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The US government's social cost of carbon estimates after their first two years: Pathways for improvement

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  • Kopp, Robert E.
  • Mignone, Bryan K.
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    Abstract

    In 2010, the U.S. government adopted its first consistent estimates of the social cost of carbon (SCC) for government-wide use in regulatory cost-benefit analysis. Here, the authors examine a number of limitations of the estimates identified in the U.S. government report and elsewhere and review recent advances that could pave the way for improvements. The authors consider in turn socio-economic scenarios, treatment of physical climate response, damage estimates, ways of incorporating risk aversion, and consistency between SCC estimates and broader climate policy. --

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    File URL: http://dx.doi.org/10.5018/economics-ejournal.ja.2012-15
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    Bibliographic Info

    Article provided by Kiel Institute for the World Economy in its journal Economics: The Open-Access, Open-Assessment E-Journal.

    Volume (Year): 6 (2012)
    Issue (Month): 15 ()
    Pages: 1-41

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    Handle: RePEc:zbw:ifweej:201215

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    Keywords: climate change; social cost of carbon; integrated assessment modeling;

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    1. Andries Hof & Chris Hope & Jason Lowe & Michael Mastrandrea & Malte Meinshausen & Detlef Vuuren, 2012. "The benefits of climate change mitigation in integrated assessment models: the role of the carbon cycle and climate component," Climatic Change, Springer, Springer, vol. 113(3), pages 897-917, August.
    2. Crost, Benjamin & Traeger, Christian P., 2010. "Risk and aversion in the integrated assessment of climate change," CUDARE Working Paper Series, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy 1104R, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy, revised Jul 2011.
    3. Kousky, Carolyn & Kopp, Robert E. & Cooke, Roger, 2011. "Risk premia and the social cost of carbon: A review," Economics Discussion Papers 2011-19, Kiel Institute for the World Economy.
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