Economics: The Open-Access, Open Assessment E-Journal http://www.economics-ejournal.org en Richard S. J. Tol The Social Cost of Carbon: Trends, Outliers and Catastrophes 2008-08-12 211 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. http://www.economics-ejournal.org/economics/journalarticles/2008-25 JEL Q54