There are Free Lunches Statement of Intentions
There are Free Lunches: Behavioral Clues to Live Happy in the Economic World is a blog that intends to present updated and relevant information about the "hidden" and only recently uncovered dimensions of the economic science: the behavioral factors. With this blog we intend to promote in Europe and in the rest of the World, the top research articles and perspectives on behavioral economics, decision making, consumer behavior, and general behavioral science. We aim to be followed by journalists, academics, managers, civil servants, and everyone who wishes to improve their daily interaction with the economic world and consequently, their lives' happiness.
Thursday, 12 April 2012
CO2 #1 Valuing oceans - The $2 trillion question (via The Economist)
PUTTING a price on something that is priceless is, well, tricky. It is, however, possible to assign a number to how much damage is being done to that thing. In the case of the oceans, a conservative estimate of the cost of climate change is that by the year 2100 it will amount to nearly $2 trillion annually in 2010 dollars, or about 0.4% of global GDP. Any number that purports to describe an economy nine decades hence must be taken with a dollop of salt, of course. But it should not be dismissed out of hand.
Frank Ackerman and Elizabeth Stanton, economists at the Stockholm Environment Institute (SEI), a non-profit research organisation, arrived at their figure by looking at five measures: how much fisheries and tourism stand to lose and what the economic impact would be of rising sea levels, more storms and less carbon being absorbed by oceans. If the world continues to warm at its present rate and temperatures rise by 4°C by 2100, they reckon, the total will come to $1.98 trillion. If drastic measures are taken to cut emissions and they rise by only 2.2°C, it will be $612 billion.
Check this scary articel on the economic value (there is one?) of oceans: EconomicOceans