Wed 22 Jan 2025 - Climate scientists have warned against the use of ‘smooth functions’ as a means to extrapolate expected damages from global warming. Economists have persisted with the smoothest nonlinear function of all – a quadratic – despite these warnings and extreme criticism of this practice by other economists.
Climate scientist Tim Lenton and economist Steve Keen have proposed developing an alternate damage function. While still smooth, it allows for an expected nonlinear acceleration of damages, which a quadratic cannot generate.
Professor Steve Keen, Honorary Professor & Distinguished Research Fellow, UCL
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