Climate policy and the value of information: A Bayesian approach. Book uri icon

abstract

  • The design of policies aimed at avoiding or mitigating global warming or at responding to the effects of global warming must be performed under considerable uncertainty over both the future behavior of climate and the costs and benefits of the policies under consideration. Using a simple example involving the construction of a dike to protect property from sea level rise, the elements of a Bayesian approach to valuing information are described.

publication date

  • 1989