000184854 001__ 184854
000184854 005__ 20180122234343.0
000184854 037__ $$a824-2016-54688
000184854 041__ $$aen_US
000184854 084__ $$aQ54
000184854 084__ $$aD81
000184854 084__ $$aD63
000184854 245__ $$aSharing of Climate Risks across World Regions
000184854 260__ $$c2014-09-15
000184854 269__ $$a2014-09-15
000184854 270__ $$mjohannes.emmerling@feem.it$$pEmmerling,   Johannes
000184854 300__ $$a25
000184854 336__ $$aWorking or Discussion Paper
000184854 490__ $$aCCSD
000184854 490__ $$a078.2014
000184854 520__ $$aUncertainty is prevalent in the context of climate change impacts. Moreover, the distribution across the globe is not uniform. We analyze how climate risks could be reduced via an insurance scheme at the global scale across regions and quantify the potential welfare gains from such a scheme. Starting from the standard welfare analysis in Integrated Assessment Models (IAMs), which assumes no risk sharing across region, we introduce global risk sharing via a market for state-dependent Arrow-Debreu securities. We show that this allows equalizing relative consumption differences between states of the world across regions. We estimate that such risk sharing scheme of climate risks could lead to welfare gains reducing the global costs of climate change by up to one third, while the amount of transfers required is substantial. This provides arguments for considering risk sharing in IAMs, but also for potentially welfare increasing negotiations about sharing risks of climate change at the global level.
000184854 542__ $$fLicense granted by Andrea Portaluppi (andrea.portaluppi@feem.it) on 2014-09-22T09:34:48Z (GMT):

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000184854 650__ $$aEnvironmental Economics and Policy
000184854 6531_ $$aUncertainty
000184854 6531_ $$aRisk Sharing
000184854 6531_ $$aInsurance
000184854 6531_ $$aClimate Change
000184854 6531_ $$aRisk Aversion
000184854 700__ $$aEmmerling, Johannes
000184854 8564_ $$s1876329$$uhttp://ageconsearch.umn.edu/record/184854/files/NDL2014-078.pdf
000184854 887__ $$ahttp://purl.umn.edu/184854
000184854 909CO $$ooai:ageconsearch.umn.edu:184854$$pGLOBAL_SET
000184854 912__ $$nSubmitted by Andrea Portaluppi (andrea.portaluppi@feem.it) on 2014-09-22T09:38:12Z
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000184854 912__ $$nMade available in DSpace on 2014-09-22T09:38:12Z (GMT). No. of bitstreams: 1
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  Previous issue date: 2014-09-15
000184854 982__ $$gFondazione Eni Enrico Mattei (FEEM)>Climate Change and Sustainable Development
000184854 980__ $$a824