. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. Not only do people underestimate the range of possible outcomes, but they also often forget that there are forces that they have not thought about, or do not know about, that will upset their plans and expectations. For example, ecologists see global warming as a threat to ecosystems, utilities as a debit to their balance sheets, and farmers as a hazard to their livelihoods. You're listening to a sample of the Audible audio edition. Notwithstanding, it is clear that William Nordhaus is a major voice in the current debate over global warming mitigation. It also analyses reviews to verify trustworthiness. Prime members enjoy FREE Delivery and exclusive access to music, movies, TV shows, original audio series, and Kindle books. Bring your club to Amazon Book Clubs, start a new book club and invite your friends to join, or find a club that’s right for you for free. ©2000-2020 ITHAKA. A Question of Balance: Weighing the Options on Global Warming Policies: Nordhaus, William D.: Amazon.sg: Books --John P. Weyant, Professor of Management Science and Engineering, Stanford University -- John P. Weyant "Nordhaus's careful modeling of the world climate and the world economy is a cool breeze of common sense in an arena of discourse often dominated by torrents of hot air. For details, please see the Terms & Conditions associated with these promotions. "-Michael Shermer, Huffington Post -- Michael Shermer Huffington Post. Essential evaluation of the economics of ameliorating global warming, Reviewed in the United States on June 29, 2008. In this important work, William Nordhaus integrates the entire spectrum of economic and scientific research to weigh the costs of reducing emissions against the benefits of reducing the long-run damages from global warming. There was an error retrieving your Wish Lists. Please try your request again later. Use features like bookmarks, note taking and highlighting while reading A Question of Balance: Weighing the Options on Global Warming Policies. There are many potential approaches to climate-change policy. JSTOR®, the JSTOR logo, JPASS®, Artstor®, Reveal Digital™ and ITHAKA® are registered trademarks of ITHAKA. The overconfidence problem can easily arise in analytical studies, such as computerized approaches like the DICE model, where the results are shown with great precision and with many significant digits. This chapter presents the mathematical structure of the DICE-2007 model. He considers what we can do about it at what cost. How to strike a balance between environmentalists and businessmen, Reviewed in the United States on November 6, 2013. How confident can we be in the results of our modeling? A Question of Balance is a rather dry read. The major advantage of integrated assessment approaches such as the DICE model is that they can investigate alternative policies in a consistent and comprehensive framework. Prime members enjoy FREE Delivery on millions of eligible domestic and international items, in addition to exclusive access to movies, TV shows, and more. I am not an economist and and the equations and their import were often beyond my understanding. New Haven, CT: Yale University Press. The major changes since the last generation of RICE-DICE models are described in the last part of the chapter. ... A Question of Balance: Weighing the Options on Global Warming Policies. Perhaps expectedly, and somewhat ironic, one of the more interesting passages is found in footnote 1 to chapter VII and deals with interpretation of uncertainty (p. 215). An important perspective on the issue of global warming, and a caution of how overreach in attempting to reduce CO2 emissions can make the cost worse than the cure. Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. He considers what we can do about it at what cost. His approach is to create a computer model in which he hopes to capture the salient economic, energy and climate factors while being simple enough that it can be understood and run repeatedly with different scenarios. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. --Kenneth J. Arrow, StanfordUniversity, Nobel Laureate in Economics. Please try again. His ... book shows that his work remains the standard of analysis by which the field may be judged. Fast and free shipping free returns cash on delivery available on eligible purchase. The major feature of the DICE model is that it allows us to analyze in a simplified and transparent fashion the economic and environmental impacts of alternative policies, including one with no controls, an economic optimum, and ones targeted on climatic constraints, as well as ones that derive from current policies such as... JSTOR is part of ITHAKA, a not-for-profit organization helping the academic community use digital technologies to preserve the scholarly record and to advance research and teaching in sustainable ways. Please try again. Climate Shock: The Economic Consequences of a Hotter Planet, The Economics of Climate Change: The Stern Review, Economics and Policy Issues in Climate Change, All We Can Save: Truth, Courage, and Solutions for the Climate Crisis, Designing Climate Solutions: A Policy Guide for Low-Carbon Energy, "Professor Nordhaus pioneered the integrated analysis of climate change, combining climatic and economic modeling. I relied on Professor Nordehaus's academic standing (Stirling Professor of Economics at Yale and coauthor of a standard economics text with Paul Samuelson) and took him to be fair in his assessments. . Global warming poses a unique mix of problems that arise from the fact that global warming is a global public good, is likely to be costly to slow or prevent, has daunting scientific and economic uncertainties, and will cast a shadow over the globe for decades, perhaps even centuries, to come. on JSTOR. They are not truth machines. The book offers one of the most extensive