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The time evolution 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 authors estimate the growth rate of the social cost of carbon. This is an indication of the optimal rate of acceleration of greenhouse gas emission reduction policy over time. The authors find that the social cost of carbon increases by 1.3% to 3.9% per year, with a central estimate of 2.2%. Previous studies found an average rate of 2.3% and a range of 0.9 to 4.1%. The rate of increase of the social carbon depends on a range of factors, including the pure rate of time preference, the rate of risk aversion, equity weighting, the socioeconomic and emission scenarios, the climate sensitivity, dynamic vulnerability, and the curvature of the impact functions. --

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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2011-44.

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Date of creation: 2011
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Handle: RePEc:zbw:ifwedp:201144

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Keywords: social cost of carbon;

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References

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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. Thomas Sterner & U. Martin Persson, 2008. "An Even Sterner Review: Introducing Relative Prices into the Discounting Debate," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 2(1), pages 61-76, Winter.
  3. Maddison, David, 1995. "A cost-benefit analysis of slowing climate change," Energy Policy, Elsevier, Elsevier, vol. 23(4-5), pages 337-346.
  4. Nordhaus, William D., 1993. "Rolling the 'DICE': an optimal transition path for controlling greenhouse gases," Resource and Energy Economics, Elsevier, Elsevier, vol. 15(1), pages 27-50, March.
  5. Tol, Richard S. J. & Narita, Daiju & Anthoff, David, 2008. "Damage Costs of Climate Change through Intensification of Tropical Cyclone Activities: An Application of FUND," Papers, Economic and Social Research Institute (ESRI) WP259, Economic and Social Research Institute (ESRI).
  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. Haraden, John, 1993. "An updated shadow price for CO2," Energy, Elsevier, Elsevier, vol. 18(3), pages 303-307.
  8. Wahba, Mohammed & Hope, Chris, 2006. "The marginal impact of carbon dioxide under two scenarios of future emissions," Energy Policy, Elsevier, Elsevier, vol. 34(17), pages 3305-3316, November.
  9. Tol, Richard S. J., 2001. "Equitable cost-benefit analysis of climate change policies," Ecological Economics, Elsevier, Elsevier, vol. 36(1), pages 71-85, January.
  10. Haraden, John, 1992. "An improved shadow price for CO2," Energy, Elsevier, Elsevier, vol. 17(5), pages 419-426.
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Cited by:
  1. Fischer, Carolyn & Salant, Stephen, 2012. "Alternative Climate Policies and Intertemporal Emissions Leakage: Quantifying the Green Paradox," Discussion Papers, Resources For the Future dp-12-16, Resources For the Future.
  2. Richard S.J. Tol, 2012. "Targets for Global Climate Policy: An Overview," Working Paper Series 3712, Department of Economics, University of Sussex.

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