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Regional and sectoral estimates of the social cost of carbon: An application of FUND

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  • Anthoff, David
  • Rose, Steven
  • Tol, Richard S. J.
  • Waldhoff, Stephanie

Abstract

The social cost of carbon is an estimate of the benefit of reducing CO2 emissions by one ton today. As such it is a key input into cost-benefit analysis of climate policy and regulation. We provide a set of new estimates of the social cost of carbon from the integrated assessment model FUND 3.5 and present a regional and sectoral decomposition of our new estimate. China, Western Europe and the United States have the highest share of harmful impacts, with the precise order depending on the discount rate. The most important sectors in terms of impacts are agriculture and increased energy use for cooling. We present an extensive sensitivity analysis with respect to the discount rate, equity weights, different socio economic scenarios and values for the climate sensitivity parameter. --

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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2011-18.

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Date of creation: 2011
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Handle: RePEc:zbw:ifwedp:201118

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Keywords: Climate change; social cost of carbon;

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  1. P. Michael Link & Richard S.J. Tol, 2004. "Possible Economic Impacts of a Shutdown of the Thermohaline Circulation: an Application of FUND," Working Papers, Research unit Sustainability and Global Change, Hamburg University FNU-42, Research unit Sustainability and Global Change, Hamburg University, revised Apr 2004.
  2. David Anthoff & Richard S.J. Tol, 2007. "On International Equity Weights And National Decision Making On Climate Change," Working Papers, Research unit Sustainability and Global Change, Hamburg University FNU-127, Research unit Sustainability and Global Change, Hamburg University, revised Feb 2007.
  3. Lunn, Pete & Duffy, David, 2010. "The Euro Through the Looking-Glass: Perceived Inflation Following the 2002 Currency Changeover," Papers, Economic and Social Research Institute (ESRI) WP338, Economic and Social Research Institute (ESRI).
  4. Hope, Chris, 2008. "Discount rates, equity weights and the social cost of carbon," Energy Economics, Elsevier, Elsevier, vol. 30(3), pages 1011-1019, May.
  5. 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, European Association of Environmental and Resource Economists, vol. 21(2), pages 135-160, February.
  6. Onno J. Kuik & Barbara Bucher & Michela Catenacci & Etem Karakaya & Richard S.J. Tol, 2006. "Methodological aspects of recent climate change damage cost studies," Working Papers, Research unit Sustainability and Global Change, Hamburg University FNU-122, Research unit Sustainability and Global Change, Hamburg University, revised Dec 2006.
  7. David Anthoff & Cameron Hepburn & Richard S.J. Tol, 2006. "Equity weighting and the marginal damage costs of climate change," Working Papers, Research unit Sustainability and Global Change, Hamburg University FNU-121, Research unit Sustainability and Global Change, Hamburg University, revised Dec 2006.
  8. Richard Tol, 2002. "Estimates of the Damage Costs of Climate Change. Part 1: Benchmark Estimates," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 21(1), pages 47-73, January.
  9. Tol, Richard S.J., 2012. "A cost–benefit analysis of the EU 20/20/2020 package," Energy Policy, Elsevier, Elsevier, vol. 49(C), pages 288-295.
  10. Barrett, Scott, 1994. "Self-Enforcing International Environmental Agreements," Oxford Economic Papers, Oxford University Press, vol. 46(0), pages 878-94, Supplemen.
  11. Gorecki, Paul K. & Tol, Richard S. J., 2011. "The Climate Change Response Bill 2010: An Assessment," Papers, Economic and Social Research Institute (ESRI) WP371, Economic and Social Research Institute (ESRI).
  12. Callan, Tim & Keane, Claire & Walsh, John R. & Lane, Marguerita, 2010. "From Data to Policy Analysis: Tax-Benefit Modelling using SILC 2008," Papers, Economic and Social Research Institute (ESRI) WP359, Economic and Social Research Institute (ESRI).
  13. Hope, Chris & Anderson, John & Wenman, Paul, 1993. "Policy analysis of the greenhouse effect : An application of the PAGE model," Energy Policy, Elsevier, Elsevier, vol. 21(3), pages 327-338, March.
  14. Plambeck, Erica L. & Hope, Chris & Anderson, John, 1997. "The model: Integrating the science and economics of global warming," Energy Economics, Elsevier, Elsevier, vol. 19(1), pages 77-101, March.
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Cited by:
  1. Richard S.J. Tol, 2012. "Targets for Global Climate Policy: An Overview," Working Paper Series 3712, Department of Economics, University of Sussex.
  2. Karen Fisher-Vanden & Ian Sue Wing & Elisa Lanzi & David Popp, 2013. "Modeling climate change feedbacks and adaptation responses: recent approaches and shortcomings," Climatic Change, Springer, Springer, vol. 117(3), pages 481-495, April.
  3. Robert w. Hahn & Robert A. Ritz, 2013. "Does the social Cost of Carbon Matter?: An Assessment of U.S. Policy," Cambridge Working Papers in Economics 1346, Faculty of Economics, University of Cambridge.
  4. Dowling, Paul, 2013. "The impact of climate change on the European energy system," Energy Policy, Elsevier, Elsevier, vol. 60(C), pages 406-417.

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