Global Environmental Risks
研究了全球环境风险的经济学问题，指出气候变化风险具有认知不足、内生性、集体性和不可逆性，并探讨了社会应如何权衡减排成本与风险认知提升，以及如何利用保险和证券市场高效分配风险。
We consider the economics of global environmental risks. In this area, we are dealing with risks that are poorly understood, endogenous, collective, and irreversible. In policy terms, the nature and extent of uncertainty about global climate change implies that society's position will be dominated by two questions: What cost is worth incurring to reduce the poorly-understood risk of climate change, or to improve our understanding of the risk? How may existing social institutions, such as insurance contracts and securities markets, be used to provide the most efficient allocation of the risks associated with global climate change?