A tale of tails: Uncertainty and the social cost of carbon dioxide
Author
Abstract
Suggested Citation
DOI: 10.5018/economics-ejournal.ja.2011-22
Download full text from publisher
Other versions of this item:
- Pycroft, Jonathan & Vergano, Lucia & Hope, Chris & Paci, Daniele & Ciscar, Juan Carlos, 2011. "A tale of tails: Uncertainty and the social cost of carbon dioxide," Economics Discussion Papers 2011-36, Kiel Institute for the World Economy (IfW Kiel).
References listed on IDEAS
- Richard S. J. Tol, 1999.
"The Marginal Costs of Greenhouse Gas Emissions,"
The Energy Journal, , vol. 20(1), pages 61-81, January.
- Richard S. J. Tol, 1999. "The Marginal Costs of Greenhouse Gas Emissions," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 61-81.
- Dietz, Simon, 2011. "The treatment of risk and uncertainty in the US social cost of carbon for regulatory impact analysis," Economics Discussion Papers 2011-30, Kiel Institute for the World Economy (IfW Kiel).
- Tol, Richard S. J., 2005. "The marginal damage costs of carbon dioxide emissions: an assessment of the uncertainties," Energy Policy, Elsevier, vol. 33(16), pages 2064-2074, November.
- Stern,Nicholas, 2007. "The Economics of Climate Change," Cambridge Books, Cambridge University Press, number 9780521700801.
- Samuel Fankhauser, 1994.
"The Social Costs of Greenhouse Gas Emissions: An Expected Value Approach,"
The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 157-184.
- Samuel Fankhauser, 1994. "The Social Costs of Greenhouse Gas Emissions: An Expected Value Approach," The Energy Journal, , vol. 15(2), pages 157-184, April.
- Ackerman, Frank & Stanton, Elizabeth A. & Hope, Chris & Alberth, Stephane, 2009. "Did the Stern Review underestimate US and global climate damages?," Energy Policy, Elsevier, vol. 37(7), pages 2717-2721, July.
- Simon Dietz, 2011. "High impact, low probability? An empirical analysis of risk in the economics of climate change," Climatic Change, Springer, vol. 108(3), pages 519-541, October.
- Tol, Richard S. J., 2008.
"The Social Cost of Carbon: Trends, Outliers and Catastrophes,"
Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 2, pages 1-22.
- Richard S.J. Tol, 2007. "The Social Cost Of Carbon: Trends, Outliers And Catastrophes," Working Papers FNU-144, Research unit Sustainability and Global Change, Hamburg University, revised Aug 2007.
- Tol, Richard S. J., 2007. "The Social Cost of Carbon: Trends, Outliers and Catastrophes," Economics Discussion Papers 2007-44, Kiel Institute for the World Economy (IfW Kiel).
- Plambeck, Erica L. & Hope, Chris & Anderson, John, 1997. "The model: Integrating the science and economics of global warming," Energy Economics, Elsevier, vol. 19(1), pages 77-101, March.
- Martin L. Weitzman, 2011.
"Additive Damages, Fat-Tailed Climate Dynamics, and Uncertain Discounting,"
NBER Chapters, in: The Economics of Climate Change: Adaptations Past and Present, pages 23-46,
National Bureau of Economic Research, Inc.
- Weitzman, Martin L., 2009. "Additive damages, fat-tailed climate dynamics, and uncertain discounting," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-29.
- Weitzman, Martin L., 2009. "Additive Damages, Fat-Tailed Climate Dynamics, and Uncertain Discounting," Scholarly Articles 9639963, Harvard University Department of Economics.
- Weitzman, Martin L., 2009. "Additive Damages, Fat-Tailed Climate Dynamics, and Uncertain Discounting," Economics Discussion Papers 2009-26, Kiel Institute for the World Economy (IfW Kiel).
- Hope, Chris, 2008. "Discount rates, equity weights and the social cost of carbon," Energy Economics, Elsevier, vol. 30(3), pages 1011-1019, May.
- Robert S. Pindyck, 2011.
"Fat Tails, Thin Tails, and Climate Change Policy,"
Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 5(2), pages 258-274, Summer.
