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The "Stern Review" And Its Critics: Implications For The Theory And Practice Of Benefit-Cost Analysis, Daniel H. Cole
The "Stern Review" And Its Critics: Implications For The Theory And Practice Of Benefit-Cost Analysis, Daniel H. Cole
Articles by Maurer Faculty
The UK's Treasury's "Stern Review: The Economics of Climate Change" (Oct. 2006) reached dramatically different conclusions and policy recommendations than most earlier economic analyses of climate change. It found that the costs of climate change, as well as the potential net benefits of greenhouse gas reductions, were much higher that previously estimated, and consequently recommended more rapid and extensive cuts in emissions than other economist analysts. The Stern Review estimated that a 1% annual investment of global GDP in mitigation could prevent a 5% (or more) reduction in annual global GDP from climate change harm, forever. A number of prominent …