Journal
JOURNAL OF POLITICAL ECONOMY
Volume 127, Issue 6, Pages 2684-2734Publisher
UNIV CHICAGO PRESS
DOI: 10.1086/701890
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Funding
- Hoover Institution at Stanford University
- National Science Foundation [SES-0951576, SES-1463644, OCI-0725070, ACI-1238993]
- Zurcher Universitatsverein
- University of Zurich
- Ecosciencia Foundation
- State of Illinois
- National Institutes of Health
- Biological Sciences Division of the University of Chicago
- Argonne National Laboratory [1S10OD018495-01]
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Uncertainty about future economic and climate conditions substantially affects the choice of policies for managing interactions between the climate and the economy. We develop a framework of dynamic stochastic integration of climate and economy, and show that the social cost of carbon is substantially affected by both economic and climate risks and is a stochastic process with significant variation. We examine a wide but plausible range of values for critical parameters with robust results and show that large-scale computing makes it possible to analyze policies in models substantially more complex and realistic than usually used in the literature.
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