Table 3.

Some previous estimates of the economic benefits of climate change control.

Study	Warming (°C)	Impact (%GDP)
Nordhaus (1994) [66]	3.0	−1.3
Nordhaus (1994) [67]	3.0	–4.8 (–30 to 0)
Fankhauser (1995) [68]	2.5	−1.4
Tol (1995) [69]	2.5	−1.9
Nordhaus and Yanga (1996) [70]	2.5	−1.7
Plamberk and Hopea (1996) [71]	2.5	−2.5 (–0.5 to −11.4)
Mendelsohn et al.a,b,c (2000) [72]	2.5	0.0b
		0.1b
Nordhaus and Boyer (2000) [73]	2.5	−1.5
Tol (2002a) [74]	1.0	2.3
Maddison (2003) a,d,e[75]	2.5	−0.1
Rehdanz and Maddisona,c (2005) [76]	1.0	−0.4
Hope (2006) a,f [77]	2.5	0.9 (–0.2 to 2.7)
Nordhaus (2006) [78]	2.5	−0.9 (0.1)
Stern (2006) [63]		−5 to as much as −20%
Garnaut (2008) [64]	5.1
Krugman (2010) [65]	(5.0) g	(–5) g

Sources: Tol [54] summary for first 13 studies. Fragmentary data for last three based on this author’s reading of these studies. Notes on Table:

^a.The global results were aggregated by Tol [54].

^b.The top estimate is for the “experimental” model, the bottom estimate for the “cross-sectional” model.

^c.Mendelsohn et al. only include market impacts.

^d.The national results were aggregated to regions by the current author for reasons of comparability.

^e.Maddison only considers market impacts on households.

^f.The numbers used by Hope are averages of previous estimates by Fankhauser and Tol; Stern et al. (2006) [63] adopted the work of Hope.

^g.Krugman does not explicitly endorse these figures but rather speaks highly of them on pdf page 8.