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Modeling Uncertainty in Climate Change: A Multi-Model Comparison

Author

Listed:
  • Gillingham, Kenneth
  • Nordhaus, William
  • Anthoff, David
  • Bosetti, Valentina
  • McJeon, Haewon
  • Blanford, Geoffrey
  • Christensen, Peter
  • Reilly, John
  • Sztorc, Paul
Abstract
The economics of climate change involves a vast array of uncertainties, complicating both the analysis and development of climate policy. This study presents the results of the first comprehensive study of uncertainty in climate change using multiple integrated assessment models. The study looks at model and parametric uncertainties for population, total factor productivity, and climate sensitivity. It estimates the pdfs of key output variables, including CO2 concentrations, temperature, damages, and the social cost of carbon (SCC). One key finding is that parametric uncertainty is more important than uncertainty in model structure. Our resulting pdfs also provide insights on tail events.

Suggested Citation

  • Gillingham, Kenneth & Nordhaus, William & Anthoff, David & Bosetti, Valentina & McJeon, Haewon & Blanford, Geoffrey & Christensen, Peter & Reilly, John & Sztorc, Paul, 2016. "Modeling Uncertainty in Climate Change: A Multi-Model Comparison," MITP: Mitigation, Innovation and Transformation Pathways 232219, Fondazione Eni Enrico Mattei (FEEM).
    • Handle: RePEc:ags:feemmi:232219
    DOI: 10.22004/ag.econ.232219
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    More about this item

    Keywords

    Environmental Economics and Policy;

    JEL classification:

    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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