Encyclopedia of Complexity and Systems Science

2009 Edition
| Editors: Robert A. Meyers (Editor-in-Chief)

Climate Change, Economic Costs of

  • Richard S. J. Tol
Reference work entry
DOI: https://doi.org/10.1007/978-0-387-30440-3_71

Definition of the Subject

The economic costs of climate change include all positive and negative impacts of the enhanced greenhouse effect and the resulting changes in theatmosphere and ocean on all human consumers and producers. Total costs refer to the difference in human welfare between a scenario with climatechange and a scenario without climate change. Marginal costs refer to the difference in human welfare between two scenarios with a slightlydifferent climate, normalized by the amount of greenhouse gas emissions that would induce that difference. Estimates of the economic costs of climatechange are important to assess the size of the climate problem relative to other problems, and to compare the costs of climate change to the costs ofgreenhouse gas emission reduction.


Calls for greenhouse gas emission reduction are often phrased as a moral imperative. While tempting, this is wrong. Firstly, there is no moralagreement. Emission reduction could save polar bears but it...

This is a preview of subscription content, log in to check access.



My thoughts on this subject were shaped by discussions with Hadi Dowlatabadi, Tom Downing, Sam Fankhauser, David Maddison, Rob Mendelsohn, BillNordhaus, David Pearce, Steve Schneider, Joel Smith, and Gary Yohe.


