The Social Cost of Carbon with Economic and Climate Risks
Dados Bibliográficos
| ID | 10179062 |
|---|---|
| Autores | Yongyang Cai (0000-0001-7335-5230), Kenneth L Judd (0009-0006-5813-1363), Thomas S Lontzek (0000-0002-4789-5820) |
| Ano | 2018 |
| Volume | 127 |
| Fascículo | 6 |
| Páginas | 2684-2734 |
| Data de publicação | 2018-12-06 |
| Peer Reviewed | Sim |
| Open Access | Não |
| Tipo | ARTICLE |
| Periódico | Journal of Political Economy (JOURNAL) |
| Identificadores do periódico | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Editora | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/701890 |
| OpenAlex | W1960131580 |
| Idioma | EN |
| Citações recebidas | 24 |
| Referências citadas | 58 |
There is great uncertainty about future climate conditions and the appropriate policies for managing interactions between the climate and the economy. We develop a multidimensional computational model to examine how uncertainties and risks in the economic and climate systems affect the social cost of carbon (SCC)---that is, the present value of the marginal damage to economic output caused by carbon emissions. The SCC is substantially increased by economic and climate risks at both current and future times. Furthermore, the SCC is itself a stochastic process with significant variation; for example, the basic elements of risk incorporated into our model cause the SCC in 2100 to be, with significant probability, ten times what it would be without those risks. We have only imprecise information about what parameter values are best for approximating reality. To deal with this parametric uncertainty we perform extensive uncertainty quantification and show that these findings are robust for a wide range of alternative specifications. More generally, this work shows that large-scale computing can enable economists to examine substantially more complex and realistic models for the purposes of policy analysis
Climate change · Climate model · Climate policy · Econometrics · Economic cost · Economic model · Economics · Geography · Microeconomics · Parametric statistics · Process (computing · Range (aeronautics · Scale (ratio · Social cost · Statistics · Work (physics · Atmospheric and Environmental Gas Dynamics · Climate Change Policy and Economics · Computer Science · Ecology · Energy, Environment, and Transportation Policies · Engineering · Environmental Science · Mathematics
From optimal to robust climate strategies
A simple model for assessing climate control trade-offs and responding to unanticipated climate outcomes
Accounting for spatial economic interactions at local and meso scales in integrated assessment model (IAM) frameworks
Climate Shocks, Cyclones and Economic Growth
Stranding ahoy? Heterogeneous transition beliefs and capital investment choices
Climate module disparities explain inconsistent estimates of the social cost of carbon in integrated assessment models
Social Cost of Carbon Under Stochastic Tipping Points
Carbon emissions cap or energy technology subsidies? Exploring the carbon reduction policy based on a multi-technology sectoral DSGE model
Damage function uncertainty increases the social cost of methane and nitrous oxide
Climate economics support for the UN climate targets
Empty promises for emissions targets
Integrated perspective on translating biophysical to economic impacts of climate change
Regional climate policy under deep uncertainty
Carbon policies and productivity uncertainty
The effects of climate change on the natural rate of interest
The time value of carbon storage
Opposite ethical views converge under the threat of catastrophic climate change
Financing climate-resilient infrastructure through long-term green bond
Climate policies, labor markets, and macroeconomic outcomes in emerging economies
Use and non-use value of nature and the social cost of carbon
Climate Change, the Food Problem, and the Challenge of Adaptation through Sectoral Reallocation
Stochastic growth and regime shift risk in renewable resource management
Parallelization
Incorporating human behaviour into Earth system modelling
Climate Change 2007
Climate Change Policy
An Optimal Transition Path for Controlling Greenhouse Gases
A Review of the Stern Review on the Economics of Climate Change
Temporal Resolution of Uncertainty and Dynamic Choice Theory
Assessing dangerous climate change through an update of the Intergovernmental Panel on Climate Change (IPCC) “reasons for concern”
Tipping elements in the Earth's climate system
Asset Prices in an Exchange Economy
Emulating coupled atmosphere-ocean and carbon cycle models with a simpler model, Magicc6 – Part 1
Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns
Catastrophic shifts in ecosystems
Climate Change, Mortality, and Adaptation
Planetary boundaries
A safe operating space for humanity
On Modeling and Interpreting the Economics of Catastrophic Climate Change
Fat tails, exponents, extreme uncertainty
Consumption Strikes Back? Measuring Long‐Run Risk
Carbon Prices for The Next Hundred Years
Endogenous Growth, Convexity of Damage and Climate Risk
What Do We Learn from the Weather? The New Climate-Economy Literature
| Obras citantes distintas | 24 |
|---|---|
| Citações por ano | 4 |
| Intervalo de citações | 2020 - 2026 (7) |
| Velocidade de citação | current |
| Altamente citado | Não |
| Tipos de citação | Neutras: 24 |