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Economics

Economics will determine to a large extent which responses to climate change are implemented. The economic viability of a solution depends on risk assessment, intangibles, distribution of wealth, & discount rate.

Something priceless, may just prove pricey. The Guennol Lioness, a 5,000-year-old, 8.3 cm high, Mesopotamian limestone figurine, which in 2007 sold for $57 million, the highest price ever paid for a sculpture.

Sotheby's New York

 Discount Rates

 Distribution

 Intangibles

 Risk Assessment

 

  • Economics of Global Climate Change Featured Article Economics of Global Climate Change Economics of Global Climate Change

    Most economists agree that market forces are poorly suited to the allocation of natural resources such as Earth’s atmosphere. Market forces refer to the influence of... More »

  • Taxes on Fuel and Vehicles Featured Article Taxes on Fuel and Vehicles Taxes on Fuel and Vehicles

    Taxes on fuels are an attractive source of revenue. They amass vast sums, amounting to $1.2 trillion in 2004, or 10.8% of all revenues collected by governments. They are easier... More »

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Taxes on Fuel and Vehicles Last Updated on 2010-12-18 00:00:00 Taxes on fuels are an attractive source of revenue. They amass vast sums, amounting to $1.2 trillion in 2004, or 10.8% of all revenues collected by governments. They are easier to collect than other taxes because they are assessed at refineries or large wholesalers, which are few in number. People are somewhat less adverse to fuel taxes than other taxes because a major portion of these revenues is spent on highly visible infrastructure projects. Road signs in construction zones along U.S highways proudly announce “Your Tax Dollars at Work.” The public also recognizes that, in addition to high fuel prices, high fuel taxes discourage superfluous driving as well as encourage the purchase of more fuel-efficient and less polluting vehicles.   The average cost of extracting, transporting, and refining gasoline and diesel fuel in 2006 was $0.53 per liter ($2.01 per... More »
Cost-Benefit Analysis for Climate Change Last Updated on 2010-11-12 00:00:00 Mitigation of greenhouse gas emissions may require large (priced at greater than $100 million), government sponsored projects. Governments, in theory, choose the course of action that yields the highest benefits at the lowest costs. In practice, cost-benefit analyses suffer from several problems. Analyses of large projects must account for the complexity and longevity of such endeavors as well as their dependence on leading edge—and often “bleeding edge”—technologies. Moreover, project planning is an imperfect process. that tend to underestimate costs and overestimate benefits. To improve the planning process for large-scale projects such as those for climate change mitigation will require more accurate forecasting methods and better incentives for objectivity. [1] Reference class forecasting One method that may increase the accuracy of... More »
Economics of Global Climate Change Last Updated on 2010-11-12 00:00:00 Most economists agree that market forces are poorly suited to the allocation of natural resources such as Earth’s atmosphere. Market forces refer to the influence of supply and demand on the distribution of goods or services. Supply is the willingness and ability to provide a good or service, and demand is the desire for a good or service, as indicated by the willingness and ability to pay. Market demand refers to the desirability of a good or service in the marketplace. Demand for a good or service depends primarily on its price. As its price increases, consumers will purchase less of the good or service, and the quantity consumed will decrease. The entire demand curve will shift to the right if consumers become wealthier (e.g., greater wealth in China increases the demand for electricity and thereby the demand for coal), if alternative goods or services become more... More »
IPCC Fourth Assessment Report, Working Group III: Chapter 6 Last Updated on 2010-08-05 00:00:00 Originally published by our Content Partner: Intergovernmental Panel on Climate Change (other articles) Residential and commercial[1] buildings Table of Contents Executive Summary 6.1 Introduction 6.2 Trends in buildings sector emissions 6.3 Scenarios of carbon emissions resulting from energy use in buildings 6.4 GHG mitigation options in buildings and equipment 6.4.1 Overview of energy efficiency principles 6.4.2 Thermal envelope 6.4.3 Heating systems 6.4.4 Cooling and cooling loads 6.4.5 Heating, ventilation and air conditioning (HVAC) systems 6.4.6 Building energy management systems (BEMS) 6.4.7 Active collection and transformation of solar energy 6.4.8 Domestic hot water 6.4.9 Lighting systems 6.4.10... More »