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dc.contributor.authorCeronsky, Meganen_US
dc.contributor.authorAnthoff, Daviden_US
dc.contributor.authorHepburn, Cameronen_US
dc.contributor.authorTol, Richard S. J.en_US
dc.description.abstractResearch into the social cost of carbon emissions - the marginal social damage from a tonne of emitted carbon - has tended to focus on best guess scenarios. Such scenarios generally ignore the potential for low-probability, high-damage events, which are critically important to determining optimal climate policy. This paper uses the FUND integrated assessment model to investigate the influence of three types of low-probability, high-impact climate responses on the social cost of carbon: the collapse of the Atlantic Ocean Meridional Overturning Circulation; large scale dissociation of oceanic methane hydrates; and climate sensitivities above best guess levels. We find that incorporating these events can increase the social cost of carbon by a factor of over 3.en_US
dc.publisherESRI Dublinen_US
dc.relation.ispartofseriesESRI working paper 392en_US
dc.subject.keywordclimate changeen_US
dc.titleChecking the price tag on catastrophe: The social cost of carbon under non-linear climate responseen_US
dc.typeWorking Paperen_US
Appears in Collections:ESRI Working Papers, The Economic and Social Research Institute (ESRI)

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