Bayesian Decision Theory and Climate Change

K. Keller

Chapter in Encyclopedia of Energy, Natural Resource, and Environmental Economics (2013)

DOI: 10.1016/B978-0-12-375067-9.00143-1

A discussion of how Bayesian decision theory has been and could be used to analyze climate change decision making with a focus on the interactions between (i) deep uncertainties, (ii) potential climate thresholds, (iii) low-probability high-impact events, (iv) learning, and (v) decision criteria.

keywords: Bayesian; Climate change; Climate thresholds; Decision theory; Deep uncertainty; Frequentist; Integrated assessment; Loss function; Robust decision making; Utility function

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