Economics and climate applications: exploring the frontier Academic Article

abstract

• The economics of information is a broad field covering all aspects of information including decision making. We briefly describe 4 methods used to model the decision-making process. This is not an exhaustive list of the methods used to value information, nor are differences between the methods clearly definable. Examples of previous studies using each methodology are presented, as are tradeoffs between the methodologies. Climate forecast issues are generally treated by economists as applied problems. Though applied studies are extremely important, we believe climate forecast issues have the potential for more innovative and rigorous treatment that could lead to theoretical advances in the economics of information. Several examples of researchable issues that we believe could lead to such advances (e.g. the use of climate forecasts in pollution trading; natural disaster mitigation) are then discussed. Maximum benefits can be attained from such a research process that involves policy-makers and end-users, as well as other scientists. Inter-Research 2006.

authors

• Mjelde, James

published proceedings

• CLIMATE RESEARCH

altmetric score

• 8

author list (cited authors)

• Rubas, D. J., Hill, H., & Mjelde, J. W.

citation count

• 20

complete list of authors

• Rubas, Debra J||Hill, Harvey SJ||Mjelde, James W

publication date

• January 2006

publisher

• Inter-Research Science Center  Publisher

published in

• Climate Research  Journal

keywords

• Climate Applications
• Decision Theory
• Economics
• Game Theory
• General Equilibrium Modeling
• Mechanism Design Theory

Digital Object Identifier (DOI)

• 10.3354/cr033043

start page

• 43

end page

• 54

volume

• 33

issue

• 1

URL

• http%3A%2F%2Fdx.doi.org%2F10.3354%2Fcr033043