Value of information for climate observing systems

• DOI: 10.1007/s10669-013-9451-8
• Publication Date: 2013-07-22T19:52:22Z
• Authors: Roger Cooke; Bruce A. Wielicki; David F. Young; Martin G. Mlynczak
• Keywords: Business as usual; Value of information; Value (mathematics); Relative value

The Interagency Working Group Memo on the social cost of carbon is used to compute value information (VOI) climate observing systems. A generic decision context posited in which society switches from a business as usual (BAU) emissions path reduced upon achieving sufficient confidence that trigger variable exceeds stipulated critical value. Using assessments natural variability and uncertainty measuring instruments, it possible time at required would be reached under current new system, if indeed reached. Economic damages (worldwide) are computed with an integrated assessment model. more accurate system acquires earlier sooner path, thereby avoiding otherwise incurred by BAU emissions. difference expected net present averted two systems VOI relative existing system. As illustration, for proposed space-borne CLARREO computed. Depending details context, ranges 2 30 trillion US dollars.