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Empirically calibrating damage functions and considering stochasticity when integrated assessment models are used as decision tools

Author(s): Kopp, Robert E.; Hsiang, Solomon M.; Oppenheimer, Michael

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dc.contributor.authorKopp, Robert E.-
dc.contributor.authorHsiang, Solomon M.-
dc.contributor.authorOppenheimer, Michael-
dc.date.accessioned2020-04-02T00:10:49Z-
dc.date.available2020-04-02T00:10:49Z-
dc.date.issued2013-05-31en_US
dc.identifier.citationKopp, Robert E., Hsiang, Solomon M., Oppenheimer, Michael. (2013). Empirically calibrating damage functions and considering stochasticity when integrated assessment models are used as decision tools. 1 - 11 (11)en_US
dc.identifier.urihttp://arks.princeton.edu/ark:/88435/pr1v79q-
dc.description.abstractBenefit-cost integrated assessment models (IAMs), though developed originally for exploratory research, are now being applied as decision-making tools. This application places new demands on model calibration and capabilities. We suggest two directions for increasing the policy applicability of IAMs. First, employ recent work in the impacts community on empirical impact functions, grounded in the observed response of human systems to climate variability, to parameterize and calibrate IAM damage functions. Empirical damage functions can supplement and, in some cases, replace the often-dated damage estimates in IAMs with alternatives that can be directly compared to contemporary observations. Second, explicitly model the interactions between changes in mean climate and stochasticity in natural and human systems (e.g., weather, business cycles). Explicit stochasticity enables consideration of risk aversion with respect to episodic factors, such as extreme weather, thereby providing a natural way to examine the benefits of consumption-smoothing adaptive measures, such as insurance.en_US
dc.format.extent1 - 11 (11)en_US
dc.language.isoen_USen_US
dc.relation.ispartofImpacts World 2013, International Conference on Climate Change Effects, Potsdam, May 27-30, 2013en_US
dc.rightsFinal published version. Article is made available in OAR by the publisher's permission or policy.en_US
dc.titleEmpirically calibrating damage functions and considering stochasticity when integrated assessment models are used as decision toolsen_US
dc.typeJournal Articleen_US
dc.identifier.doidoi:10.7282/T35X2BRQ-
pu.type.symplectichttp://www.symplectic.co.uk/publications/atom-terms/1.0/conference-proceedingen_US

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