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Sensitivity Analysis with Calibration of Natural Resource Variables under Climate Change: Comparing Computable General Equilibrium (CGE) and Econometric Frameworks

Sensitivity Analysis with Calibration of Natural Resource Variables under Climate Change: Comparing Computable General Equilibrium (CGE) and Econometric Frameworks

Nilanjan Ghosh, Somnath Hazra
Copyright: © 2016 |Pages: 11
ISBN13: 9781522500940|ISBN10: 1522500944|EISBN13: 9781522500957
DOI: 10.4018/978-1-5225-0094-0.ch001
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MLA

Ghosh, Nilanjan, and Somnath Hazra. "Sensitivity Analysis with Calibration of Natural Resource Variables under Climate Change: Comparing Computable General Equilibrium (CGE) and Econometric Frameworks." Economic Modeling, Analysis, and Policy for Sustainability, edited by Anandajit Goswami and Arabinda Mishra, IGI Global, 2016, pp. 1-11. https://doi.org/10.4018/978-1-5225-0094-0.ch001

APA

Ghosh, N. & Hazra, S. (2016). Sensitivity Analysis with Calibration of Natural Resource Variables under Climate Change: Comparing Computable General Equilibrium (CGE) and Econometric Frameworks. In A. Goswami & A. Mishra (Eds.), Economic Modeling, Analysis, and Policy for Sustainability (pp. 1-11). IGI Global. https://doi.org/10.4018/978-1-5225-0094-0.ch001

Chicago

Ghosh, Nilanjan, and Somnath Hazra. "Sensitivity Analysis with Calibration of Natural Resource Variables under Climate Change: Comparing Computable General Equilibrium (CGE) and Econometric Frameworks." In Economic Modeling, Analysis, and Policy for Sustainability, edited by Anandajit Goswami and Arabinda Mishra, 1-11. Hershey, PA: IGI Global, 2016. https://doi.org/10.4018/978-1-5225-0094-0.ch001

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Abstract

This chapter compares two quantitative frameworks, namely, Computable General Equilibrium (CGE) and Econometric models to study the impacts of climate change on human economy. However, as is inferred from this chapter, CGE framework is fraught with unrealistic assumptions, and fails to capture impacts of climate change and extreme events on the ecosystem services. On the other hand, econometric framework can be customised and is not based on the unrealistic assumptions like CGE. The various advantages and disadvantages of the two methods have been discussed critically in the process in this chapter in light of the avowed objective of understanding sustainability science.

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