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The Social Cost of Carbon

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Author Info

  • Richard S.J. Tol

    ()
    (Economic and Social Research Institute, Whitaker Square, Sir John Rogerson's Quay, Dublin 2, Ireland
    Institute for Environmental Studies, Vrije Universiteit, Amsterdam, The Netherlands, Department of Spatial Economics, Vrije Universiteit, Amsterdam, The Netherlands, Department of Economics, Trinity College, Dublin, Ireland)

Abstract

This article surveys the literature on the economic impact of climate change. Different methods have been used to estimate the impact of climate change on human welfare. Studies agree that there are positive and negative impacts. In the short term, positive impacts may dominate, but these are sunk benefits that will obtain regardless of abatement policy. In the longer term, there are net negative impacts. Poorer people tend to be more vulnerable to climate change. Estimated aggregate impacts are not very large, but they are uncertain and incomplete. Estimates of the marginal impacts suggest that greenhouse gas emissions should be taxed and that the emission reduction targets announced by politicians are probably too ambitious. Estimates of the willingness to pay for climate policy suggest that lay people are probably more concerned than experts about the total impact of climate change, whereas lay people and experts agree on estimates of the incremental impact of carbon dioxide emissions.

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File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev-resource-083110-120028
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Bibliographic Info

Article provided by Annual Reviews in its journal Annual Review of Resource Economics.

Volume (Year): 3 (2011)
Issue (Month): 1 (October)
Pages: 419-443

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Handle: RePEc:anr:reseco:v:3:y:2011:p:419-443

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Related research

Keywords: climate policy; carbon dioxide emission reduction; benefit-cost analysis;

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References

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  1. van den Bergh, Jeroen C. J. M., 2004. "Optimal climate policy is a utopia: from quantitative to qualitative cost-benefit analysis," Ecological Economics, Elsevier, vol. 48(4), pages 385-393, April.
  2. Minh Ha-Duong & Nicolas Treich, 2004. "Risk Aversion, Intergenerational Equity and Climate Change," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 28(2), pages 195-207, June.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. I'd prefer to look at the literature on this i...
    by David Stern in Stochastic Trend on 2011-09-16 23:32:27
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Cited by:
  1. Kennedy, Scott & Sgouridis, Sgouris, 2011. "Rigorous classification and carbon accounting principles for low and Zero Carbon Cities," Energy Policy, Elsevier, vol. 39(9), pages 5259-5268, September.
  2. Bas Jacobs, 2013. "From Optimal Tax Theory to Applied Tax Policy," CESifo Working Paper Series 4151, CESifo Group Munich.
  3. Mendelsohn, Robert & Dinar, Ariel, 1999. "Climate Change, Agriculture, and Developing Countries: Does Adaptation Matter?," World Bank Research Observer, World Bank Group, vol. 14(2), pages 277-93, August.
  4. Kopp, Robert E. & Golub, Alexander & Keohane, Nathaniel O. & Onda, Chikara, 2012. "The influence of the specification of climate change damages on the social cost of carbon," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 6(13), pages 1-40.

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