Related papers: The Social Cost of Carbon
An updated and extended meta-analysis confirms that the central estimate of the social cost of carbon is around $200/tC with a large, right-skewed uncertainty and trending up. The pure rate of time preference and the inverse of the…
A meta-analysis of published estimates shows that the social cost of carbon has increased as knowledge about climate change accumulates. Correcting for inflation and emission year and controlling for the discount rate, kernel density…
We estimate the national social cost of carbon using a recent meta-analysis of the total impact of climate change and a standard integrated assessment model. The average social cost of carbon closely follows per capita income, the national…
The social cost of carbon (SCC) serves as a concise gauge of climate change's economic impact, often reported at the global and country level. SCC values are disproportionately high for less-developed, populous countries. Assessing the…
There is great uncertainty about future climate conditions and the appropriate policies for managing interactions between the climate and the economy. We develop a multidimensional computational model to examine how uncertainties and risks…
The majority of estimates of the social cost of carbon use preference parameters calibrated to data for North America and Europe. We here use representative data for attitudes to time and risk across the world. The social cost of carbon is…
There are many published estimates of the social cost of carbon. Some are clear outliers, the result of poorly constrained models. Percentile winsorizing is an option, but I here propose conceptual winsorizing: The social cost of carbon is…
By its nature, the so-called social cost of carbon (SCC(t)) will likely not cover the cost induced by climate change (damage cost and abatement cost) if it is used as a CO$_2$-price. It is a marginal price only. We define an implied…
A large database of published model results is used to estimate the distribution of the social cost of carbon as a function of the underlying assumptions. The literature on the social cost of carbon deviates in its assumptions from the…
Social cost of carbon (SCC) is estimated by integrated assessment models (IAM) and is widely used by government agencies to value climate policy impacts. While there is an ongoing debate about obtained numerical estimates and related…
Preference heterogeneity massively increases the social cost of carbon. We call this the Weitzman premium. Uncertainty about an exponential discount rate implies a hyperbolic discount rate, which in the near term is equal to the average…
Anthropogenic emissions of CO2 must soon approach net-zero to stabilize the global mean temperature. Although several international agreements have advocated for coordinated climate actions, their implementation has remained below…
The temperature targets in the Paris Agreement cannot be met without very rapid reduction of greenhouse gas emissions and removal of carbon dioxide from the atmosphere. The latter requires large, perhaps prohibitively large subsidies. The…
Climate change is a pressing issue that is currently affecting and will affect every part of our lives. It's becoming incredibly vital we, as a society, address the climate crisis as a universal effort, including those in the Computer…
We provide ex-post empirical analysis of the effects of climate policies on carbon dioxide emissions at the aggregate national level. Our results are based on a comprehensive database of 121 countries. As climate policies we examine carbon…
Carbon prices are one of the most prominent methods to reduce global greenhouse gas emissions and have been adopted by several countries around the world. However, regionally different carbon prices can lead to carbon leakage. We…
This paper presents a refined country-level integrated assessment model, FUND 3.9n, that extends the regional FUND 3.9 framework by incorporating sector-specific climate impact functions and parametric uncertainty analysis for 198…
Recent analyses indicate that the amount of atmospheric CO2 required to cause dangerous climate change is at most 450 ppm, and likely less than that. Reductions of non-CO2 climate forcings can provide only moderate, albeit important,…
We need enough new carbon sinks to 1) cancel out any continuing use of fossil fuels, 2) overcome the delayed effect of earlier excesses, and then 3) lower atmospheric CO2 concentrations to the old maximum value of 280 ppm. We need to sink…
We develop a dynamic multi-region climate-economy model with emissions trading and solve for the dynamic Nash equilibrium under noncooperation, where each region follows Paris Agreement-based emissions caps. The permit price reaches $923…