  1. 1.
    Acemoglu D, Johnson S, Robinson JA (2001) The colonial origins of comparativedevelopment: an empirical investigation. Am Econ Rev 91:1369–1401Google Scholar
  2. 2.
    Adger WN (2006) Vulnerability. Glob Environ Chang16:268–281Google Scholar
  3. 3.
    Arrow KJ, Cline WR, Maeler KG, Munasinghe M, Squitieri R, Stiglitz JE (1996)Intertemporal equity, discounting, and economic efficiency. In: Bruce JP, Lee H, Haites EF (eds) Climate change 1995: economic and socialdimensions – contribution of working group iii to the second assessment report of the intergovernmental panel on climate change. CambridgeUniversity Press, Cambridge, pp 125–144Google Scholar
  4. 4.
    Ashley RM, Balmfort DJ, Saul AJ, Blanskby JD (2005) Flooding in thefuture – predicting climate change, risks and responses in urban areas. Water Sci Technol 52(5):265–273Google Scholar
  5. 5.
    Ayres RU, Walter J (1991) The greenhouse effect: damages, costs and abatement.Environ Resour Econ 1:237–270Google Scholar
  6. 6.
    Azar C, Sterner T (1996) Discounting and distributional considerations in thecontext of global warming. Ecol Econ 19:169–184Google Scholar
  7. 7.
    Berrens RP, Bohara AK, Jenkins-Smith HC, Silva CL, Weimer DL (2004) Informationand effort in contingent valuation surveys: application to global climate change using national internet samples. J Environ Econ Manag47:331–363Google Scholar
  8. 8.
    Berrittella M, Bigano A, Roson R, Tol RSJ (2006) A general equilibrium analysisof climate change impacts on tourism. Tour Manag 27(5):913–924Google Scholar
  9. 9.
    Bosello F, Roson R, Tol RSJ (2006) Economy-wide estimates of the implications ofclimate change: human health. Ecol Econ 58:579–591Google Scholar
  10. 10.
    Bosello F, Roson R, Tol RSJ (2007) Economy-wide estimates of the implicationsof climate change: sea level rise. Environ Resour Econ 37:549–571Google Scholar
  11. 11.
    Breslow PB, Sailor DJ (2002) Vulnerability of wind power resources to climatechange in the continental united states. Renew Energy 27(4):585–598Google Scholar
  12. 12.
    Broome J (1992) Counting the cost of global warming. White Horse Press,CambridgeGoogle Scholar
  13. 13.
    Burkett VR, Wilcox DA, Stottlemyer R, Barrow W, Fagre D, Baron J, Price J,Nielson JL, Allen CD, Peterson DL, Ruggerone G, Doyle T (2005) Nonlinear dynamics in ecosystem response to climate change: case studies and policyimplications. Ecol Complex 2(4):357–394Google Scholar
  14. 14.
    Burton I, Kates RW, White GF (1993) The environment as hazard, 2nd edn. TheGuilford Press, New YorkGoogle Scholar
  15. 15.
    Carmichael CG, Gallus Jr WA, Temeyer BR, Bryden MK (2004) A winter weatherindex for estimating winter road maintenance costs in the midwest. J Appl Meteorol 43(11):1783–90Google Scholar
  16. 16.
    CBO (2005) Uncertainty in analyzing climate change: policy implications.congress of the united states. Congressional Budget Office, WashingtonGoogle Scholar
  17. 17.
    CEC (2005) Winning the battle agains global climate change –background paper. Commission of the European Communities, BrusselsGoogle Scholar
  18. 18.
    Champ PA, Boyle KJ, Brown TC (eds) (2003) A primer on nonmarket valuation.Kluwer, DordrechtGoogle Scholar
  19. 19.
    Chichilnisky G (1996) An axiomatic approach to sustainable development. SocChoice Welf 13(2):219–248MathSciNetGoogle Scholar
  20. 20.
    Clarkson R, Deyes K (2002) Estimating the social cost of carbonemissions. Working Paper 140. The Public Enquiry Unit – HM Treasury, LondonGoogle Scholar
  21. 21.
    Cline WR (1992) The economics of global warming. Institute for InternationalEconomics, WashingtonGoogle Scholar
  22. 22.
    Cropper ML, Aydede SK, Portney PR (1992) Rates of time preference for savinglives. Am Econ Rev 82(2):469–472Google Scholar
  23. 23.
    Darwin RF (1999) A FARMer’s view of the ricardian approach to measuringagricultural effects of climatic change. Clim Chang 41(3–4):371–411Google Scholar
  24. 24.
    Dasgupta P (2007) Commentary: The stern review’s economics of climate change.Natl Inst Econ Rev 199:4–7Google Scholar
  25. 25.
    Dasgupta P, Maskin E (2005) Uncertainty and hyperbolic discounting. Am EconRev 95(4):1290–1299Google Scholar
  26. 26.
