The Uncertainty about the Total Economic Impact of Climate Change

Richard Tol

No WP382, Papers from Economic and Social Research Institute (ESRI)

Abstract: This paper uses a vote-counting procedure to estimate the probability density function of the total economic impact as a parabolic function of global warming. There is a wide range of uncertainty about the impact of climate change up to 3ºC, and the information becomes progressively more diffuse beyond that. Warming greater than 3ºC most likely has net negative impacts, and warming greater than 7ºC may lead to a total welfare loss. The expected value of the social cost of carbon is about $29/tC in 2015 and rises at roughly 2% per year.

Keywords: Climate; change/uncertainty/impacts/Social; cost; of; carbon/cost (search for similar items in EconPapers)
Date: 2011-04
New Economics Papers: this item is included in nep-agr, nep-ene and nep-env
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Citations: View citations in EconPapers (2)

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Related works:
Journal Article: On the Uncertainty About the Total Economic Impact of Climate Change (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:esr:wpaper:wp382

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