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Stabilizing the Global Climate: A Simple and Robust Benefit-Cost Analysis

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  • John Quiggin

Abstract

Most models of optimal climate change policy are complex and opaque. In this paper, it is argued that the convexity of climate damage and mitigation cost function provides a basis for the derivation of simple and robust estimates of optimal stabilization targets and carbon prices. For all but a few extreme assumptions, the optimal carbon price is between $40 and $75. Similarly, for a wide range of parameter values the optimal target is between 425 ppm and 475 ppm. In all simulations, the total cost of mitigation is below 5 per cent of income, and in most cases substantially below.

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File URL: http://hdl.handle.net/10.1093/ajae/aar130
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Bibliographic Info

Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 94 (2012)
Issue (Month): 2 ()
Pages: 291-300

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Handle: RePEc:oup:ajagec:v:94:y:2012:i:2:p:291-300

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  1. John Quiggin, 2012. "Equity Between Overlapping Generations," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 14(2), pages 273-283, 03.
  2. William D. Nordhaus, 2007. "A Review of the Stern Review on the Economics of Climate Change," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 686-702, September.
  3. Martin L. Weitzman, 2007. "A Review of the Stern Review on the Economics of Climate Change," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 703-724, September.
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Cited by:
  1. Quiggin, John, 2013. "How I learned to stop worrying and love the RET," Risk and Sustainable Management Group Working Papers 152099, University of Queensland, School of Economics.
  2. Quiggin, John, 2013. "Carbon pricing and the precautionary principle," Risk and Sustainable Management Group Working Papers 152098, University of Queensland, School of Economics.

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