Bloomberg: Economists tend to see climate change as a big optimization problem: Weigh the potential costs of future disasters against the benefits of fossil-fueled economic growth, and find a price of carbon that will balance the two. Unfortunately, it's an illusory goal.
Consider, for example, a recent study by Yale University's Kenneth Gillingham and colleagues. Using a collection of so-called "integrated" models of climate and the economy, they seek to get a better handle on how various uncertainties...