Climate decisions under uncertainty - Grantham Research Institute on climate change and the environment

This research topic links decision theory and other economic tools with the insights of climate science.

Decision makers quite understandably want concrete information on the implications of climate change. However, it is very difficult to supply such information. There are major uncertainties, both in terms of climate information and the ecological and human response to climate change (including the global mitigation response).

This research topic aims to help policy makers manage the risks and uncertainties of climate change. It seeks to answer difficult questions, such as the near-term priorities for policy and investment, and whether to act now or delay investments in adaptation and mitigation.

Publications

Heal, G., Millner, A., 2013. Uncertainty and decision making in climate change economics. Review of Environmental Economics and Policy, 8 (1), pp.120-137. External link to paper

Millner, A., Dietz, S., Heal, G., 2013. Scientific ambiguity and climate policy. Environmental and Resource Economics, 55 (1), pp.21-46. External link to paper

Ranger, N., Millner, A., Dietz, S., Fankhauser, S., Lopez, A., and Ruta, G., 2010. Adaptation in the UK: a decision making process. Policy brief. London: Grantham Research Institute on Climate Change and the Environment, Centre for Climate Change Economics and Policy, London School of Economics and Political Science. Download PDF