- Robert S. Pindyck, 2010. "Fat Tails, Thin Tails, and Climate Change Policy," Working Papers 1012, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
- Robert S. Pindyck, 2010. "Fat Tails, Thin Tails, and Climate Change Policy," NBER Working Papers 16353, National Bureau of Economic Research, Inc.
- Hope, Chris & Anderson, John & Wenman, Paul, 1993. "Policy analysis of the greenhouse effect : An application of the PAGE model," Energy Policy, Elsevier, vol. 21(3), pages 327-338, March.
- William D. Nordhaus, 2006. "The "Stern Review" on the Economics of Climate Change," NBER Working Papers 12741, National Bureau of Economic Research, Inc.
- Martin L. Weitzman, 2011.
"Fat-Tailed Uncertainty in the Economics of Catastrophic Climate Change,"
Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 5(2), pages 275-292, Summer.
- Weitzman, Martin L., 2011. "Fat-Tailed Uncertainty in the Economics of Catastrophic Climate Change," Scholarly Articles 34728611, Harvard University Department of Economics.
- Ackerman, Frank & Stanton, Elizabeth A., 2012.
"Climate risks and carbon prices: Revising the social cost of carbon,"
Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 6, pages 1-25.
- Ackerman, Frank & Stanton, Elizabeth A., 2011. "Climate risks and carbon prices: Revising the social cost of carbon," Economics Discussion Papers 2011-40, Kiel Institute for the World Economy (IfW Kiel).
- William D. Nordhaus, 2009.
"An Analysis of the Dismal Theorem,"
Cowles Foundation Discussion Papers
1686, Cowles Foundation for Research in Economics, Yale University.
- William D. Nordhaus, 2009. "An Analysis of the Dismal Theorem," Levine's Working Paper Archive 814577000000000116, David K. Levine.
- Simon Dietz, 2011. "The treatment of risk and uncertainty in the US Social Cost of Carbon for Regulatory Impact Analysis," GRI Working Papers 54, Grantham Research Institute on Climate Change and the Environment.
- William D. Nordhaus, 2007. "A Review of the Stern Review on the Economics of Climate Change," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 686-702, September.
- Martin L. Weitzman, 2007. "A Review of the Stern Review on the Economics of Climate Change," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 703-724, September.
- -, 2009. "The economics of climate change," Sede Subregional de la CEPAL para el Caribe (Estudios e Investigaciones) 38679, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- 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.
- Tim Keighley & Thomas Longden & Supriya Mathew & Stefan Trück, 2014.
"Quantifying Catastrophic and Climate Impacted Hazards Based on Local Expert Opinions,"
Working Papers
2014.93, Fondazione Eni Enrico Mattei.
- Keighley, Tim & Longden, Thomas & Mathew, Supriya & Trück, Stefan, 2014. "Quantifying Catastrophic and Climate Impacted Hazards Based on Local Expert Opinions," Climate Change and Sustainable Development 189171, Fondazione Eni Enrico Mattei (FEEM).
- 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.
- Tomáš Havránek & Zuzana Iršová & Karel Janda & David Zilberman, 2014. "Selective Reporting and the Social Cost of Carbon," Working Papers IES 2014/29, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Sep 2014.
- Tomas Havranek & Zuzana Irsova & Karel Janda & David Zilberman, 2015. "Selective reporting and the social cost of carbon," CAMA Working Papers 2015-28, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Tomas Havranek & Zuzana Irsova & Karel Janda & David Zilberman, 2015. "Selective Reporting and the Social Cost of Carbon," CERGE-EI Working Papers wp533, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
- Havranek, Tomas & Irsova, Zuzana & Janda, Karel & Zilberman, David, 2014. "Selective Reporting and the Social Cost of Carbon," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt8wk3t1c8, Department of Agricultural & Resource Economics, UC Berkeley.
- Richard S J Tol, 2018.
"The Economic Impacts of Climate Change,"
Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 12(1), pages 4-25.
- Richard S. J. Tol, 2010. "The Economic Impact of Climate Change," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 11(s1), pages 13-37, May.
- Tol, Richard S. J., 2008. "The Economic Impact of Climate Change," Papers WP255, Economic and Social Research Institute (ESRI).
