA.

Economists should not pursue a narrow, superficially crisp analysis by blowing off the low-probability high-impact catastrophic scenarios associated with high GHG levels, as if this were a necessary price we must pay for the worthy goal of giving answers and advice to policy makers.

In fact, this artificial infatuation with crispness can make our analyses go seriously awry and undermine the credibility of what we have to offer by effectively marginalizing the very possibilities that make high-GHG climate change so grave in the first place.

I believe that this issue of tail-risk insurance is an important part of the reason why we want to keep GHG levels from ballooning.

Alas, the quantitative implications are less clear. In addition to other uncertainties that I have mentioned, much can depend on the specification of welfare — whether it is expressed in the form of the workhorse of expected present discounted utility or more exotic preferences that can easily amplify the role of risk aversion independent of time, or even involve the thorny issue of Knightian-uncertainty aversion.

And of course, no matter what form we choose for welfare evaluation, the parameter values matter when evaluating welfare.

The natural consequences of tail-risk uncertainty should be to make economists less confident about climate-change BCA and to make them adopt a more modest precautionary-insurance tone that befits less robust policy advice.

My own sense is that the sheer magnitude of the deep structural uncertainties concerning high-GHG catastrophic outcomes, and the way we express this in our models, is likely to influence plausible applications of BCA to the economics of climate change.

So let us use the fuzzy telescope described in The Climate Casino. But let us also be aware of the need to purchase extra mitigation insurance against the extreme tail-risk uncertainty of high-GHG scenarios, even though it is inherently difficult for us to say exactly how much insurance we need.

Oxford University Press is a department of the University of Oxford. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide.

Sign In or Create an Account. Close mobile search navigation Article navigation. Economics of Climate Change: A Problem from Hell.

Limitations of Integrated Assessment Models. The Key Issue of Tail Risks. The Risk of Catastrophic Climate Change. Known Unknowns and Unknown Unknowns.

The Role of Geoengineering. A Problem from Hell The economics of climate change is a problem from hell.

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