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| Anthoff, David; Hepburn, Cameron; Tol, Richard S.J.. |
| Climate change would impact different countries differently, and different countries have different levels of development. Equity-weighted estimates of the (marginal) impact of greenhouse gas emissions reflect these differences. Equity-weighted estimates of the marginal damage cost of carbon dioxide emissions are substantially higher than estimates without equity-weights; equity-weights may also change the sign of the social cost estimates. Equity weights need to be normalised. Our estimates differ by two orders of magnitude depending on the region of normalisation. A discounting error of equity weighted social cost of carbon estimates in earlier work (Tol, Energy Journal, 1999), led to an error of a factor two. Equity-weighted estimates are sensitive to... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Marginal Damage Costs; Climate Change; Equity; Environmental Economics and Policy; Q54. |
| Ano: 2007 |
URL: http://purl.umn.edu/9325 |
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| Anthoff, David; Tol, Richard S.J.. |
| Estimates of the marginal damage costs of carbon dioxide emissions require the aggregation of monetised impacts of climate change over people with different incomes and in different jurisdictions. Implicitly or explicitly, such estimates assume a social welfare function and hence a particular attitude towards equity and justice. We show that previous approaches to equity weighing are inappropriate from a national decision makers point of view, because domestic impacts are not valued at domestic values. We propose four alternatives (sovereignty, altruism, good neighbour, and compensation) with different views on concern for and liability towards foreigners. The four alternatives imply radically estimates of the social cost of carbon and hence the optimal... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Domestic Climate Policy; Social Cost of Carbon; Equity Weights; Environmental Economics and Policy; Q54. |
| Ano: 2007 |
URL: http://purl.umn.edu/9547 |
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