- Richard S. J. Tol, 2015. "Economic impacts of climate change," Working Paper Series 7515, Department of Economics, University of Sussex Business School.
- Crost, Benjamin & Traeger, Christian P., 2013. "Optimal climate policy: Uncertainty versus Monte Carlo," Economics Letters, Elsevier, vol. 120(3), pages 552-558.
- Raphael Calel & David Stainforth & Simon Dietz, 2015. "Tall tales and fat tails: the science and economics of extreme warming," Climatic Change, Springer, vol. 132(1), pages 127-141, September.
- In Hwang & Frédéric Reynès & Richard Tol, 2013.
"Climate Policy Under Fat-Tailed Risk: An Application of Dice,"
Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 56(3), pages 415-436, November.
- Hwang, In Chang & Reynès, Frédéric & Tol, Richard S. J., 2011. "Climate Policy Under Fat-Tailed Risk: An Application of Dice," Papers WP403, Economic and Social Research Institute (ESRI).
- Louise Kessler, 2017. "Estimating The Economic Impact Of The Permafrost Carbon Feedback," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 8(02), pages 1-23, May.
- Louise Kessler, 2015. "Estimating the economic impact of the permafrost carbon feedback," GRI Working Papers 219, Grantham Research Institute on Climate Change and the Environment.
- 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.
- Auke Hoekstra & Maarten Steinbuch & Geert Verbong, 2017. "Creating Agent-Based Energy Transition Management Models That Can Uncover Profitable Pathways to Climate Change Mitigation," Complexity, Hindawi, vol. 2017, pages 1-23, December.
- Richard S. J. Tol, 2021. "Estimates of the social cost of carbon have increased over time," Papers 2105.03656, arXiv.org, revised Aug 2022.
- 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.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Richard S J Tol, 2018.
"The Economic Impacts of Climate Change,"
Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 12(1), pages 4-25.
- Richard S. J. Tol, 2010. "The Economic Impact of Climate Change," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 11(s1), pages 13-37, May.
- Tol, Richard S. J., 2008. "The Economic Impact of Climate Change," Papers WP255, Economic and Social Research Institute (ESRI).
- Richard S. J. Tol, 2015. "Economic impacts of climate change," Working Paper Series 7515, Department of Economics, University of Sussex Business School.
- Yohe, Gary W. & Tol, Richard S. J. & Anthoff, David, 2009.
"Discounting for Climate Change,"
Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-22.
- Anthoff, David & Tol, Richard S. J. & Yohe, Gary W., 2009. "Discounting for Climate Change," Economics Discussion Papers 2009-15, Kiel Institute for the World Economy (IfW Kiel).
- Anthoff, David & Tol, Richard S. J. & Yohe, Gary W., 2009. "Discounting for Climate Change," Papers WP276, Economic and Social Research Institute (ESRI).
- 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.
- Tol, Richard S.J., 2013.
"Targets for global climate policy: An overview,"
Journal of Economic Dynamics and Control, Elsevier, vol. 37(5), pages 911-928.
- Richard S.J. Tol, 2012. "Targets for Global Climate Policy: An Overview," Working Paper Series 3712, Department of Economics, University of Sussex Business School.
- Simon Dietz, 2011. "High impact, low probability? An empirical analysis of risk in the economics of climate change," Climatic Change, Springer, vol. 108(3), pages 519-541, October.
- Richard S. J. Tol, 2021. "Estimates of the social cost of carbon have increased over time," Papers 2105.03656, arXiv.org, revised Aug 2022.
- Andrea Rampa, 2020. "Climate change, catastrophes and Dismal Theorem: a critical review [Klimawandel, Katastrophen und das „Dismal Theorem“: eine kritische Überprüfung]," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 40(2), pages 113-136, October.
- Millner, Antony, 2013. "On welfare frameworks and catastrophic climate risks," Journal of Environmental Economics and Management, Elsevier, vol. 65(2), pages 310-325.
- 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.
- Kousky, Carolyn & Kopp, Robert E. & Cooke, Roger M., 2011.
"Risk premia and the social cost of carbon: A review,"
Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 5, pages 1-24.
