Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/237779 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
Tinbergen Institute Discussion Paper No. TI 2021-046/VI
Verlag: 
Tinbergen Institute, Amsterdam and Rotterdam
Zusammenfassung: 
The social cost of carbon is the expected present value of damages from emitting one ton of carbon today. We use perturbation theory to derive an approximate tractable expression for this cost adjusted for climatic and economic risk. We allow for different aversion to risk and intertemporal fluctuations, skewness and dynamics in the risk distributions of climate sensitivity and the damage ratio, and correlated shocks. We identify prudence, insurance, and exposure effects, reproduce earlier analytical results, and offer analytical insights into numerical results on the effects of economic and damage ratio uncertainty and convex damages on the optimal carbon price.
Schlagwörter: 
precaution
insurance
exposure
economic and climatic and damage uncertainties
skewness
mean reversion
correlated risks
risk aversion
intergenerational inequality aversion
convex damages
JEL: 
H21
Q51
Q54
Dokumentart: 
Working Paper
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