Journal Article
Nr. 2008-25 |
August 12, 2008
The Social Cost of Carbon: Trends, Outliers and Catastrophes
Abstract
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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JEL Classification
Q54Citation
Richard S.J. Tol (2008). The Social Cost of Carbon: Trends, Outliers and Catastrophes. Economics: The Open-Access, Open-Assessment E-Journal, Vol. 2, 2008-25.
http://www.economics-ejournal.org/economics/journalarticles/2008-25
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