Country-Specific Market Impacts of Climate Change |
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| Authors: | Robert Mendelsohn Wendy Morrison Michael E. Schlesinger Natalia G. Andronova |
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| Affiliation: | (1) Yale FES, 360 Prospect St., New Haven, CT, 06511, U.S.A.;(2) Middlebury College, Middlebury, VT, U.S.A.;(3) University of Illinois at Urbana-Champaign, 105 South Gregory Avenue, Urbana, IL, 61801, U.S.A. |
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| Abstract: | We develop a new climate-impact model, theGlobal Impact Model (GIM), which combines futurescenarios, detailed spatial simulations by generalcirculation models (GCMs), sectoral features,climate-response functions, and adaptation to generatecountry-specific impacts by market sector. Estimatesare made for three future scenarios, two GCMs, andtwo climate-response functions – a reduced-form modeland a cross-sectional model. Combining empiricallybased response functions, sectoral data by country,and careful climate forecasts gives analysts a morepowerful tool for estimating market impacts. GIMpredicts that country specific results vary, implyingthat research in this area is likely to bepolicy-relevant. |
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