The far reaching devastating effects of global warming have catalyzed an economic rethinking of climate change debates. While empirical evidence shows that the increased emission of greenhouse gases is the main cause of the ongoing changes in climate conditions, recent studies provide significant evidence that the burdens on the societies will differ across regions. In effect, on the onset of the global increase in temperature, some areas will face an
irregularity and a reduction in rainfall, whereas other parts of the globe will have to deal with an increase in the number of tornadoes, a rise in floods and prevalence of hurricanes (Houghton, Meiro-Filho, Callandar and Harris,1996; Schimmelpfennig and Yohe, 1999).
The far reaching devastating effects of global warming have catalyzed an economic rethinking of climate change debates. While empirical evidence shows that the increased emission of greenhouse gases is the main cause of the ongoing changes in climate conditions, recent studies provide significant evidence that the burdens on the societies will differ across regions. In effect, on the onset of the global increase in temperature, some areas will face anirregularity and a reduction in rainfall, whereas other parts of the globe will have to deal with an increase in the number of tornadoes, a rise in floods and prevalence of hurricanes (Houghton, Meiro-Filho, Callandar and Harris,1996; Schimmelpfennig and Yohe, 1999).
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