- Kousky, Carolyn & Kopp, Robert E. & Cooke, Roger, 2011. "Risk premia and the social cost of carbon: A review," Economics Discussion Papers 2011-19, Kiel Institute for the World Economy (IfW Kiel).
- Kelly, David L. & Tan, Zhuo, 2015. "Learning and climate feedbacks: Optimal climate insurance and fat tails," Journal of Environmental Economics and Management, Elsevier, vol. 72(C), pages 98-122.
- Arvaniti, Maria, 2016. "Uncertainty, Extreme Outcomes and Climate Change: a critique," CERE Working Papers 2016:11, CERE - the Center for Environmental and Resource Economics.
- Pindyck, Robert S., 2012.
"Uncertain outcomes and climate change policy,"
Journal of Environmental Economics and Management, Elsevier, vol. 63(3), pages 289-303.
- Robert S. Pindyck, 2009. "Uncertain Outcomes and Climate Change Policy," NBER Working Papers 15259, National Bureau of Economic Research, Inc.
- Robert S. Pindyck, 2009. "Uncertain Outcomes and Climate Change Policy," Working Papers 0907, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
- Christian Traeger, 2014.
"Why uncertainty matters: discounting under intertemporal risk aversion and ambiguity,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 56(3), pages 627-664, August.
- Christian Traeger, 2012. "Why Uncertainty Matters - Discounting under Intertemporal Risk Aversion and Ambiguity," CESifo Working Paper Series 3727, CESifo.
- Traeger, Christian P., 2012. "Why uncertainty matters - discounting under intertemporal risk aversion and ambiguity," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt2w614303, Department of Agricultural & Resource Economics, UC Berkeley.
- 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.
- Tomáš Havránek & Zuzana Iršová & Karel Janda & David Zilberman, 2014. "Selective Reporting and the Social Cost of Carbon," Working Papers IES 2014/29, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Sep 2014.
- Tomas Havranek & Zuzana Irsova & Karel Janda & David Zilberman, 2015. "Selective reporting and the social cost of carbon," CAMA Working Papers 2015-28, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Tomas Havranek & Zuzana Irsova & Karel Janda & David Zilberman, 2015. "Selective Reporting and the Social Cost of Carbon," CERGE-EI Working Papers wp533, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
- Havranek, Tomas & Irsova, Zuzana & Janda, Karel & Zilberman, David, 2014. "Selective Reporting and the Social Cost of Carbon," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt8wk3t1c8, Department of Agricultural & Resource Economics, UC Berkeley.
- Sussman Fran & Weaver Christopher P. & Grambsch Anne, 2014. "Challenges in applying the paradigm of welfare economics to climate change," Journal of Benefit-Cost Analysis, De Gruyter, vol. 5(3), pages 347-376, December.
- Rick Baker & Andrew Barker & Alan Johnston & Michael Kohlhaas, 2008. "The Stern Review: an assessment of its methodology," Staff Working Papers 0801, Productivity Commission, Government of Australia.
- Simon Dietz & Anca N. Matei, 2013. "Is there space for agreement on climate change? A non-parametric approach to policy evaluation," GRI Working Papers 136, Grantham Research Institute on Climate Change and the Environment.
- Simon Dietz, 2009. "High impact, low probability? An empirical analysis of risk in the economics of climate change," GRI Working Papers 9, Grantham Research Institute on Climate Change and the Environment.
- Valentina Bosetti & Carlo Carraro & Enrica De Cian & Romain Duval & Emanuele Massetti & Massimo Tavoni, 2009.
"The Incentives to Participate in, and the Stability of, International Climate Coalitions: A Game-theoretic Analysis Using the Witch Model,"
Working Papers
2009.64, Fondazione Eni Enrico Mattei.
- Bosetti, Valentina & Carraro, Carlo & De Cian, Enrica & Duval, Romain & Massetti, Emanuele & Tavoni, Massimo, 2009. "The Incentives to Participate in, and the Stability of, International Climate Coalitions: A Game-theoretic Analysis Using the Witch Model," Sustainable Development Papers 54281, Fondazione Eni Enrico Mattei (FEEM).
More about this item
Keywords
climate change; integrated assessment models; social cost of carbon dioxide; uncertainty;All these keywords.
JEL classification:
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:ifweej:201122. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/iwkiede.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.