Harvard economist disses most climate cost-benefit analyses

Harvard economist Martin Weitzman has a new paper in which he points out that the vast majority of conventional economic analyses of climate change should carry the following label:

WARNING: to be used ONLY for cost-benefit analysis of non-extreme climate change possibilities. NOT INTENDED to cover welfare evaluation of extreme tail possibilities, for which a complete accounting might produce ARBITRARILY DIFFERENT welfare outcomes.

In short, if you don't factor in plausible worst-case scenarios -- and the vast majority of economic analyses don't (this means you, William Nordhaus, and you, too, Bjørn Lomborg) -- your analysis is useless. Pretty strong stuff for a Harvard economist!

They should be gradually eliminated

Even more from NASA's climate guru:

Thoughts on the GISS temperature adjustment

There has been a lot of blogging recently about the problem with the temperature record for the continental U.S. RealClimate described the problem thusly:

Last Saturday, Steve McIntyre wrote an email to NASA GISS pointing out that for some North American stations in the GISTEMP analysis, there was an odd jump in going from 1999 to 2000. On Monday, the people who work on the temperature analysis (not me), looked into it and found that this coincided with the switch between two sources of US temperature data. There had been a faulty assumption that these two sources matched, but that turned out not to be the case. ...

The net effect of the change was to reduce mean US anomalies by about 0.15 ºC for the years 2000-2006. There were some very minor knock on effects in earlier years due to the GISTEMP adjustments for rural vs. urban trends. In the global or hemispheric mean, the differences were imperceptible (since the US is only a small fraction of the global area).

A few comments about this:

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