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The Influence of the Specification of Climate Change Damages on the Social Cost of Carbon

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TypeOfResource
Text
TitleInfo
Title
The Influence of the Specification of Climate Change Damages on the Social Cost of Carbon
Name (type = personal)
NamePart (type = family)
Kopp
NamePart (type = given)
Robert E.
Affiliation
Earth and Planetary Sciences, Rutgers University
Role
RoleTerm (authority = marcrt); (type = text)
author
Name (type = personal)
NamePart (type = family)
Golub
NamePart (type = given)
Alexander
Affiliation
Environmental Defense Fund
Role
RoleTerm (authority = marcrt); (type = text)
author
Name (type = personal)
NamePart (type = family)
Keohane
NamePart (type = given)
Nathaniel O.
Affiliation
Environmental Defense Fund
Role
RoleTerm (authority = marcrt); (type = text)
author
Name (type = personal)
NamePart (type = family)
Onda
NamePart (type = given)
Chikara
Affiliation
Environmental Defense Fund
Role
RoleTerm (authority = marcrt); (type = text)
author
Name (authority = RutgersOrg-Department); (type = corporate)
NamePart
Earth and Planetary Sciences
Name (authority = RutgersOrg-School); (type = corporate)
NamePart
School of Arts and Sciences (SAS) (New Brunswick)
Genre (authority = RULIB-FS)
Article, Refereed
Genre (authority = NISO JAV)
Accepted Manuscript (AM)
Note (type = peerReview)
Peer reviewed
Note (type = original version)
The published version of this article is found at: http://www.economics-ejournal.org/economics/journalarticles/2012-13
OriginInfo
DateCreated (encoding = w3cdtf); (keyDate = yes); (qualifier = exact)
2012
Publisher
Economics: The Open-Access, Open-Assessment E-Journal
Abstract (type = abstract)
Drawing upon climate change damage specifications previously proposed in the literature that the authors have calibrated to a common level of damages at 2.5°C, the authors examine the effect upon the social cost of carbon (SCC) of varying damage specifications in a DICE-like integrated assessment model. They find that SCC estimates are highly sensitive to uncertainty in extrapolating damages to high temperatures at moderate-to-high levels of risk aversion, but only modestly so at low levels of risk aversion. While in the absence of risk aversion, all of the SCC estimates but one agree within a factor of two, with a moderate level of risk aversion included, the differences among estimates grow greatly. For example, one composite damage specification, combining elements of different literature-derived specifications and roughly taking into account calibration uncertainty, yields SCC values 32% higher than the standard quadratic DICE damage function in the absence of risk aversion. With a coefficient of relative risk aversion of 1.4, however, the same uncertain specification yields SCC values almost triple those of the standard function. The authors conclude that failure to consider damages uncertainty and risk aversion jointly can lead to significant underestimation of the SCC.
Language
LanguageTerm (authority = ISO 639-3:2007); (type = text)
English
PhysicalDescription
InternetMediaType
application/pdf
Extent
42 p.
RelatedItem (type = host)
TitleInfo
Title
Kopp, Robert E.
Identifier (type = local)
rucore30119200001
Subject (authority = LCSH)
Topic
Climate changes
Subject (authority = LCSH)
Topic
Externalities (Economics)--Environmental aspects
Subject (authority = local)
Topic
Social cost of carbon
Subject (authority = local)
Topic
Integrated assessment modeling
Extension
DescriptiveEvent
Type
Grant award
DateTime (encoding = w3cdtf); (point = end); (qualifier = exact)
2011-08
Detail
Robert E. Kopp was supported through Aug. 2011 by an appointment to DOE under the American Association for the Advancement of Science Fellowship Program administered by Oak Ridge Institute for Science and Education.
AssociatedEntity
Role
Funder
Name
Oak Ridge Institute for Science and Education
Extension
DescriptiveEvent
Type
Grant award
Detail
This work was supported by the U.S. Department of Energy Office of Policy & International Affairs.
AssociatedEntity
Role
Funder
Name
U.S. Department of Energy, Office of Policy & International Affairs
Extension
DescriptiveEvent
Type
Grant award
Detail
This work was supported by the U.S. Climate Change Technology Program.
AssociatedEntity
Role
Funder
Name
U.S. Climate Change Technology Program
Extension
DescriptiveEvent
Type
Citation
DateTime (encoding = w3cdtf)
2012
AssociatedObject
Type
Journal
Relationship
Has part
Name
Economics: The Open-Access, Open-Assessment E-Journal
Identifier (type = volume and issue)
6(2012-13)
Reference (type = digital)
http://dx.doi.org/10.5018/economics-ejournal.ja.2012-13
Detail
1-40
Identifier (type = hdl)
http://hdl.rutgers.edu/1782.1/rucore30119200001.Manuscript.000067043
Identifier (type = doi)
doi:10.7282/T3319T7V
Location
PhysicalLocation (authority = marcorg); (displayLabel = Rutgers, The State University of New Jersey)
NjNbRU
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Rights

RightsHolder (type = personal)
Name
FamilyName
Kopp
GivenName
Robert E.
Role
Copyright holder
RightsHolder (type = personal)
Name
FamilyName
Golub
GivenName
Alexander
Role
Copyright holder
RightsHolder (type = personal)
Name
FamilyName
Keohane
GivenName
Nathaniel O.
Role
Copyright holder
RightsHolder (type = personal)
Name
FamilyName
Onda
GivenName
Chikara
Role
Copyright holder
RightsDeclaration (AUTHORITY = FS); (ID = rulibRdec0004)
Copyright for scholarly resources published in RUcore is retained by the copyright holder. By virtue of its appearance in this open access medium, you are free to use this resource, with proper attribution, in educational and other non-commercial settings. Other uses, such as reproduction or republication, may require the permission of the copyright holder.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
RightsEvent
Type
Permission or license
AssociatedObject
Type
License
Name
Multiple author license v. 1
Detail
I hereby grant to Rutgers, The State University of New Jersey (Rutgers) the non-exclusive right to retain, reproduce, and distribute the deposited work (Work) in whole or in part, in and from its electronic format, without fee. This agreement does not represent a transfer of copyright to Rutgers.Rutgers may make and keep more than one copy of the Work for purposes of security, backup, preservation, and access and may migrate the Work to any medium or format for the purpose of preservation and access in the future. Rutgers will not make any alteration, other than as allowed by this agreement, to the Work.I represent and warrant to Rutgers that the Work is my original work. I also represent that the Work does not, to the best of my knowledge, infringe or violate any rights of others.I further represent and warrant that I have obtained all necessary rights to permit Rutgers to reproduce and distribute the Work and that any third-party owned content is clearly identified and acknowledged within the Work.By granting this license, I acknowledge that I have read and agreed to the terms of this agreement and all related RUcore and Rutgers policies.
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact)
2012
Detail
Licensed under a Creative Commons License - Attribution-NonCommercial 2.0 Germany
AssociatedObject
Type
License
Name
Creative Commons License - Attribution-NonCommercial 2.0 Germany
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RULTechMD (ID = TECHNICAL1)
ContentModel
Manuscript
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