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The Social Cost of Carbon: Valuing Inequality, Risk, and Population for Climate Policy

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  • Stéphane Zuber

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Marc Fleurbaey

    (Princeton University)

  • Maddalena Ferranna
  • Mark Budolfson
  • Francis Dennig
  • Kian Mintz-Woo
  • Robert Socolow
  • Dean Spears

Abstract

We analyze the role of ethical values in the determination of the social cost of carbon, arguing that the familiar debate about discounting is too narrow. Other ethical issues are equally important to computing the social cost of carbon, and we highlight inequality, risk, and population ethics. Although the usual approach, in the economics of cost-benefit analysis for climate policy, is confined to a utilitarian axiology, the methodology of the social cost of carbon is rather flexible and can be expanded to a broader set of social-welfare approaches.

Suggested Citation

  • Stéphane Zuber & Marc Fleurbaey & Maddalena Ferranna & Mark Budolfson & Francis Dennig & Kian Mintz-Woo & Robert Socolow & Dean Spears, 2019. "The Social Cost of Carbon: Valuing Inequality, Risk, and Population for Climate Policy," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-02400609, HAL.
    • Handle: RePEc:hal:cesptp:halshs-02400609
    DOI: 10.1093/monist/ony023
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    Cited by:

    1. Martin Zapf & Hermann Pengg & Christian Weindl, 2019. "How to Comply with the Paris Agreement Temperature Goal: Global Carbon Pricing According to Carbon Budgets," Energies, MDPI, vol. 12(15), pages 1-20, August.
    2. Rising, James A. & Taylor, Charlotte & Ives, Matthew C. & Ward, Robert E.T., 2022. "Challenges and innovations in the economic evaluation of the risks of climate change," Ecological Economics, Elsevier, vol. 197(C).
    3. Amanda Harker Steele & Travis Warner & Derek Vikara & Allison Guinan & Peter Balash, 2021. "Comparative Analysis of Carbon Capture and Storage Finance Gaps and the Social Cost of Carbon," Energies, MDPI, vol. 14(11), pages 1-24, May.
    4. Rising, James A. & Taylor, Charlotte & Ives, Matthew C. & Ward, Robert E.t., 2022. "Challenges and innovations in the economic evaluation of the risks of climate change," LSE Research Online Documents on Economics 114941, London School of Economics and Political Science, LSE Library.

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