Warning: This one is for the pro's.
If you understand "It may well turn out that the option value of waiting for better information about catastrophic tail events is negligible because early detection is impossible..." this is a valuable paper. If not, a better use of time may be to release a small amount of sequestered CO2 and create a biochemical-electrical field i.e. crack a beer and think about other things.
By Professor Weitzman:
Cross-posted at Climateer Investing