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http://hdl.handle.net/10419/59696
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| Title: | | What social cost of carbon? A mapping of the climate debate  |
| Authors: | | Perrissin Fabert, Baptiste Dumas, Patrice Hourcade, Jean-Charles |
| Issue Date: | | 2012 |
| Series/Report no.: | | Nota di lavoro, Fondazione Eni Enrico Mattei: Climate Change and Sustainable Development 34.2012 |
| Abstract: | | Given disparate beliefs about economic growth, technical change and damage caused by climate change, this paper starts with the seeming impossibility of determining a unique time profile of the social costs of carbon as a benchmark for climate negotiations and for infrastructure decisions that need to be made now in the absence of an inclusive international accord on climate policies. The paper demonstrates that determining a workable range of the social costs of carbon is however possible in a sequential decision-making framework that permits revising initial decisions in the light of new information. To do so, the paper exploits the results of a stochastic optimal control model run for more than 2000 scenarios that represent the set of beliefs presented about key uncertain parameters in the literature. The paper provides a heuristic mapping of the climate debate in the form of six clubs of opinions and shows the possibility of determining a range of social costs of carbon that might permit a compromise between the maximum range of clubs and those most likely to emerge in the future. |
| Subjects: | | Optimal control Mitigation Social Cost of Carbon Uncertainty |
| JEL: | | Q54 Q21 041 D81 |
| Document Type: | | Working Paper |
| Appears in Collections: | | FEEM Working Papers, Fondazione Eni Enrico Mattei
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