globalchange  > 气候变化事实与影响
DOI: doi:10.1038/nclimate2759
论文题名:
A top-down approach to projecting market impacts of climate change
作者: Derek Lemoine
刊名: Nature Climate Change
ISSN: 1758-796X
EISSN: 1758-6916
出版年: 2015-08-17
卷: Volume:6, 页码:Pages:51;55 (2016)
语种: 英语
英文关键词: Climate-change impacts ; Economics ; Climate-change impacts
英文摘要:

To evaluate policies to reduce greenhouse-gas emissions, economic models require estimates of how future climate change will affect well-being. So far, nearly all estimates of the economic impacts of future warming have been developed by combining estimates of impacts in individual sectors of the economy1, 2. Recent work has used variation in warming over time and space to produce top-down estimates of how past climate and weather shocks have affected economic output3, 4, 5. Here we propose a statistical framework for converting these top-down estimates of past economic costs of regional warming into projections of the economic cost of future global warming. Combining the latest physical climate models, socioeconomic projections, and economic estimates of past impacts, we find that future warming could raise the expected rate of economic growth in richer countries, reduce the expected rate of economic growth in poorer countries, and increase the variability of growth by increasing the climate’s variability. This study suggests we should rethink the focus on global impacts and the use of deterministic frameworks for modelling impacts and policy.

Cost–benefit integrated assessment models link the climate and the economy to calculate the optimal carbon tax or the social cost of carbon. The ‘damage function’ or ‘impact function’ is the crucial link that translates future warming into economic consequences. Right from the beginning of climate–economy modelling, the damage function was recognized as perhaps the most uncertain relation in these models6, 7. Modellers typically derive this relation by assuming that cumulative warming reduces economic output, assuming a functional form relating that output loss to global mean surface temperature, and calibrating that function to estimates of impacts in particular economic sectors (such as agriculture or tourism) at low to moderate levels of warming1, 2, 8, 9, 10. However, recent work has shown that basic assumptions about the functional form of damages are crucial to policy evaluations11, 12, 13, 14, 15, 16, 17, 18, leading some prominent economists to question the policy relevance of existing integrated assessment models, given their uncertain underpinnings19, 20.

In contrast to this traditional ‘bottom-up’ approach to constructing a damage function from sectoral estimates of climate impacts, we develop and apply a new ‘top-down’, macroeconomic-based approach for constructing an impact function from historical climate–economy relationships and from climate models’ simulations of future outcomes. Conventional approaches begin from assumptions about nonlinearities, but the limited history of warming prevents us from estimating nonlinear economic responses. Instead of introducing assumptions about nonlinearities with difficult-to-quantify uncertainties, we focus on extrapolating observed historical relationships so that our impact functions can provide a clear, empirically grounded baseline which future work might extend through further assumptions. Our results are therefore most relevant to relatively small changes in climate.

An emerging economics literature has begun analysing how climatic variables affect the broader economy3, 4, 21, 22, 23. In particular, recent work estimates how year-to-year variations in countries’ temperature and precipitation have affected their annual economic growth since 1950 and also how changes in countries’ average temperature and precipitation have affected their longer-run economic growth5. Through the former channel, future climate change could affect a country’s ‘short-run’ growth by changing the interannual variability (that is, year-to-year variance) of its climate, and through the latter channel, future climate change could affect a country’s ‘medium-run’ growth by changing its average climate (defined in our study as ten-year means). Ref. 5 finds that temperature and precipitation primarily affect the rate of output growth, not (as integrated assessment models have assumed) the level of output; that the magnitude and even the sign of these effects depend on countries’ per-capita income; and that the relationships are approximately linear. We use adapted versions of these historical relations to develop impact functions for climate change (see Methods). Most cost–benefit integrated assessment models simulate only global mean surface temperature, not country-level temperature or precipitation. We therefore relate economic outcomes to global mean surface temperature by using physical climate models to simulate the spatially heterogeneous implications of future global climate change.

Our key contribution is our interdisciplinary statistical framework for converting historical estimates into probability distributions for the economic impacts of future climate change. Recently, ref. 24 heuristically transported the country-level impact estimates from ref. 5 to a global integrated assessment model to estimate the optimal carbon tax. We instead extend the approach of ref. 5 to develop distributions for impacts that can be directly implemented in future global or regional integrated assessment settings. In contrast to the heuristic implementation in ref. 24, our statistical framework uses a full physical climate model to connect the estimates of country-level impacts in ref. 5 to global temperature, allows impacts to vary continuously with income, and preserves the distinction between climate and weather shocks.

