Global Environmental Risks | Zendy

Graciela Chichilnisky | Zendy; Geoffrey Heal | Zendy

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Global Environmental Risks

Author(s) -

Graciela Chichilnisky,

Geoffrey Heal

Publication year - 1993

Publication title -

the journal of economic perspectives

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 9.614

H-Index - 196

eISSN - 1944-7965

pISSN - 0895-3309

DOI - 10.1257/jep.7.4.65

Subject(s) - climate change , economics , position (finance) , global warming , business , natural resource economics , actuarial science , finance , ecology , biology

We consider the economics of global environmental risks. In this area, we are dealing with risks that are poorly understood, endogenous, collective, and irreversible. In policy terms, the nature and extent of uncertainty about global climate change implies that society's position will be dominated by two questions: What cost is worth incurring to reduce the poorly-understood risk of climate change, or to improve our understanding of the risk? How may existing social institutions, such as insurance contracts and securities markets, be used to provide the most efficient allocation of the risks associated with global climate change?

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