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The Social Cost of Carbon: Trends, Outliers and Catastrophes

  • Tol, Richard S. J.

211 estimates of the social cost of carbon are included in a meta-analysis. The results confirm that a lower discount rate implies a higher estimate; and that higher estimates are found in the gray literature. It is also found that there is a downward trend in the economic impact estimates of the climate; that the Stern Review?s estimates of the social cost of carbon is an outlier; and that the right tail of the distribution is fat. There is a fair chance that the annual climate liability exceeds the annual income of many people.

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File URL: http://www.economics-ejournal.org/economics/discussionpapers/2007-44
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Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2007-44.

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Date of creation: 2007
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Handle: RePEc:zbw:ifwedp:6171
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  1. Newell, Richard G. & Pizer, William A., 2003. "Discounting the distant future: how much do uncertain rates increase valuations?," Journal of Environmental Economics and Management, Elsevier, vol. 46(1), pages 52-71, July.
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  3. P. Michael Link & Richard S.J. Tol, 2004. "Possible Economic Impacts of a Shutdown of the Thermohaline Circulation: an Application of FUND," Working Papers FNU-42, Research unit Sustainability and Global Change, Hamburg University, revised Apr 2004.
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  7. William D. Nordhaus & David Popp, 1996. "What is the Value of Scientific Knowledge? An Application to Global Warming Using the PRICE Model," Cowles Foundation Discussion Papers 1117, Cowles Foundation for Research in Economics, Yale University.
  8. Tol, Richard S. J. & Verheyen, Roda, 2004. "State responsibility and compensation for climate change damages--a legal and economic assessment," Energy Policy, Elsevier, vol. 32(9), pages 1109-1130, June.
  9. Tol, Richard S.J., 2007. "Europe's long-term climate target: A critical evaluation," Energy Policy, Elsevier, vol. 35(1), pages 424-432, January.
  10. Wahba, Mohammed & Hope, Chris, 2006. "The marginal impact of carbon dioxide under two scenarios of future emissions," Energy Policy, Elsevier, vol. 34(17), pages 3305-3316, November.
  11. Fankhauser, Samuel & Tol, Richard S.J. & Pearce, David W., 1998. "Extensions and alternatives to climate change impact valuation: on the critique of IPCC Working Group III's impact estimates," Environment and Development Economics, Cambridge University Press, vol. 3(01), pages 59-81, February.
  12. Lorraine Hamid & Nicholas Stern & Chris Taylor, 2007. "REFLECTIONS ON THE STERN REVIEW (2) A Growing International Opportunity to Move Strongly on Climate Change," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 8(1), pages 169-186, January.
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  16. Megan Ceronsky & David Anthoff & Cameron Hepburn & Richard S.J. Tol, 2005. "Checking The Price Tag On Catastrophe: The Social Cost Of Carbon Under Non-Linear Climate Response," Working Papers FNU-87, Research unit Sustainability and Global Change, Hamburg University, revised Aug 2005.
  17. Sir Ian Byatt & Bob Carter & Ian Castles & Chris de Freitas & Indur M. Goklany & David Henderson & David Holland & Lord Lawson of Blaby & Richard S. Lindzen & Ross McKitrick & Julian Morris & Sir Alan, 2006. "The Stern Review: A Dual Critique," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 7(4), pages 165-232, October.
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  21. repec:cup:cbooks:9780521066594 is not listed on IDEAS
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  26. Richard S. J. Tol & Gary W. Yohe, 2007. "A Stern Reply to the Reply to the Review of the Stern Review," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 8(2), pages 153-159, April.
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  36. Richard S. J. Tol & Gary W. Yohe, 2006. "A Review of the Stern Review," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 7(4), pages 233-250, October.
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