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Carbon emission values in cost benefit analyses

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  • Mandell, Svante

Abstract

New infrastructure projects may affect CO2 emissions and, thus, cost benefit analyses for these projects require a value to apply for CO2. This may be based on the marginal social cost of emissions or on the shadow price resulting from present and future policies. This paper argues that both approaches are necessary, but for cost benefit analysis of infrastructure projects the latter should be the primary tool. A series of complications arise when applying this principle in practice. These are discussed in the paper. Even if the complications make the implementation of a shadow price approach difficult, we argue that the approach still is preferable to a social cost approach.

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Bibliographic Info

Article provided by Elsevier in its journal Transport Policy.

Volume (Year): 18 (2011)
Issue (Month): 6 (November)
Pages: 888-892

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Handle: RePEc:eee:trapol:v:18:y:2011:i:6:p:888-892

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Keywords: Climate change Policy Cost-benefit analysis Carbon value;

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References

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  1. Svante Mandell, 2010. "Steering the European Transport Greenhouse Gas Emissions under Uncertainty," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 44(1), pages 1-16, January.
  2. Mandell, Svante, 2008. "Optimal mix of emissions taxes and cap-and-trade," Journal of Environmental Economics and Management, Elsevier, vol. 56(2), pages 131-140, September.
  3. David Pearce, 2003. "The Social Cost of Carbon and its Policy Implications," Oxford Review of Economic Policy, Oxford University Press, vol. 19(3), pages 362-384.
  4. Tol, Richard S. J., 2008. "The Social Cost of Carbon: Trends, Outliers and Catastrophes," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(25), pages 1-22.
  5. Lori Bennear & Robert Stavins, 2007. "Second-best theory and the use of multiple policy instruments," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 37(1), pages 111-129, May.
  6. Tol, Richard S. J., 2005. "The marginal damage costs of carbon dioxide emissions: an assessment of the uncertainties," Energy Policy, Elsevier, vol. 33(16), pages 2064-2074, November.
  7. Pearce, David W, 1991. "The Role of Carbon Taxes in Adjusting to Global Warming," Economic Journal, Royal Economic Society, vol. 101(407), pages 938-48, July.
  8. Pizer, William A., 2002. "Combining price and quantity controls to mitigate global climate change," Journal of Public Economics, Elsevier, vol. 85(3), pages 409-434, September.
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Citations

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Cited by:
  1. Yu-Ling Chen & Yi-Hsuan Shih & Chao-Heng Tseng & Sy-Yuan Kang & Huang-Chin Wang, 2013. "Economic and health benefits of the co-reduction of air pollutants and greenhouse gases," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 18(8), pages 1125-1139, December.
  2. Mandell, Svante & Nilsson, Jan-Eric & Vierth, Inge, 2014. "Freight transport, policy instruments and climate," Working Paper Series 14/3, Department of Real Estate and Construction Management & Centre for Banking and Finance (cefin), Royal Institute of Technology.
  3. Huse, Cristian & Lucinda, Claudio, 2013. "The Market Impact and the Cost of Environmental Policy: Evidence from the Swedish Green Car Rebate," MPRA Paper 48905, University Library of Munich, Germany.
  4. Mandell, Svante & Nilsson , Jan-Eric & Vierth , Inge, 2014. "Freight transport, policy instruments and climate," Working papers in Transport Economics 2014:5, CTS - Centre for Transport Studies Stockholm (KTH and VTI).
  5. Mouter, Niek & Annema, Jan Anne & van Wee, Bert, 2013. "Ranking the substantive problems in the Dutch Cost–Benefit Analysis practice," Transportation Research Part A: Policy and Practice, Elsevier, vol. 49(C), pages 241-255.

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