Affiliation:
1. Professor of Economics, Columbia University, New York City, New York.
2. Professor and Senior Vice Dean, Columbia Business School, New York City, New York.
Abstract
We consider the economics of global environmental risks. In this area, we are dealing with risks that are poorly understood, endogenous, collective, and irreversible. In policy terms, the nature and extent of uncertainty about global climate change implies that society's position will be dominated by two questions: What cost is worth incurring to reduce the poorly-understood risk of climate change, or to improve our understanding of the risk? How may existing social institutions, such as insurance contracts and securities markets, be used to provide the most efficient allocation of the risks associated with global climate change?
Publisher
American Economic Association
Subject
Economics and Econometrics,Economics and Econometrics
Cited by
120 articles.
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