scholarly journals Introduction to the Special Issue: Integrated Assessment Models and the Social Cost of Water Pollution Workshop

2020 ◽  
Vol 96 (4) ◽  
pp. iii-iv
Author(s):  
David Keiser ◽  
Catherine L. Kling ◽  
Daniel J. Phaneuf
Keyword(s):  
Water Pollution ◽  
Integrated Assessment ◽  
Social Cost ◽  
Special Issue ◽  
Integrated Assessment Models ◽  
The Social

scholarly journals EMPIRICALLY CONSTRAINED CLIMATE SENSITIVITY AND THE SOCIAL COST OF CARBON

2017 ◽  
Vol 08 (02) ◽  
pp. 1750006 ◽  
Author(s):  
KEVIN DAYARATNA ◽  
ROSS McKITRICK ◽  
DAVID KREUTZER
Keyword(s):  
Climate Sensitivity ◽  
Integrated Assessment ◽  
Social Cost ◽  
Climate Model ◽  
Temperature Response ◽  
Social Cost Of Carbon ◽  
Ocean Heat Uptake ◽  
Monte Carlo Experiments ◽  
The Social ◽  
Dice Model

Integrated Assessment Models (IAMs) require parameterization of both economic and climatic processes. The latter includes Equilibrium Climate Sensitivity (ECS), or the temperature response to doubling CO2 levels, and Ocean Heat Uptake (OHU) efficiency. ECS distributions in IAMs have been drawn from climate model runs that lack an empirical basis, and in Monte Carlo experiments may not be constrained to consistent OHU values. Empirical ECS estimates are now available, but have not yet been applied in IAMs. We incorporate a new estimate of the ECS distribution conditioned on observed OHU efficiency into two widely used IAMs. The resulting Social Cost of Carbon (SCC) estimates are much lower than those from models based on simulated ECS parameters. In the DICE model, the average SCC falls by approximately 40–50% depending on the discount rate, while in the FUND model the average SCC falls by over 80%. The span of estimates across discount rates also shrinks substantially.

INTRODUCING THE LIMITS SPECIAL ISSUE

2013 ◽  
Vol 04 (04) ◽  
pp. 1302002 ◽  
Author(s):  
ELMAR KRIEGLER ◽  
MASSIMO TAVONI ◽  
KEYWAN RIAHI ◽  
DETLEF P. VAN VUUREN
Keyword(s):  
Climate Change ◽  
Integrated Assessment ◽  
Negotiation Process ◽  
Comprehensive Assessment ◽  
Special Issue ◽  
Medium Term ◽  
Integrated Assessment Models ◽  
Climate Policies ◽  
Climate Change Economics

This paper provides an introduction to the Special issue of Climate Change Economics containing twelve papers describing findings of the LIMITS project. These papers assess post 2020 climate policies aimed at achieving the 2°C target. The assessment is based on an ensemble of scenarios consistently implemented by a suite of leading integrated assessment models. The scenarios, conceptualized as possible outcomes of the Durban Platform negotiation process, allow for a comprehensive assessment of the implementation of policies consistent with 2°C in the major economies, under different assumptions about medium-term action and its distribution across regions.

Willingness to Contribute as a Component of the Social Cost of Water Pollution

2020 ◽  
Vol 96 (4) ◽  
pp. 573-588
Author(s):  
Laura Grant ◽  
Christian Langpap
Keyword(s):  
Water Pollution ◽  
Social Cost ◽  
The Social ◽  
Willingness To Contribute

scholarly journals THE AGGREGATION DILEMMA IN CLIMATE CHANGE POLICY EVALUATION

2018 ◽  
Vol 09 (03) ◽  
pp. 1850008 ◽  
Author(s):  
INGMAR SCHUMACHER
Keyword(s):  
Climate Change ◽  
Integrated Assessment ◽  
Social Cost ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Carbon Price ◽  
Integrated Assessment Model ◽  
Assessment Model ◽  
Social Cost Of Carbon ◽  
Integrated Assessment Models

We show that a policy maker who ignores regional data and instead relies on aggregated integrated assessment models is likely underestimating the carbon price and thus the required climate policy. Based on a simple theoretical model, we give conditions under which the Aggregation Dilemma is expected to play a role in climate change cost-benefit analysis. We then study the importance of the Aggregation Dilemma with the integrated assessment model RICE [Nordhaus and Boyer, (2000) Warning the World: Economic Models of Global Warming. MA: MIT Press]. Aggregating all regions of the RICE-99 model into one region yields a 40% lower social cost of carbon than the RICE model itself predicts. Based on extrapolating the results, a country-level integrated assessment model would give a more than eight times higher social cost of carbon compared to a fully aggregated model. We suggest that these tentative results require researchers to rethink the aggregation level used in integrated assessment models and to develop models at much lower levels of aggregation than currently available.

scholarly journals How Much Should We Spend to Fight against Climate Change? The Value of Backstop Technologies in a Simplified Model

Energies ◽  
2021 ◽  
Vol 14 (22) ◽  
pp. 7781
Author(s):  
Carlos Pretel ◽  
Pedro Linares
Keyword(s):  
Climate Change ◽  
Willingness To Pay ◽  
Integrated Assessment ◽  
Social Cost ◽  
Ghg Emissions ◽  
Baseline Scenario ◽  
Energy Technology ◽  
The Social ◽  
Realistic Representation ◽  
Change Problem

The estimation of the social cost of climate change is typically carried out with complex, difficult to interpret, integrated assessment models (IAMs). Instead, this paper presents a simple, tractable model with which to estimate the willingness to pay of societies against climate change. The model is based on an already comprehensive and intuitive one developed by Besley and Dixit, which has been modified by including a backstop technology (e.g., a renewable energy technology). This improved formulation allows for a more realistic representation of the climate change problem in that it is able to include the decoupling of economic growth and GHG emissions. The model allows us to understand the implications of different assumptions, such as the rate of growth of the economy, or the damages expected from climate change, on the willingness to pay against it. Our results show that, for a baseline scenario, the willingness to pay (WTP) is 0.52% of annual GDP, lower than that obtained by Besley and Dixit, which shows the significant benefits of developing competitive mitigation technologies. Our results also show the benefits of international collaboration, or of devoting more resources to R&D, as efficient ways to fight against climate change.

SOME RESEARCH CHALLENGES IN THE ECONOMICS OF CLIMATE CHANGE

2016 ◽  
Vol 07 (02) ◽  
pp. 1650002 ◽  
Author(s):  
MARSHALL BURKE ◽  
MELANIE CRAXTON ◽  
CHARLES D. KOLSTAD ◽  
CHIKARA ONDA
Keyword(s):  
Climate Change ◽  
Integrated Assessment ◽  
Social Cost ◽  
Emissions Reduction ◽  
Social Cost Of Carbon ◽  
Relevant Research ◽  
Climate Policies ◽  
The Social ◽  
The World ◽  
Research Questions

The paper reviews progress in understanding the economics of climate change with an emphasis on identifying promising advances that are both significant and nonmarginal, as well as areas in which there are key gaps in our knowledge. We highlight several important areas in which important policy-relevant research questions remain: improving estimates of climate damage used for determining the social cost of carbon, refining integrated assessment models, and designing better climate policies. As the world moves to understand and implement country emissions reduction pledges in the context of the UNFCCC, understanding the economics of the problem will become even more important. The hope is that the paper is not only informative for existing economists already working in climate change economics, but that it also serves as an inspiration for economists in other areas, or even those in other disciplines, on ways in which to contribute to solving the problem at hand.

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