Developing a Social Cost of Carbon for US Regulatory Analysis: A Methodology and Interpretation

Greenstone, Michael; Kopits, Elizabeth; Wolverton, Ann

doi:10.1093/reep/res015

Cited by 290 publications

(177 citation statements)

References 35 publications

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“…We then compare the HER abatement cost to the avoided social cost of carbon, the usual yardstick to assess the cost-effectiveness of climate change mitigation policies (Greenstone et al 2013, Nordhaus 2014. Nordhaus (2014) estimates that the social cost of carbon in 2015 are at 19 US$ per ton, while US IAWG (2013) provide an estimate of 38 US$.…”

Section: Context-dependency Of Her Interventionsmentioning

confidence: 99%

Social Norms and Energy Conservation Beyond the US

et al. 2018

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Social Norms and Energy Conservation Beyond the US AbstractThe seminal studies by Allcott and Mullainathan (2010), Allcott (2011), andRogers (2014)

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Section: Context-dependency Of Her Interventionsmentioning

confidence: 99%

Social Norms and Energy Conservation Beyond the US

et al. 2018

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“…Global CC induced damage in general comprises the monetary assessments of climate-induced damage to various economic sectors, health and human lives as well as ecosystems across the entire planet using global Integrated Assessment Models [61]. However, the monetary damage to various ecosystems including coastal are very rudimental [62,63].…”

Section: Link With Climate Regulation Servicementioning

confidence: 99%

Quantifying Economic Value of Coastal Ecosystem Services: A Review

Mehvar

Filatova

Dastgheib

et al. 2018

JMSE

141

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Abstract:The complexity of quantifying ecosystem services in monetary terms has long been a challenging issue for economists and ecologists. Many case specific valuation studies have been carried out in various parts of the World. Yet, a coherent review on the valuation of coastal ecosystem services (CES), which systematically describes fundamental concepts, analyzes reported applications, and addresses the issue of climate change (CC) impacts on the monetary value of CES is still lacking. Here, we take a step towards addressing this knowledge gap by pursuing a coherent review that aims to provide policy makers and researchers in multidisciplinary teams with a summary of the state-of-the-art and a guideline on the process of economic valuation of CES and potential changes in these values due to CC impacts. The article highlights the main concepts of CES valuation studies and offers a systematic analysis of the best practices by analyzing two global scale and 30 selected local and regional case studies, in which different CES have been valued. Our analysis shows that coral reefs and mangroves are among the most frequently valued ecosystems, while sea-grass beds are the least considered ones. Currently, tourism and recreation services as well as storm protection are two of the most considered services representing higher estimated value than other CES. In terms of the valuation techniques used, avoided damage, replacement and substitute cost method as well as stated preference method are among the most commonly used valuation techniques. Following the above analysis, we propose a methodological framework that provides step-wise guidance and better insight into the linkages between climate change impacts and the monetary value of CES. This highlights two main types of CC impacts on CES: one being the climate regulation services of coastal ecosystems, and the other being the monetary value of services, which is subject to substantial uncertainty. Finally, a systematic four-step approach is proposed to effectively monetize potential CC driven variations in the value of CES.

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“…To date, however, the only published study that aims to quantify uncertainty in climate change for multiple models is the U.S. government Interagency Working Group report on the social cost of carbon, which is published in Greenstone et al (2013) and more extensively described in IAWG (2010). This study used three models, two of which are included in this study, to estimate the social cost of carbon for U.S. government purposes.…”

Section: Background On Uncertainty In Climate Changementioning

confidence: 99%

Modeling Uncertainty in Climate Change: A Multi-Model Comparison

et al. 2016

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The MIT Joint Program on the Science and Policy of Global Change combines cutting-edge scientific research with independent policy analysis to provide a solid foundation for the public and private decisions needed to mitigate and adapt to unavoidable global environmental changes. Being data-driven, the Program uses extensive Earth system and economic data and models to produce quantitative analysis and predictions of the risks of climate change and the challenges of limiting human influence on the environment-essential knowledge for the international dialogue toward a global response to climate change.To this end, the Program brings together an interdisciplinary group from two established MIT research centers: the Center for Global Change Science (CGCS) and the Center for Energy and Environmental Policy Research (CEEPR). These two centers-along with collaborators from the Marine Biology Laboratory (MBL) at Woods Hole and short-and longterm visitors-provide the united vision needed to solve global challenges.At the heart of much of the Program's work lies MIT's Integrated Global System Model. Through this integrated model, the Program seeks to: discover new interactions among natural and human climate system components; objectively assess uncertainty in economic and climate projections; critically and quantitatively analyze environmental management and policy proposals; understand complex connections among the many forces that will shape our future; and improve methods to model, monitor and verify greenhouse gas emissions and climatic impacts.This reprint is one of a series intended to communicate research results and improve public understanding of global environment and energy challenges, thereby contributing to informed debate about climate change and the economic and social implications of policy alternatives.

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Developing a Social Cost of Carbon for US Regulatory Analysis: A Methodology and Interpretation

Cited by 290 publications

References 35 publications

Social Norms and Energy Conservation Beyond the US

Social Norms and Energy Conservation Beyond the US

Quantifying Economic Value of Coastal Ecosystem Services: A Review

Modeling Uncertainty in Climate Change: A Multi-Model Comparison

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