NBER paper reviews ‘state of the art’ climate modelling
Recent breakthroughs have increased accuracy and computational efficiency of IAMs
New research highlights recent breakthroughs in integrated assessment models (IAMs), which merge macroeconomics and climate science.
The working paper, published by the US National Bureau of Economic Research, notes that IAMs are complex, linking economic, climate and damage modules.
The study says the “dynamic, stochastic, non-linear, non-stationary and forward-looking” nature of IAMs makes them challenging to compute, and that this leads to major variations in their findings over “time and space
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