The Uncertainty about the Total Economic Impact of Climate Change
AbstractThis paper uses a vote-counting procedure to estimate the probability density function of the total economic impact as a parabolic function of global warming. There is a wide range of uncertainty about the impact of climate change up to 3ºC, and the information becomes progressively more diffuse beyond that. Warming greater than 3ºC most likely has net negative impacts, and warming greater than 7ºC may lead to a total welfare loss. The expected value of the social cost of carbon is about $29/tC in 2015 and rises at roughly 2% per year.
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Bibliographic InfoPaper provided by Economic and Social Research Institute (ESRI) in its series Papers with number WP382.
Date of creation: Apr 2011
Date of revision:
Climate change/uncertainty/impacts/Social cost of carbon/cost;
This paper has been announced in the following NEP Reports:
- NEP-AGR-2011-05-30 (Agricultural Economics)
- NEP-ALL-2011-05-30 (All new papers)
- NEP-ENE-2011-05-30 (Energy Economics)
- NEP-ENV-2011-05-30 (Environmental Economics)
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