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Autoren: 
Drupp, Moritz A.
Hänsel, Martin C.
Datum: 
2020
Schriftenreihe/Nr.: 
CESifo Working Paper No. 8052
Zusammenfassung: 
Climate change not only impacts production and market consumption, but also the relative scarcity of non-market goods, such as environmental amenities. We study fundamental drivers of the resulting relative price changes, their potential magnitude, and their implications for climate policy in Nordhaus' prominent DICE model, thereby addressing one of its key criticisms. We propose plausible ranges for these relative prices changes based on best available evidence. Our central calibration reveals that accounting for relative prices is equivalent to decreasing pure time preference by 0.6 percentage points and leads to a more than 50 percent higher social cost of carbon.
Schlagwörter: 
climate policy
discounting
non-market goods
social cost of carbon
substitutability
JEL: 
Q01
Q54
H43
D61
D90
Dokumentart: 
Working Paper

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