Figure 1 illustrates the components of our statistical framework (expanded in Methods). We begin with time series of economic, population and climate variables by country over the latter half of the twentieth century (box A). Adapting the fixed-effects estimation procedure of ref. 5, we estimate how a change in a single year’s temperature and precipitation affects economic growth for poorer and richer countries, and we also follow ref. 5 in using long differences to estimate how longer-run changes in temperature and precipitation affect economic growth. These regressions generate distributions for parameters governing the economic impacts of past climate and weather shocks. We then combine these distributions with physical climate models’ projections of future temperature and precipitation (box B) and with benchmark socioeconomic projections for population and economic variables (box C) to obtain probability distributions for future climate impacts in each country (box D). We aggregate these country-level impacts to the global scale by applying ethical criteria that may weight impacts by the income of each country (box E). To provide a damage distribution useful for integrated assessment models, the final step summarizes the projected relationship between regional or global growth and global temperature change, with global temperature at each time step obtained from the same physical climate models used to project country-level climate variables (box F). The product of this final step is a set of probability distributions for the parameters governing how average global growth and the year-to-year variance of global growth change with global warming (box G).

Figure 1: Schematic of methodology for calculating regional impacts of climate change.
Schematic of methodology for calculating regional impacts of climate change.

Regional impacts (box G) are found by combining historical relationships between country-level climate and economic growth (box A), physical climate simulations (boxes B and F), projections of economic output and population (box C), projections of impacts for each country per time step (box D), and aversion to inequality in consumption across countries (box E). White boxes depict variables calculated within our statistical framework. Coloured boxes depict inputs: each colour corresponds to a different source; solid borders indicate inputs that are projections of future variables; dotted borders indicate inputs that are data from past years; and dashed borders indicate inputs that are ethical (or preference) parameters. Mathematical representations are shown in the corners of boxes A and G. See Methods and Supplementary Information for full explanations.

We here describe the data and the statistical framework. The Supplementary Information provides mathematical and computational details, additional results (including decompositions and summary statistics), and robustness checks.

Global climate model simulations.

For the medium-run estimation procedure, we use population-weighted temperature and precipitation for each country from 17 global climate models from the Intergovernmental Panel on Climate Change (IPCC) Fifth Assessment Report with available simulations for each of the four Representative Concentration Pathways30: BCC-CSM1-1, CCSM4, CESM1-CAM5, FIO-ESM, GFDL-CM3, GFDL-ESM2G, GISS-E2-H, GISS-E2-R, HadGEM2-AO, IPSL-CM5A-LR, IPSL-CM5A-MR, MIROC5, MIROC-ESM, MIROC-ESM-CHEM, MRI-CGCM3, NorESM1-M and NorESM1-ME. For the short-run estimation, we do not want to conflate intermodel variability with interannual variability. We therefore use population-weighted temperature and precipitation from five simulations of the NOAA-GFDL CM2.5 model following the RCP8.5 pathway31.

World Bank data set.

Initial GDP per capita comes from the World Bank’s purchasing power parity-adjusted, constant-dollars data set for the year 2010. That data set is in year 2005 dollars, which we rescale to year 2000 dollars using the current-dollars data set to match the units in the historical regressions following ref. 5. Year 2010 population also comes from a World Bank data set. In the global analyses, the initial log GDP per capita ln(yr0) is 9.0642.

Impacts framework.

We seek distributions for the coefficients ψ in the following two relations:

where IrM and IrS give the medium- and short-run changes in growth rates in region r due to time t global mean surface temperature Ttg and conditional on the log change in per-capita economic output (that is, in per-capita GDP) yrt between the initial time and time t. ΔTtg is the change in global mean surface temperature between times t − 1 and t, yrt is per-capita GDP in region r at time t, and yr0 is per-capita GDP in region r in the initial period. Note that these equations describe future impacts. They are not regression equations for application to past data: as described below, we follow the fixed-effects specifications in ref. 5 when estimating historical relationships. We project a region’s impacts as a function of global mean surface temperature rather than of regional climate because we aim to produce an impact function that will be useful for climate–economy integrated assessment models, which often simulate only a single global temperature index. At a region’s initial GDP per capita yr0, the coefficients ψr, TM and ψr, TS give the effect of, respectively, a 1°C increase in decadal global mean temperature on medium-run growth and a 1°C increase in global mean temperature on the variance of short-run growth (shown in Fig. 2). The coefficients ψr, TyM and ψr, TyS describe how temperature interacts with an e-fold (≈2.7-fold) increase in per-capita GDP.

Calculating probability distributions for ψrj.

