Decision theory can guide climate modelling, Nobel laureate says
Lars Peter Hansen argues policy-makers need to pay more attention to uncertainty
Decision theory can help policy-makers to model climate change and choose the best course of action despite limited information, economist Lars Peter Hansen said today (August 24).
Hansen, who won the Nobel Prize for economics in 2013, warned it may be “very costly” for policy-makers to wait for more information. But acting now entails taking a decision in the presence of multiple forms of uncertainty, he said.
Addressing the Nobel Laureate Meetings in Lindau, Hansen cited three forms of
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