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Climate damages in the FUND model: A disaggregated analysis

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  • Ackerman, Frank
  • Munitz, Charles

Abstract

We examine the treatment of climate damages in the FUND model. By inserting software switches to turn individual features on and off, we obtain FUND's estimates for 15 categories of damages, and for components of the agricultural category. FUND, as used by the U.S. government to estimate the social cost of carbon, projects a net benefit of climate change in agriculture, offset by a slightly larger estimate of all other damages. Within agriculture there is a large benefit from CO2 fertilization, a moderate cost from the effect of temperature on yields, and a much smaller impact of the rate of change.

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  • Ackerman, Frank & Munitz, Charles, 2012. "Climate damages in the FUND model: A disaggregated analysis," Ecological Economics, Elsevier, vol. 77(C), pages 219-224.
    • Handle: RePEc:eee:ecolec:v:77:y:2012:i:c:p:219-224
    DOI: 10.1016/j.ecolecon.2012.03.005
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    1. Nicholas Stern, 2008. "The Economics of Climate Change," American Economic Review, American Economic Association, vol. 98(2), pages 1-37, May.
    2. William R. Cline, 2007. "Global Warming and Agriculture: Impact Estimates by Country," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4037, May.
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    1. van den Bergh, J.C.J.M. & Botzen, W.J.W., 2015. "Monetary valuation of the social cost of CO2 emissions: A critical survey," Ecological Economics, Elsevier, vol. 114(C), pages 33-46.
    2. Havranek, Tomas & Irsova, Zuzana & Janda, Karel & Zilberman, David, 2015. "Selective reporting and the social cost of carbon," Energy Economics, Elsevier, vol. 51(C), pages 394-406.
    3. Michael Grubb & Jean-Francois Mercure & Pablo Salas & Rutger-Jan Lange & Ida Sognnaes, 2018. "Systems Innovation, Inertia and Pliability: A mathematical exploration with implications for climate change abatement," Working Papers EPRG 1808, Energy Policy Research Group, Cambridge Judge Business School, University of Cambridge.
    4. Johannes Emmerling, 2018. "Sharing Of Climate Risks Across World Regions," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 9(03), pages 1-19, August.
    5. Milad Eghtedari Naeini & Benjamin D. Leibowicz & J. Eric Bickel, 2020. "Can you trust a model whose output keeps changing? Interpreting changes in the social cost of carbon produced by the DICE model," Environment Systems and Decisions, Springer, vol. 40(3), pages 301-320, September.
    6. Zhang, Hailing & Liu, Changxin & Wang, Can, 2021. "Extreme climate events and economic impacts in China: A CGE analysis with a new damage function in IAM," Technological Forecasting and Social Change, Elsevier, vol. 169(C).
    7. van den Bijgaart, Inge & Gerlagh, Reyer & Liski, Matti, 2016. "A simple formula for the social cost of carbon," Journal of Environmental Economics and Management, Elsevier, vol. 77(C), pages 75-94.
    8. van den Bijgaart, Inge & Gerlagh, Reyer & Liski, Matti, 2016. "A simple formula for the social cost of carbon," Journal of Environmental Economics and Management, Elsevier, vol. 77(C), pages 75-94.
    9. Zhou, Li & Turvey, Calum G., 2014. "Climate change, adaptation and China's grain production," China Economic Review, Elsevier, vol. 28(C), pages 72-89.
    10. Nelson, J.A., 2013. "Ethics and the economist: What climate change demands of us," Ecological Economics, Elsevier, vol. 85(C), pages 145-154.
    11. Stephen Keen & Timothy M. Lenton & Antoine Godin & Devrim Yilmaz & Matheus Grasselli & Timothy J. Garrett, 2021. "Economists' erroneous estimates of damages from climate change," Papers 2108.07847, arXiv.org.
    12. Rennels, Lisa & Rennert, Kevin & Errickson, Frank & Anthoff, David & Wingenroth, Jordan & Prest, Brian C., 2024. "Accounting for Biodiversity Loss Raises the Social Cost of CO2," RFF Working Paper Series 24-23, Resources for the Future.
    13. B. N. Porfiriev & A. Yu. Kolpakov & E. A. Lazeeva, 2025. "Assessing the Impact of Climate Change on the Russian Economy Using Integrated Assessment Models (IAM)," Studies on Russian Economic Development, Springer, vol. 36(1), pages 35-44, February.
    14. Anthony Bonen & Willi Semmler & Stephan Klasen, 2014. "Economic Damages from Climate Change: A Review of Modeling Approaches," SCEPA working paper series. 2014-3, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    15. Richard S. J. Tol, 2024. "Database for the meta-analysis of the social cost of carbon (v2025.1)," Papers 2402.09125, arXiv.org, revised Feb 2025.
    16. Changxin Liu & Hailing Zhang & Zheng Wang, 2019. "Study on the Functional Improvement of Economic Damage Assessment for the Integrated Assessment Model," Sustainability, MDPI, vol. 11(5), pages 1-18, February.
    17. Gu, Gaoxiang & Wang, Zheng, 2018. "China’s carbon emissions abatement under industrial restructuring by investment restriction," Structural Change and Economic Dynamics, Elsevier, vol. 47(C), pages 133-144.
    18. William Nordhaus, 2014. "Estimates of the Social Cost of Carbon: Concepts and Results from the DICE-2013R Model and Alternative Approaches," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 1(1), pages 000.
    19. Sgouris Sgouridis & Abdulla Kaya & Denes Csala, 2016. "Switching Economics for Physics and the Carbon Price Inflation: Problems in Integrated Assessment Models and their Implications," Papers 1603.06196, arXiv.org.
    20. Tao Xiang & Tariq H. Malik & Jack W. Hou & Jiliang Ma, 2022. "The Impact of Climate Change on Agricultural Total Factor Productivity: A Cross-Country Panel Data Analysis, 1961–2013," Agriculture, MDPI, vol. 12(12), pages 1-20, December.
    21. Richard S.J. Tol, 2021. "Estimates of the social cost of carbon have not changed over time," Working Paper Series 0821, Department of Economics, University of Sussex Business School.
    22. van den Bijgaart, Inge, 2016. "Essays in environmental economics and policy," Other publications TiSEM 298bee2a-cb08-4173-9fe1-8, Tilburg University, School of Economics and Management.
    23. Patrick Breun & Magnus Fröhling & Konrad Zimmer & Frank Schultmann, 2017. "Analyzing investment strategies under changing energy and climate policies: an interdisciplinary bottom-up approach regarding German metal industries," Journal of Business Economics, Springer, vol. 87(1), pages 5-39, January.
    24. Richard S. J. Tol, 2021. "Estimates of the social cost of carbon have increased over time," Papers 2105.03656, arXiv.org, revised Aug 2022.

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