    Davidson MD (2006) A social discount rate for climate damage to futuregenerations based on regulatory law. Clim Chang 76:55–72Google Scholar
  27. 27.
    Dorland C, Tol RSJ, Palutikof JP (1999) Vulnerability of the netherlands andnorthwest europe to storm damage under climate change. Clim Chang 43:513–535Google Scholar
  28. 28.
    Easterly W, Levine R (2003) Tropics, germs, and crops: how endowmentsinfluence economic development. J Monet Econ 50:3–39Google Scholar
  29. 29.
    Elsasser H, Buerki R (2002) Climate change as a threat to tourism in the alps.Clim Res 20(3):253–257Google Scholar
  30. 30.
    Ennos AR (1997) Wind as an ecological factor. Trends Ecol Evol12(3):108–111Google Scholar
  31. 31.
    Evans DJ, Sezer H (2004) Social discount rates for six major countries. ApplEcon Lett 11:557–560Google Scholar
  32. 32.
    Fankhauser S (1994) The economic costs of global warming damage: a survey.Glob Environ Chang 4(4):301–309Google Scholar
  33. 33.
    Fankhauser S (1995) Valuing climate change – the economics of thegreenhouse, 1st edn. EarthScan, LondonGoogle Scholar
  34. 34.
    Fankhauser S, Tol RSJ (1996) Recent advancements in the economic assessment ofclimate change costs. Energy Policy 24(7):665–673Google Scholar
  35. 35.
    Fankhauser S, Tol RSJ (2005) On climate change and economic growth. ResourEnergy Econ 27:1–17Google Scholar
  36. 36.
    Fankhauser S, Tol RSJ, Pearce DW (1997) The aggregation of climate changedamages: a welfare theoretic approach. Environ Resour Econ 10:249–266Google Scholar
  37. 37.
    Gardiner SM (2006) A perfect moral storm: climate change, intergenerationalethics and the problem of moral corruption. Environ Values 15:397–413Google Scholar
  38. 38.
    Gerlagh R, Keyzer MA (2001) Sustainability and the intergenerationaldistribution of natural resource entitlements. J Public Econ 79:315–341Google Scholar
  39. 39.
    Gollier C (2002) Discounting an uncertain future. J Public Econ85:149–166Google Scholar
  40. 40.
    Gollier C (2002) Time horizon and the discount rate. J Econ Theor107:463–473Google Scholar
  41. 41.
    Guo JK, Hepburn C, Tol RSJ, Anthoff D (2006) Discounting and the social costof carbon: a closer look at uncertainty. Environ Sci Policy 9(5):203–216Google Scholar
  42. 42.
    Hamilton JM, Maddison DJ, Tol RSJ (2005) Climate change and internationaltourism: a simulation study. Glob Environ Chang 15(3):253–266Google Scholar
  43. 43.
    Hamilton JM, Maddison DJ, Tol RSJ (2005) The effects of climate change oninternational tourism. Clim Res 29:255–268Google Scholar
  44. 44.
    Harrison GP, Wallace AR (2005) Sensitivity of wave energy to climate change.IEEE Trans Energy Convers 20(4):870–877Google Scholar
  45. 45.
    Harvey D, Huang Z (1995) Evaluation of the potential impact of methaneclathrate destabilization on future global warming. J Geophys Res 100:2905–2926ADSGoogle Scholar
  46. 46.
    Hersch J, Viscusi WK (2006) The generational divide in support forenvironmental policies: european evidence. Clim Chang 77:121–136Google Scholar
  47. 47.
    Hitz S, Smith JB (2004) Estimating global impacts from climate change. GlobEnviron Chang 14:201–218Google Scholar
  48. 48.
    Hohmeyer O, Gaertner M (1992) The costs of climate change – a roughestimate of orders of magnitude. Fraunhofer-Institut fur Systemtechnik und Innovationsforschung, KarlsruheGoogle Scholar
  49. 49.
    Homer-Dixon TF (1994) Environmental scarcities and violent conflict: evidencefrom cases. Int Secur 19(1):5–40Google Scholar
  50. 50.
    Hope CW (2006) The marginal impact of co2 from PAGE2002: an integratedassessment model incorporating the IPCC’s five reasons for concern. Integr Assess J 6(1):19–56Google Scholar
  51. 51.
    Hope CW, Maul P (1996) Valuing the impact of CO2emissions. Energy Policy 24(3):211–219Google Scholar
  52. 52.
    Kikkawa T, Kita J, Ishumatsu A (2004) Comparison of the lethal effect ofCO2 and acidification on red sea bream (pagrus major) during the early developmental stages. Marine Pollut Bull48(1–2):108–110Google Scholar
  53. 53.
    Kundzewicz ZW, Gracyk D, Maurer T, Pinskwar I, Radziejewski M, Svensson C,Szwed M (2005) Trend detection in river flow series: 1, annual maximum flow. Hydrol Sci J 50(5):797–810Google Scholar
