(changed estimates in bold; previously omitted estimates in italics)
| Study | Warming
(°C) |
Impact (% GDP) | |||
|
Central estimate |
SD |
Min |
Max |
||
| Estimates from papers summarized in Tol (2009)
(Nordhaus 1994b) |
3.0 |
− 1.3 |
|||
| (Nordhaus 1994a) |
3.0 |
− 4.8 |
− 30.0 |
0.0 |
|
| (Fankhauser 1995) |
2.5 |
− 1.4 |
|||
| (Tol 1995) |
2.5 |
− 1.9 |
|||
| (Nordhaus and Yang 1996) |
2.5 |
− 1.7 |
|||
| (Plambeck and Hope 1996) |
2.5 |
− |
− 11.4 |
− 0.5 |
|
| (Mendelsohn et al. 2000) |
2.5 |
0.0 |
|||
|
2.5 |
0.1 |
||||
| (Nordhaus and Boyer 2000) |
2.5 |
− 1.5 |
|||
| (Tol 2002) |
1.0 |
2.3 |
1.0 |
||
| (Maddison 2003) |
2.5 |
− 0.1 |
|||
| (Rehdanz and Maddison 2005) |
1.0 |
− 0.4 |
|||
| (Hope 2006) |
2.5 |
− |
− |
0.2b |
|
| (Nordhaus 2006) |
2.5 |
− 0.9 |
0.1 |
||
|
3.0 c |
− |
0.1 c |
|||
| (Nordhaus 2008) c |
3.0 c |
− |
|||
| New estimates that appeared after Tol (2009)
(Maddison and Rehdanz 2011) |
3.2 |
− 11.5 | |||
| (Bosello et al. 2012) |
1.9 |
− 0.5 |
|||
| (Roson and van der Mensbrugghe 2012) |
2.9 |
− 1.8 |
|||
|
5.4 |
− 4.6 |
||||
| (Nordhaus 2013) |
2.9 |
− 2.0 |
|||
Notes: The welfare impact of climate change is expressed as an equivalent income gain or loss in percent GDP. SD is standard deviation.
-
This estimate was reported incorrectly as 2.5 percent in Table 1 but correctly as − 2.5 percent in Figure 1 of Tol (2009).
-
This estimate was reported incorrectly as 0.9 percent with confi dence interval as [0.02, 2.7] in Table 1 and Figure 1 of Tol (2009).
-
These estimates, an additional one from Nordhaus (2006) and one from Nordhaus (2008), are overlooked estimates that did not make it into Tol (2009).
Source: Tol, Richard S J. 2014. “Correction and Update: The Economic Effects of Climate Change.” Journal of Economic Perspectives, 28(2): 221-26.
Utopia, you are standing in it! 
Jul 10, 2014 @ 13:11:04
Cannot include the Maddison and Rehdanz estimates since they are based on “self reported happiness” and therefore not really scientific
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