Journal
PROCEEDINGS OF THE NATIONAL ACADEMY OF SCIENCES OF THE UNITED STATES OF AMERICA
Volume 112, Issue 52, Pages 15827-15832Publisher
NATL ACAD SCIENCES
DOI: 10.1073/pnas.1513967112
Keywords
climate change; RICE; inequality; damage distribution; social cost of carbon
Categories
Funding
- CFI
- Princeton University Center for Human Values
- Science, Technology, and Environmental Policy Program in the Woodrow Wilson School
- United Kingdom Economic and Social Research Council [ES/I903887/1]
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Integrated assessment models of climate and the economy provide estimates of the social cost of carbon and inform climate policy. We create a variant of the Regional Integrated model of Climate and the Economy (RICE)-a regionally disaggregated version of the Dynamic Integrated model of Climate and the Economy (DICE)-in which we introduce a more fine-grained representation of economic inequalities within the model's regions. This allows us to model the common observation that climate change impacts are not evenly distributed within regions and that poorer people are more vulnerable than the rest of the population. Our results suggest that this is important to the social cost of carbon-as significant, potentially, for the optimal carbon price as the debate between Stern and Nordhaus on discounting.
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