Climate policy/Description: Difference between revisions
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===Damage and Cost-Benefit Analysis modules=== | ===Damage and Cost-Benefit Analysis modules=== | ||
The Damage and Cost-Benefit Analysis modules calculate the consumption loss resulting from climate change damage, and compare these with the consumption losses of adaptation and mitigation costs ([[Hof et al., 2008]]; [[Hof et al., 2009|2009]]; [[Hof et al., 2010|2010]]). Estimates of adaptation costs and residual damage (defined as the damage that remains after adaptation) are based on the [[AD | The Damage and Cost-Benefit Analysis modules calculate the consumption loss resulting from climate change damage, and compare these with the consumption losses of adaptation and mitigation costs ([[Hof et al., 2008]]; [[Hof et al., 2009|2009]]; [[Hof et al., 2010|2010]]). Estimates of adaptation costs and residual damage (defined as the damage that remains after adaptation) are based on the [[AD RICE model]] ([[De Bruin et al., 2009]]), which are based on total damage projections made by the [[RICE model]]. Calibration of the regional adaptation cost functions is based on an assessment of each impact category described in the RICE model, using relevant studies and with expert judgement where necessary. The optimal level of adaptation can be calculated by the model, but may also be set to a non-optimal level by the user. | ||
===Estimation of consumption losses=== | ===Estimation of consumption losses=== | ||
Consumption losses due to mitigation, adaptation and climate change damage are estimated based on a simple Cobb-Douglas economic growth model. Each region is calibrated separately to the exogenous GDP path. Damages, adaptation and abatement costs are subtracted from investment or consumption to determine either the direct replacement effect on consumption, or the indirect effect from replacing investments. | Consumption losses due to mitigation, adaptation and climate change damage are estimated based on a simple Cobb-Douglas economic growth model. Each region is calibrated separately to the exogenous GDP path. Damages, adaptation and abatement costs are subtracted from investment or consumption to determine either the direct replacement effect on consumption, or the indirect effect from replacing investments. | ||
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Revision as of 13:47, 15 May 2014
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