  54. 54.
    Li H Berrens RP, Bohara AK, Jenkins-Smith HC, Silva CL, Weimer DL (2004)Exploring the beta model using proportional budget information in a contingent valuation study. Ecol Econ 28:329–343Google Scholar
  55. 55.
    Lind RC, Schuler RE (1998) Equity and discounting in climate change decisions.In: Nordhaus WD (ed) Economics and policy issues in climate change. Resources for the Future, Washington,pp 59–96Google Scholar
  56. 56.
    Lind RC (1995) Intergenerational equity, discounting, and the role ofcost-benefit analysis in evaluating global climate policy. Energy Policy 23(4/5):379–389Google Scholar
  57. 57.
    Link PM, Tol RSJ (2004) Possible economic impacts of a shutdown of thethermohaline circulation: an application of FUND. Port Econ J 3:99–114Google Scholar
  58. 58.
    Long SP, Ainsworth EA, Leakey ADB, Noesberger J, Ort DR (2006) Food forthought: lower-than-expected crop yield stimulation with rising CO2 concentrations. Science 312:1918–1921ADSGoogle Scholar
  59. 59.
    Maddison DJ (2003) The amenity value of the climate: the household productionfunction approach. Resour Energy Econ 25:155–175Google Scholar
  60. 60.
    Manne AS, Richels RG (2004) US rejection of the kyoto protocol: the impact oncompliance costs and CO2 emissions. Energy Policy 32:447–454Google Scholar
  61. 61.
    Marotzke J (2000) Abrupt climate change and thermohaline circulation:mechanisms and predictability. Proc Natl Acad Sci 97:1347–1350ADSGoogle Scholar
  62. 62.
    Masters WA, McMillan MS (2001) Climate and scale in economic growth. J EconGrowth 6:167–186Google Scholar
  63. 63.
    McDonald RE, Bleaken DG, Cresswell DR, Pope VD, Senior CA (2005) Tropicalstorms: representation and diagnosis in climate models and the impacts of climate change. Clim Dyn 25(1):19–36Google Scholar
  64. 64.
    McLeman R, Smit B (2006) Migration as an adaptation to climate change. ClimChang 76:31–53Google Scholar
  65. 65.
    Mendelsohn RO (2006) A critique of the stern report. Regulation (Winter2006–2007):42–46Google Scholar
  66. 66.
    Mendelsohn RO, Morrison W, Schlesinger ME, Andronova NG (2000)Country-specific market impacts of climate change. Clim Chang 45:553–569Google Scholar
  67. 67.
    Mendelsohn RO, Nordhaus WD, Shaw D (1994) The impact of climate onagriculture: a ricardian analysis. Am Econ Rev 84(4):753–771Google Scholar
  68. 68.
    Mendelsohn RO, Schlesinger ME, Williams LJ (2000) Comparing impacts acrossclimate models. Int Assess 1:37–48Google Scholar
  69. 69.
    Mulcahy M (2004) Weathering the storms: hurricanes and risk in the britishgreater caribbean. Bus Hist Rev 78(4):635–663Google Scholar
  70. 70.
    Nakicenovic N, Swart RJ (eds) (2001) IPCC special report on emissionsscenarios. Cambrigde University Press, CambridgeGoogle Scholar
  71. 71.
    Newell RG, Pizer WA (2003) Discounting the distant future: how much douncertain rates increase valuations? J Environ Econ Manag 46:52–71Google Scholar
  72. 72.
    Nicholls RJ, Tol RSJ (2006) Impacts and responses to sea-level rise: a globalanalysis of the SRES scenarios over the 21st Century. Phil Trans Royal Soc A Math Phys Eng Sci361(1841):1073–1095Google Scholar
  73. 73.
    Nordhaus WD (1982) How fast should we graze the global commons? Am Econ Rev72(2):242–246Google Scholar
  74. 74.
    Nordhaus WD (1991) To Slow or Not to Slow: The economics of the greenhouseeffect. Econ J 101:920–937Google Scholar
  75. 75.
    Nordhaus WD (1993) Rolling the ‘DICE’: An optimal transition pathfor controlling greenhouse gases. Resour Energy Econ 15:27–50Google Scholar
  76. 76.
    Nordhaus WD (1994) Managing the global commons: the economics of climatechange. The MIT Press, CambridgeGoogle Scholar
  77. 77.
    Nordhaus WD (1994) Expert opinion on climate change. Am Sci 82(1):45–51ADSGoogle Scholar
  78. 78.
    Nordhaus WD (2006) Geography and macroeconomics: new data and new findings.Proc Natl Acad Sci 103(10):3510–3517. www.pnas.org/cgi/doi/10.1073/pnas.0509842103 ADSGoogle Scholar
  79. 79.
    Nordhaus WD (2007) Critical assumptions in the stern review on climate change.Science 317:201–202Google Scholar
  80. 80.
    Nordhaus WD (2007) A review of the stern review on the economics of climatechange. J Econ Lit 45(3):686–702Google Scholar
