A Framework for Compensating Climate Change Damages

Will Climate Change Spark More Wildfire Damages?

Discounting climate change damages: Working note for the Stern review

This working note provides a basic overview of discounting in the context of climate change policy. After defining the social discount factor and social discount rate in terms of shadow prices (section 2), and noting the limitations of cost-benefit analysis for climate change (section 3), the determination of efficient social discount rates is discussed given: the impact of uncertainty about fu...

The Aggregation of Climate Change Damages: A Welfare Theoretic Approach

The economic value of environmental goods is commonly determined using the concepts of willingness to pay (WTP) or willingness to accept (WTA). However, the WTP/WTA observed in different countries (or between individuals) will differ according to socio-economic characteristics, in particular income. This notion of differentiated values for otherwise identical goods (say, a given reduction in mo...

Liability and Compensation for Climate Change Damages – a Legal and Economic Assessment

Richard S.J. Tol and Roda Verheyen a Centre for Marine and Climate Research, Hamburg University, Hamburg, Germany b Institute for Environmental Studies, Vrije Universiteit, Amsterdam, The Netherlands c Center for Integrated Study of the Human Dimensions of Global Change, Carnegie Mellon University, Pittsburgh, PA, USA d Research Unit Environmental Law (FORUM), Faculty of Law, Hamburg University...

State responsibility and compensation for climate change damages—a legal and economic assessment

Customary international law has that countries may do each other no harm. A country violates this rule if an activity under its control does damage to another country, and if this is done on purpose or due to carelessness. Impacts of climate change fall under this rule, which is reinforced by many declarations and treaties, including the UNFCCC. Compensation for the harm done depends on many pa...