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Tuesday, October 20, 2020 | History

2 edition of Estimates of the social cost of carbon found in the catalog.

Estimates of the social cost of carbon

William D. Nordhaus

Estimates of the social cost of carbon

background and results from the rice-2011 model

by William D. Nordhaus

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  • 12 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English


Edition Notes

StatementWilliam D. Nordhaus
SeriesNBER working paper series -- working paper 17540, Working paper series (National Bureau of Economic Research : Online) -- working paper no. 17540.
ContributionsNational Bureau of Economic Research
Classifications
LC ClassificationsHB1
The Physical Object
FormatElectronic resource
ID Numbers
Open LibraryOL25173134M
LC Control Number2011657450

Anthoff D., Emmerling J., (), Inequality and the Social Cost of Carbon, Journal of the Association of Environmental and Resource Economists, Vol. 6, No. 2: , DOI: /, webpage Abstract We present a novel way to disentangle inequality aversion over time from inequality aversion between regions in the computation of the social cost of carbon. Our approach nests a standard.   View a fact sheet explaining how the social cost of carbon is calculated and its implications to rulemakings. Return to the Social Cost of Carbon web page.

Current US social cost of carbon estimates, for each year to in $ per tonne of CO2. The US defines four values for the SCC. These are a high-impact figure (95th percentile value for a 3% discount rate, dark blue line) and average values for three discount rates . Assessing Approaches to Updating the Social Cost of Carbon: Project Description The Social Cost of Carbon (SCC) is an estimate, in dollars, of the long term damage caused by a one ton increase in carbon dioxide (CO2) emissions in a given year; or viewed another way, the benefits of reducing CO2 emissions by that amount in a given year.. The SCC is intended to be a comprehensive estimate of.

The area of the bubble is scale to the median estimates of the country-level social cost of carbon (CSCC). The color of the bubble follows a 3 dimension palette to span the CSCC values and the % confidence interval size (see Uncertainty below). In , the group issued revised estimates that were about 50 percent higher than the estimates, which raised public was asked to review the working group's development of social cost of carbon estimates. This report describes the participating entities and processes and methods they used to develop the and estimates.


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Estimates of the social cost of carbon by William D. Nordhaus Download PDF EPUB FB2

The social cost of carbon (SCC) is an estimate, in dollars, of the economic damages that would result from emitting one additional ton of greenhouse gases into the atmosphere. The SCC puts the effects of climate change into economic terms to help policymakers and other decisionmakers understand the economic impacts of decisions that would increase or decrease emissions.

The most important results are as follows. First, the estimated social cost of carbon for the current time () is $ per ton of CO 2 in US international prices. Second, the DICE model results are lower than one of the other two major modeling estimates (the PAGE model) but higher than the other (the FUND model).Cited by:   One of the central ways that estimates of the marginal damage cost of climate change are essential to assess climate policies is through the use of the social cost of carbon (SCC), defined as the present-value cost of an additional ton of CO 2 emissions (Pearce, ).

In light of challenges on climate change, strategies and measures for Cited by: Estimates of the Social Cost of Carbon Nordhaus (different IAMs are reviewed in a later section). The discussion begins with the de-scription of the model used to calculate the SCC in the present paper.

Once the mod-eling details are developed, the precise definition of the SCC can be easily shown. The EPA estimates that in the Social Cost of Carbon ranged between $11/tCO 2 to $56/tCO 2, depending on discount rate, and the high end of the range was $/tCO 2.

In the EPA’s figures range from $16 to $73 per tonne, with a high end of $ per tonne. Their verdict: It was all done by the book.

The critics have repeatedly challenged the way the administration's estimates of the social cost of carbon. Estimating the Benefits of Reducing Greenhouse Gas Emissions EPA and other federal agencies use estimates of the social cost of carbon (SC-CO 2) to value the climate impacts of SC-CO 2 is a measure, in dollars, of the long-term damage done by a ton of carbon dioxide (CO 2) emissions in a given year.

