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Journal of Economic Perspectives: Vol. 7 No. 4 (Fall 1993)
JEP Volume. 7, Issue 4 | 
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Global Environmental Risks
Article Citation
Chichilnisky, Graciela, and
Geoffrey Heal. 1993. "Global Environmental Risks."
Journal of Economic Perspectives,
7(4): 65-86.
DOI: 10.1257/jep.7.4.65
DOI: 10.1257/jep.7.4.65
Abstract
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?
Article Full-Text Access
Full-text Article (Complimentary)
Authors
Chichilnisky, Graciela (Columbia U)
Heal, Geoffrey (Columbia U)
Heal, Geoffrey (Columbia U)
JEL Classifications
Q21: Renewable Resources and Conservation: Demand and Supply (the Commons
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