  81. 81.
    Nordhaus WD, Boyer JG (2000) Warming the world: economic models of globalwarming. The MIT Press, CambridgeGoogle Scholar
  82. 82.
    Nordhaus WD, Yang Z (1996) RICE: A regional dynamic general equilibrium modelof optimal climate-change policy. Am Econ Rev 86(4):741–765Google Scholar
  83. 83.
    O’Brien KL, Sygna L, Haugen JE (2004) Vulnerable or resilient? A multi-scaleassessment of climate impacts and vulnerability in norway. Clim Chang 64:193–225Google Scholar
  84. 84.
    Oppenheimer M, Alley RB (2005) Ice sheets, global warming, and article 2 ofthe UNFCCC. Clim Chang 68:257–267Google Scholar
  85. 85.
    Paavola J, Adger WN (2006) Fair adaptation to climate change. Ecol Econ56:594–609Google Scholar
  86. 86.
    Pearce DW (2003) The social cost of carbon and its policy implications.Oxford Rev Econ Policy 19(3):1–32Google Scholar
  87. 87.
    Pearce DW, Cline WR, Achanta AN, Fankhauser S, Pachauri RK, Tol RSJ, VellingaP (1996) The social costs of climate change: greenhouse damage and the benefits of control. In: Bruce JP, Lee H, Haites EF (eds) Climate Change 1995:Economic and Social Dimensions – Contribution of Working Group III to the Second Assessment Report of the Intergovernmental Panel on ClimateChange. Cambridge University Press, Cambridge, pp 179–224Google Scholar
  88. 88.
    Pearce DW, Moran D (1994) The economic value of biodiversity. EarthScan,LondonGoogle Scholar
  89. 89.
    Pielke Jr RA, Landsea C, Mayfield M, Laver J, Pasch R (2005) Hurricanes andglobal warming. Bull Am Meteorol Soc 86(11):1571–1575Google Scholar
  90. 90.
    Plambeck EL, Hope CW (1996) PAGE95 – An updated valuation of theimpacts of global warming. Energy Policy 24(9):783–793Google Scholar
  91. 91.
    Ready R, Navrud S, Day B, Dubourg R, Machado F, Mourato S, Spaninks F,Rodriguez MXV (2004) Benefit transfer in europe: How reliable are transfers between countries? Environ Resour Econ29(1):67–82Google Scholar
  92. 92.
    Rehdanz K, Maddison DJ (2005) Climate and happiness. Ecol Econ52:111–125Google Scholar
  93. 93.
    Schelling TC (1984) Choice and consequence. Harvard University Press,CambridgeGoogle Scholar
  94. 94.
    Schelling TC (1992) Some economics of global warming. Am Econ Rev82:1–14Google Scholar
  95. 95.
    Schelling TC (1995) Intergenerational discounting. Energy Policy23(4/5):395–401Google Scholar
  96. 96.
    Schneider SH, Semenov S, Patwardhan A, Burton I, Magadya CHD, Oppenheimer M,Pittock AB, Rahman A, Smith JB, Suarez A, Yamin F (2007) Assessing key vulnerability and the risk from climate change. In: Parry ML et al (eds) ClimateChange 2007: Impacts, Adaptation and Vulnerability – Contribution of Working Group II to the Fourth Assessment Report of the IntergovernmentalPanel on Climate Change. Cambridge University Press, Cambridge, pp 779–810Google Scholar
  97. 97.
    Scott D, McBoyle G, Mills B (2003) Climate change and the skiing industry insouthern ontario (Canada): exploring the importance of snowmaking as a technical adaptation. Clim Res 23:171–181Google Scholar
  98. 98.
    Smith JB (1996) Standardized estimates of climate change damages for theunited states. Clim Chang 32(3):313–326Google Scholar
  99. 99.
    Smith JB, Schellnhuber HJ, Mirza MMQ, Fankhauser S, Leemans R, Lin E, OgalloL, Pittock B, Richels RG, Rosenzweig C, Tol RSJ, Weyant JP, Yohe GW (2001) Vulnerability to climate change and reasons for concern: a synthesis. In:Mccarthy JJ, Canziani OF, Leary NA, Dokken DJ, White KS (eds) Climate change 2001: Impacts, adaptation, and vulnerability, vol 19. Cambridge University Press,Cambridge, pp 913–967Google Scholar
  100. 100.
    Stern NH, Peters S, Bakhshi V, Bowen A, Cameron C, Catovsky S, Crane D,Cruickshank S, Dietz S, Edmonson N, Garbett SL, Hamid L, Hoffman G, Ingram D, Jones B, Patmore N, Radcliffe H, Sathiyarajah R, Stock M, Taylor C, VernonT, Wanjie H, Zenghelis D (2006) Stern review: The economics of climate change. Cambridge University Press, CambridgeGoogle Scholar
  101. 101.
    Szolnoky C, Buzas K, Clement A (1997) Impacts of the climate change on theoperation of a freshwater cooled electric power plant. Periodica Polytecnica: Civil Eng 41(2):71–94Google Scholar
  102. 102.