This dollar figure also represents the value of damages. SOCIAL COST OF CARBON Background EPA and other federal agencies use estimates of the social cost of carbon (SC-CO2) to value the climate impacts of rulemakings. The SC-CO 2 is a measure, in dollars, of the long-term damage done by a ton of carbon.

The Inter-departmental group on the social cost of carbon commissioned the research. Social cost of carbon: a closer look at uncertainty 1 November   However, OMB continues to play a leading role in the federal government's use of the social cost of carbon by having responsibility for the guidance in Circular A-4, which Executive Order directs agencies to be consistent with in developing their social cost of carbon estimates.

A higher PRTP has a lower estimated SCC. • Estimates of the social cost of carbon equals to $/tC with a PRTP at 3% in peer-reviewed studies. • The outliers often appear without realistic scenario setting and in studies have not by: The social cost of carbon (SCC) is calculated by scientists to monetarize the incremental unit of carbon emission and is used to assess climate policies.

This study begins with a review of current research on the SCC, followed by a discussion of the choice of models for the SCC. Social Cost of Carbon CarbonExpense – 3 Estimates of the SCC are calculated in four steps using specialized computer models. Step 1: Predict future emissions based on population, economic growth, and other factors.

Step 2: Model future climate responses, such as temperature increase and sea level rise. Step 3: Assess the economic impact that these climatic changes will have on agriculture. costs) of climate change. In the UK, these are usually referred to as the Social Cost of Carbon (SCC), and can be used to assess the economic benefits of climate change policy.

The Social Cost of Carbon is usually estimated as the net present value of climate change impacts over the next years (or longer) of one additional tonne of carbon. The Obama administration championed the measurement of carbon emissions through determining its social cost as a way to estimate the benefits of reducing greenhouse gas emissions.

Estimates of the Social Cost of Carbon: ¸˛Background and Results from the RICE Model William D. Nordhaus NBER Working Paper No. October JEL No. H21,H23,H87,Q5,Q54 ABSTRACT A new and important concept in global warming economics and policy is the social cost of carbon. UK Social Cost of Carbon Inthe UK Government Economic Service recommended a SCC SCC = Marginal global social cost of climate change Illustrative central value of £70/tonne of carbon (tC) $/tC or 30 Euro/tCO 2 Within a range of £35 to £/tC All rising at £1/tC/yr Based on FUND and Open Framework values (ExternE).

EPA and other federal agencies use estimates of the social cost of carbon to value the climate impacts of rulemakings. Below are technical documents summarizing the interagency process to develop estimates for the social cost of carbon and other greenhouse gases.

Back to Social Cost of Carbon web page. Recent large studies estimate the social cost of carbon as high as $ tCO 2 or as low as $54 tCO 2. Both those studies subsume wide ranges; the latter is a meta-study whose source estimates range from -$ to $2, Note that the costs derive not from the element carbon, but the molecule carbon dioxide.

Each tonne of carbon dioxide. The most common metric used by economists to value the impacts of CO2 emissions is the “social cost of carbon” (SCC).

The SCC is an estimate of the dollar value of the damage of emitting an. The most important single economic concept in the economics of climate change is the social cost of carbon (SCC). At present, regulations with more than $1 trillion of benefits have been written for the United States that use the SCC in their economic analysis.

The DICE model (Dynamic Integrated model of Climate and the Economy) is one of three integrated assessment models used to estimate Cited by: Social Costs Carbon Review - Using Estimates in Policy Assessment – Final Report AEA Technology Environment iii The study also reviewed the use of SCC estimates in policy applications in other countries and organisations.

We have found a general trend towards the use of marginal abatement cost estimates .The social cost of carbon (SCC) is a central concept for understand-ing and implementing climate change policies. This term repre-sents the economic cost caused by an additional ton of carbon dioxide emissions or its equivalent.

The present study presents updated estimates based on a revised DICE m odel (Dynamic Integrated model.