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An improved shadow price for CO2

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  • Haraden, John

Abstract

In 1980, Nordhaus developed a model for calculating the shadow price of CO2. In this paper, we present an improvement of that model that is more direct and has fewer assumptions. When there are more reliable estimates for the potential damages from CO2 emissions, our model may be used to calculate the appropriate shadow price for CO2. To demonstrate the application of the model, we calculate shadow prices for damages based on sea level rise alone. We conservatively estimate these damages at 0.0003–0.5% of world GNP per annum for a doubling of atmospheric CO2.

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  • Haraden, John, 1992. "An improved shadow price for CO2," Energy, Elsevier, vol. 17(5), pages 419-426.
    • Handle: RePEc:eee:energy:v:17:y:1992:i:5:p:419-426
    DOI: 10.1016/0360-5442(92)90081-A
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    References listed on IDEAS

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    1. William D. Nordhaus, 1980. "Thinking About Carbon Dioxide: Theoretical and Empirical Aspects of Optimal Control Strategies," Cowles Foundation Discussion Papers 565, Cowles Foundation for Research in Economics, Yale University.
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    Cited by:

    1. Havranek, Tomas & Irsova, Zuzana & Janda, Karel & Zilberman, David, 2015. "Selective reporting and the social cost of carbon," Energy Economics, Elsevier, vol. 51(C), pages 394-406.
    2. Richard S J Tol, 2018. "The Economic Impacts of Climate Change," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 12(1), pages 4-25.
    3. Anthoff, David & Rose, Steven & Tol, Richard S. J. & Waldhoff, Stephanie, 2011. "The time evolution of the social cost of carbon: An application of fund," Economics Discussion Papers 2011-44, Kiel Institute for the World Economy (IfW Kiel).
    4. Richard S.J. Tol, 2006. "Why Worry About Climate Change? A Research Agenda," Working Papers 2006.136, Fondazione Eni Enrico Mattei.
    5. Tol, Richard S.J., 2013. "Targets for global climate policy: An overview," Journal of Economic Dynamics and Control, Elsevier, vol. 37(5), pages 911-928.
    6. Richard S.J. Tol, 2021. "Estimates of the social cost of carbon have not changed over time," Working Paper Series 0821, Department of Economics, University of Sussex Business School.
    7. Richard S. J. Tol, 2021. "Estimates of the social cost of carbon have increased over time," Papers 2105.03656, arXiv.org, revised Aug 2022.

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