analyses of the economic and environmental dynamics of greenhouse-gas emissions and climate change and provides the tools to evaluate alternative approaches to slowing global warming. The author accepts global warming as a given and a very serious problem. Unable to add item to List. As scientific and observational evidence on global warming piles up every day, questions of economic policy in this central environmental topic have taken center stage. The structures of the Framework Convention on Climate Change (which requires only the participation of high-income countries) and the Kyoto Protocol (which excludes major developing countries in principle and the United States in practice)... Behavioral studies have repeatedly shown that people overestimate their confidence in their knowledge of the world. The differences reflect different perceptions of damages, income levels, political structures, environmental attitudes, and country sizes. In dealing with global public goods like global warming, it is necessary to reach through governments to the multitude of firms and consumers who make the vast number of decisions that affect the ultimate outcome. (For EndNote, ProCite, Reference Manager, Zotero, Mendeley...), II Background and Description of the DICE Model, III Derivation of the Equations of the DICE-2007 Model, IV Alternative Policies for Global Warming, VII Dealing with Uncertainty in Climate-Change Policy, IX An Alternative Perspective: The Stern Review, Appendix: Equations of the DICE-2007 Model. [The] exposition is very clear and thorough, showing all the relevant issues so that those who may disagree can pinpoint exactly the points at issue." This allows us to understand the trade-offs involved in a more precise fashion. We will refer to the Appendix equations as we proceed with this discussion. Please try again. His . Weighing the Options on Global Warming Policies" [38] (p. Try logging in through your institution for access. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required. The major industrial GHGs are carbon dioxide (CO₂), methane, ozone, nitrous oxides, and chlorofluorocarbons (CFCs). Exactly what is needed, a balanced, non-hysterical way to think about the economics of global warming. In November 2006, the British government presented a comprehensive new study:Stern Review on the Economics of Climate Change(hereafter theStern Review).¹ It painted a dark picture for the globe: “[T]heReviewestimates that if we don’t act, the overall costs and risks of climate change will be equivalent to losing at least 5% of global GDP each year, now and forever. Do you believe that this item violates a copyright? Unable to add item to List. "-Kenneth J. Arrow, StanfordUniversity, Nobel Laureate in Economics -- Kenneth J. Arrow "William Nordhaus has, with the publication of A Question of Balance, once again reestablished the gold standard for economic analysis of climate policy in an uncertain world where scientific understanding changes unexpectedly. In this important work, William Nordhaus integrates the entire spectrum of economic and scientific research to weigh the costs of reducing emissions against the benefits of reducing the long-run damages from global warming. This book not only will shape discussion of one the world's most pressing problems but will provide the rationales and methods for achieving widespread agreement on our next best move in alleviating global warming. A Question of Balance: Weighing the Options on Global Warming Policies. If a wider range of risks and impacts is taken into account, the estimates of damage could rise to 20% of GDP or more. The results convey a spurious precision that does not accurately reflect the modeling, behavioral, and measurement errors and uncertainties. William D. Nordhaus, Sterling Professor of Economics at Yale University, is the author of The Climate Casino: Risk, Uncertainty, and Economics for a Warming World. In... We now describe the major result of the DICE-2007 model runs. The author emphasizes the need to establish effective mechanisms, such as carbon taxes, to harness markets and harmonize the efforts of different countries. I thought he was thorough is his descriptions of the limitations of this approach and his model which I would describe as an economic and cost benefit analysis over time of various strategies for ameliorating global warming. Discover the best of shopping and entertainment with Amazon Prime. The author accepts global warming as a given and a very serious problem. Nordhaus (2008) offers an influential market-based calibration. "-Dale Jorgenson, Samuel W. Morris University Professor of Economics, Harvard University -- Dale Jorgenson "If you are skeptical of Lomborg and his branch of environmental skepticism, read ... A Question of Balance. Please try again. In his book "A Question of Balance. His approach is to create a computer model in which he hopes to capture the salient economic, energy and climate factors while being simple enough that it can be understood and run repeatedly with different scenarios. "Professor Nordhaus pioneered the integrated analysis of climate change, combining climatic and economic modeling. As a result of the buildup of atmospheric greenhouse gases (GHGs), it is expected that significant climate changes will occur in the coming decades and beyond. The first or baseline policy is a world in which there are no controls for two and one-half centuries. As scientific and observational evidence on global warming piles up every day, questions of economic policy in this central environmental topic have taken center stage. The most important GHG is CO₂, whose emissions have risen rapidly in recent decades. As scientific and observational evidence on global warming piles up every day, questions of economic policy in this central environmental topic have taken center stage.

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