    Titus JG (1992) The costs of climate change to the united states. In:Majumdar SK et al (eds) Global climate change: implications, challenges and mitigation measures. Pennsylvania Academy of Science, Easton,pp 384–409Google Scholar
  103. 103.
    Tol RSJ (1995) The damage costs of climate change – towards morecomprehensive calculations. Environ Resour Econ 5:353–374Google Scholar
  104. 104.
    Tol RSJ (2001) Equitable cost-benefit analysis of climate change. Ecol Econ36(1):71–85Google Scholar
  105. 105.
    Tol RSJ (2002) New estimates of the damage costs of climate change, Part I:Benchmark Estimates. Environ Resour Econ 21(1):47–73Google Scholar
  106. 106.
    Tol RSJ (2003) Is the uncertainty about climate change too large forexpected cost-benefit analysis? Clim Chang 56(3):265–289Google Scholar
  107. 107.
    Tol RSJ (2005) The marginal damage costs of carbon dioxide emissions: anassessment of the uncertainties. Energy Policy 33(16):2064–2074Google Scholar
  108. 108.
    Tol RSJ (2005) Emission abatement versus development as strategies to reducevulnerability to climate change: an application of FUND. Environ Dev Econ 10:615–629Google Scholar
  109. 109.
    Tol RSJ (2005) Adaptation and mitigation: trade-offs in substance andmethods. Environ Sci Policy 8:572–578Google Scholar
  110. 110.
    Tol RSJ (2007) The social cost of carbon: trends, outliers and catastrophes,research unit sustainability and global change FNU-144. Hamburg University and Centre for Marine and Atmospheric Science,HamburgGoogle Scholar
  111. 111.
    Tol RSJ (2007) Europe’s long-term climate target: A critical evaluation.Energy Policy 35:424–432Google Scholar
  112. 112.
    Tol RSJ, van der Grijp NM, Olsthoorn AA, van der Werff PE (2003) Adapting toclimate change: A case study of riverine flood risks in the netherlands. Risk Analysis 23(3):575–583Google Scholar
  113. 113.
    Tol RSJ, Verheyen R (2004) State responsibility and compensation for climatechange damages – a legal and economic assessment. Energy Policy 32:1109–1130Google Scholar
  114. 114.
    Tol RSJ, Yohe GW (2006) Of dangerous climate change and dangerous emissionreduction. In: Schellnhuber HJ, Cramer W, Nakicenovic N, Wigley T, Yohe G (eds) Avoiding dangerous climate change. Cambridge University Press, Cambridge,pp 291–298Google Scholar
  115. 115.
    Tol RSJ, Yohe GW (2006) A review of the stern review. World Econ7(4):233–250Google Scholar
  116. 116.
    Toman M (2006) Values in the economics of climate change. Environ Values15:365–379Google Scholar
  117. 117.
    Viscusi WK, Zeckhauser RJ (2006) The perception and valuation of the risksof climate change: A rational and behavioral blend. Clim Chang 77:151–177Google Scholar
  118. 118.
    Weitzman ML (2001) Gamma discounting. Am Econ Rev91(1):260–271Google Scholar
  119. 119.
    Weitzman ML (2007) A review of the stern review on the economics of climatechange. J Econ Lit 45(3):703–724Google Scholar
  120. 120.
    Weitzman ML (2008) On modeling and interpreting the economics of catastrophic climate change. Rev Econ StatGoogle Scholar
  121. 121.
    Wilson KJ, Falkingham J, Melling H, de Abreu R (2004) Shipping in thecanadian arctic: Other possible climate change scenarios. Int Geosci Remote Sens Symp 3:1853–1856Google Scholar
  122. 122.
    Yohe GW, Schlesinger ME (2002) The economic geography of the impacts ofclimate change. J Econ Geogr 2:311–341Google Scholar
  123. 123.
    Yohe GW, Tol RSJ (2002) Indicators for social and economic copingcapacity – moving towards a working definition of adaptive capacity. Glob Environ Chang 12(1):25–40Google Scholar
  124. 124.
    Zhang DD, Jim CY, Lin GCS, He YQ, Wang JJ, Lee HF (2006) Climatic change,wars and dynastic cycles in China over the last millennium. Clim Chang 76:459–477Google Scholar

Copyright information

© Springer-Verlag 2009

Authors and Affiliations

  • Richard S. J. Tol
    • 1
    • 2
    • 3
    • 4
  1. 1.Economic and Social Research InstituteDublinIreland
  2. 2.Institute for Environmental StudiesVrije UniversiteitAmsterdamThe Netherlands
  3. 3.Department of Spatial EconomicsVrije UniversiteitAmsterdamThe Netherlands
  4. 4.Department of Engineering and Public PolicyCarnegie Mellon UniversityPittsburghUSA