Publications

2014
Weitzman ML.

Fat Tails and the Social Cost of Carbon

. American Economic Review: Papers & Proceedings [Internet]. 2014;104(5):544-546. Publisher's Version aer.104.5.544fattailsandthesocialcostofcarbon.pdf
Weitzman ML.

Can Negotiating a Uniform Carbon Price Help to Internalize the Global Warming Externality?

. Journal of the Association of Environmental and Resource Economists [Internet]. 2014;1(1/2):29-49. Publisher's Version 676039cannegotiatingauniform.pdf
Weitzman ML.

Should Governments Use a Declining Discount Rate in Project Analysis?

. Review of Environmental Economics and Policy [Internet]. 2014;8(2):145-163. Publisher's Version rev_environ_econ_policy-2014-arrow-145-63.pdf
2011
Weitzman M. Fat-Tailed Uncertainty in the Economics of Catastrophic Climate Change. Review of Environmental Economics and Policy. 2011;5(2):275-292. fattaileduncertaintyeconomics.pdf
2010
Weitzman M, Gollier C. How Should the Distant Future be Discounted When Discount Rates are Uncertain?. Economic Letters. 2010;107(3):350-353.Abstract
It is not immediately clear how to discount distant-future events, like climate change, when the distant-future discount rate itself is uncertain. The so-called “Weitzman-Gollier puzzle” is the fact that two seemingly symmetric and equally plausible ways of dealing with uncertain future discount rates appear to give diametrically opposed results with the opposite policy implications. We explain how the “Weitzman-Gollier puzzle” is resolved. When agents optimize their consumption plans and probabilities are adjusted for risk, the two approaches are identical. What we would wish a reader to take away from this paper is the bottom-line message that the appropriate long run discount rate declines over time toward its lowest possible value.
howshoulddistantfuture.pdf
Weitzman M. Book Review of Bjorn Lomborg‟s Smart Solutions to Climate Change: Comparing Costs and Benefits. Nature [Internet]. 2010;467(7317):784-785. Publisher's Version
Weitzman M. Some Dynamic Economic Consequences of the Climate Sensitivity Inference Dilemma. In Aronsson, Lofgren Handbook of Environmental Accounting Edward Elgar; 2010. pp. Chapter 8. somedynamiceconomicconsequences.pdf
Weitzman M. What is the "Damages Function‟ for Global Warming – and What Difference Might it Make?. Climate Change Economics. 2010;1(1):57-69. damagesfunctionglobalwarming.pdf