To obtain probability distributions for each vector of coefficients ψrj in equations (1) and (2), we use the law of conditional probability:

We adapt ref. 5 to obtain central estimates and standard errors for the historical relationship between the climate and the economy (see Supplementary Information). These parameters define the probability p(ωj) of any sampled set of historical relationships defined by the vector ωj. Combining this probability p(ωj) with the conditional probability p(ψrj|ωj) (described below) allows us to calculate an unconditioned distribution for ψrj, which includes the economic uncertainty about historical climate–economy relationships via p(ωj) and also scientific uncertainty about how future global mean surface temperature relates to country-level climatic outcomes via p(ψrj|ωj).

Figure 1 outlines how we calculate the conditional probability p(ψrj|ωj) by combining state-of-the-art physical climate simulations and socioeconomic projections to account for the spatially heterogeneous implications of global temperature change and for uncertainty about those implications. We begin with a sampled vector ωj (box A) from historical climate–economy relationships, simulations of temperature and precipitation from physical climate models (box B), and population and GDP projections from the recently developed Shared Socioeconomic Pathways (SSPs; box C; ref. 32). All results in the main text use SSP2, which is the scenario of ‘middle’ challenges. Combining these country-level socioeconomic projections with the country-level climatic projections and each sampled ωj yields projected impacts for each country (box D) at each decade (in the medium-run analysis) or each year (in the short-run analysis).

The medium-run and short-run specifications calculate these future country-level impacts differently. When estimating medium-run impacts from changing average weather outcomes, we convert each sampled vector ωj into a sampled impacts trajectory by multiplying ωj by each time step’s changes in average temperature and precipitation and by their interactions with log GDP per capita. Medium-run impacts arise from the change in global mean surface temperature at each time step rather than the absolute value of temperature because we assume that impacts over this time frame arise primarily from further changes in average climate rather than from changes that have already happened and may have triggered adaptation.

In contrast, when estimating short-run impacts from changing the variability of the weather, we use forecast errors in place of actual changes in temperature and precipitation: we match the panel estimation framework from ref. 5 by assuming that agents are harmed by unexpected weather shocks. This approach differs from literature that assesses whether the climate becomes more variable as global temperature increases33, 34, 35, 36. To separate uncertainty about future warming from weather that is surprising conditional on global warming, we assume that agents correctly anticipate the next year’s global mean surface temperature. Agents then use a straightforward forecasting rule: a linear projection of time t + 1 country-level temperature (or precipitation) on time t country-level temperature (or precipitation) and time t + 1 global mean surface temperature. More complex forecasting methods exist in both the economics and climate science literatures, but the chosen rule is a reasonable heuristic for ordinary agents. In the Supplementary Information we assess robustness to the choice of forecasting rule. Within each simulation of CM2.5, agents estimate the linear projection’s coefficients via an ordinary least squares regression of historical country-level temperature (or precipitation) on lagged country-level temperature (or precipitation) and on contemporaneous global mean surface temperature. Agents use data from all previous years to construct forecasts for the next year.

The final steps in calculating the conditional probability p(ψrj|ωj) are to convert these country-level impacts into regional impacts and then estimate regional impacts as a function of global mean surface temperature. When the regions of interest encompass more than one country, we aggregate the country-level impacts via a social welfare function that can exhibit aversion to unequal consumption over space (box E). This approach seeks the impacts that affect a regional representative agent in the same way as the combination of its heterogeneous country-level impacts. We employ the same type of power utility social welfare function used to aggregate consumption over time in standard integrated assessment models, where the parameter η controls the degree of inequality aversion26, 27. We vary the parameter between 0 (no inequality aversion) and 4 (high inequality aversion). When aggregating outcomes over time, standard integrated assessment models use values between 1 and 2 (refs 8, 37, 38), and values between 2 and 4 have also been recommended as reasonable39, 40.

We estimate the parameter vector ψrj that best fits a sampled ωj by combining the simulated regional impacts with the same global climate models’ simulations of global mean surface temperature (box F). The coefficients and standard errors produced by this estimation define a distribution for each region’s desired impact coefficient ψrj (box G), which provides us with the probability p(ψrj|ωj) of any given value of ψrj given a sampled value of ωj.

The conditional probability p(ψrj|ωj) captures uncertainty about how global warming affects country-level temperature and precipitation. This climatic uncertainty arises from variation across physical climate models and across emission scenarios; it does not include uncertainty generated by biases common to all physical climate modelsURL:

http://www.nature.com/nclimate/journal/v6/n1/full/nclimate2759.html
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资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/4624
Appears in Collections:气候变化事实与影响
科学计划与规划
气候变化与战略

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Derek Lemoine. A top-down approach to projecting market impacts of climate change[J]. Nature Climate Change,2015-08-17,Volume:6:Pages:51;55 (2016).
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