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Pricing Carbon: Evidence from Expert Recommendations

Author

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  • Moritz A. Drupp
  • Frikk Nesje
  • Robert C. Schmidt

Abstract

We study the variation of carbon price recommendations and their determinants using survey evidence from more than 400 experts across almost 40 countries. We quantify the extent of disagreement and reveal that a majority of experts can agree on short- and medium-term global carbon price levels, and on unilateral carbon price levels in most countries. The majority of recommendations do not exhibit a "free riding" pattern of lower unilateral than global carbon prices. Furthermore, border carbon adjustment facilitates higher unilateral price recommendations. We show how recommendations vary with additional survey responses, and with country and expert characteristics.

Suggested Citation

  • Moritz A. Drupp & Frikk Nesje & Robert C. Schmidt, 2024. "Pricing Carbon: Evidence from Expert Recommendations," American Economic Journal: Economic Policy, American Economic Association, vol. 16(4), pages 68-99, November.
    • Handle: RePEc:aea:aejpol:v:16:y:2024:i:4:p:68-99
    DOI: 10.1257/pol.20220571
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    More about this item

    JEL classification:

    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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