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Estimation of the greenhouse gas externality with uncertainty

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  • Michael Schauer
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    Abstract

    The shadow price of carbon dioxide is the value of the external damage caused by an emission. A shadow price model for calculating the present value of the external damage of a carbon dioxide emission is derived explicitly. Sixteen experts provided subjective high, low and most likely parameter estimates because correct values for the eight model parameters are uncertain. The estimation procedure retains parameter uncertainty while generating the main result, which is a distribution of shadow price estimates. Major assumptions made in the estimation identify the basis for the results. Of the eight model parameters, the discount rate dominates the determination of the shadow price. For comparison, expert estimates of the shadow price itself provide a second distribution of shadow price estimates. Copyright Kluwer Academic Publishers 1995

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    File URL: http://hdl.handle.net/10.1007/BF00691910
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    Bibliographic Info

    Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

    Volume (Year): 5 (1995)
    Issue (Month): 1 (January)
    Pages: 71-82

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    Handle: RePEc:kap:enreec:v:5:y:1995:i:1:p:71-82

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    Web page: http://www.springerlink.com/link.asp?id=100263

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    Keywords: Externality; greenhouse; estimation; uncertainty;

    References

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    1. William D. Nordhaus, 1980. "Thinking About Carbon Dioxide: Theoretical and Empirical Aspects of Optimal Control Strategies," Cowles Foundation Discussion Papers 565, Cowles Foundation for Research in Economics, Yale University.
    2. Peter Hoeller & Markku Wallin, 1991. "Energy Prices, Taxes and Carbon Dioxide Emissions," OECD Economics Department Working Papers 106, OECD Publishing.
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    Cited by:
    1. Mark Kagan, 2012. "Climate Change Skepticism in the Face of Catastrophe," Tinbergen Institute Discussion Papers 12-112/VIII, Tinbergen Institute.
    2. Oleg Eismont & Heinz Welsch, 1996. "Optimal greenhouse gas emissions under various assessments of climate change ambiguity," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 8(2), pages 129-140, September.
    3. Richard S.J. Tol, 2012. "Targets for Global Climate Policy: An Overview," Working Paper Series 3712, Department of Economics, University of Sussex.
    4. Tol, Richard S. J., 2007. "The Social Cost of Carbon: Trends, Outliers and Catastrophes," Economics Discussion Papers 2007-44, Kiel Institute for the World Economy.
    5. Mark Kagan, 2012. "Climate Change Skepticism in the Face of Catastrophe," Tinbergen Institute Discussion Papers 12-112/VIII, Tinbergen Institute.
    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. Hennlock, Magnus, 2009. "Robust Control in Global Warming Management: An Analytical Dynamic Integrated Assessment," Working Papers in Economics 354, University of Gothenburg, Department of Economics.

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