The US Government's Social Cost of Carbon Estimates after Their First Year: Pathways for Improvement
Robert E. Kopp
Rutgers, The State University of New Jersey - Rutgers University, New Brunswick/Piscataway
Bryan K. Mignone
Government of the United States of America - Department of Energy
Economics Discussion Paper No. 2011-16
In 2010, the U.S. government adopted its first consistent estimates of the social cost of carbon (SCC) for government-wide use in regulatory cost-benefit analysis. Here, we examine a number of the limitations of the estimates identified in the U.S. government report and elsewhere and review recent advances that could pave the way for improvements. We consider in turn socioeconomic scenarios, treatment of physical climate response, damage estimates, ways of incorporating risk aversion, and consistency between SCC estimates and broader climate policy.
Number of Pages in PDF File: 27
Keywords: Climate change, social cost of carbon
JEL Classification: Q54, Q58
Date posted: December 15, 2011
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