Jun 22, 2006
Published in: Scientific American, v. 292, no. 4, Apr. 2005, p. 66-71View related products
This study was published in a peer-reviewed scholarly journal. The full text of the study can be found at the link above.
Science has become an essential part of decision making by governments and businesses, but uncertainty can foil decision-making frameworks such as cost-benefit analysis. People often end up doing nothing or taking steps that worsen the long-term outlook. -- The authors have developed an alternative framework focused on flexibility--finding, testing and implementing policies that work well no matter what happens. -- Policies can have built-in mechanisms to change with the circumstances. For climate change, one such mechanism is a safety valve to ensure that emissions reductions occur but do not get too expensive.