Cost-benefit distortion

06/16/2014
Dodgy estimation of costs and benefits should expose climate rules newly proposed in the US to political if not legal challenge. Huge potential for error exists fundamentally in the evaluation of benefits to be derived from lowering emissions of greenhouse gases. Much depends, for example, on assumptions about the sensitivity of global mean temperature to increasing concentrations of carbon dioxide and other greenhouse gases in the atmosphere. That relationship remains uncertain and controversial. Furthermore, action by a single country, even a major though diminishing emitter of carbon dioxide such as the US, can have negligible effect on globally averaged temperature at best. Dollar val...
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