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Critical issues for the calculation of the social cost of CO 2: why the estimates from PAGE09 are higher than those from PAGE2002

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  • Chris Hope

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Abstract

PAGE09 is an updated version of the PAGE2002 integrated assessment model (Hope 2011a ). The default PAGE09 model gives a mean estimate of the social cost of CO 2 (SCCO 2) of $106 per tonne of CO 2, compared to $81 from the PAGE2002 model used in the Stern review (Stern 2007 ). The increase is the net result of several improvements that have been incorporated into the PAGE09 model in response to the critical debate around the Stern review: the adoption of the A1B socio-economic scenario, rather than A2 whose population assumptions are now thought to be implausible; the use of ranges for the two components of the discount rate, rather than the single values used in the Stern review; a distribution for the climate sensitivity that is consistent with the latest estimates from IPCC 2007a ; less adaptation than in PAGE2002, particularly in the economic sector, which was criticised for possibly being over-optimistic; and a more theoretically-justified basis of valuation that gives results appropriate to a representative agent from the focus region, the EU. The effect of each of these adjustments is quantified and explained. Copyright Springer Science+Business Media Dordrecht 2013

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Bibliographic Info

Article provided by Springer in its journal Climatic Change.

Volume (Year): 117 (2013)
Issue (Month): 3 (April)
Pages: 531-543

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Handle: RePEc:spr:climat:v:117:y:2013:i:3:p:531-543

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  1. Richard Tol, 2002. "Estimates of the Damage Costs of Climate Change, Part II. Dynamic Estimates," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 21(2), pages 135-160, February.
  2. David Anthoff & Cameron Hepburn & Richard S.J. Tol, 2007. "Equity Weighting and the Marginal Damage Costs of Climate Change," Working Papers 2007.43, Fondazione Eni Enrico Mattei.
  3. Ackerman, Frank & Stanton, Elizabeth A., 2011. "Climate risks and carbon prices: Revising the social cost of carbon," Economics Discussion Papers 2011-40, Kiel Institute for the World Economy.
  4. Richard S. J. Tol & Gary W. Yohe, 2006. "A Review of the Stern Review," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 7(4), pages 233-250, October.
  5. Martin L. Weitzman, 2009. "On Modeling and Interpreting the Economics of Catastrophic Climate Change," The Review of Economics and Statistics, MIT Press, vol. 91(1), pages 1-19, February.
  6. David J. Evans, 2005. "The elasticity of marginal utility of consumption: estimates for 20 OECD countries," Fiscal Studies, Institute for Fiscal Studies, vol. 26(2), pages 197-224, June.
  7. 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.
  8. Hope, Chris, 2008. "Discount rates, equity weights and the social cost of carbon," Energy Economics, Elsevier, vol. 30(3), pages 1011-1019, May.
  9. Simon Dietz & Chris Hope & Nicholas Stern & Dimitri Zenghelis, 2007. "REFLECTIONS ON THE STERN REVIEW (1) A Robust Case for Strong Action to Reduce the Risks of Climate Change," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 8(1), pages 121-168, January.
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