Nondogmatic Climate Policy

Niko Jaakkola and Antony Millner

No 27413, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Disagreements about normative aspects of social time preferences have led to estimates of the Social Cost of Carbon (SCC) that differ by orders of magnitude. We investigate how disagreements about the SCC change if planners are non-dogmatic, i.e., they admit the possibility of a change in their normative views, and internalise the preferences of future selves. Although non-dogmatic planners may disagree about all the contentious aspects of social time preferences, disagreements about the SCC reduce dramatically. Admitting the possibility of a change in views once every 40 years results in a 4.6-fold reduction in the range of recommended SCCs.

JEL-codes: D61 D63 Q54 (search for similar items in EconPapers)
Date: 2020-06
New Economics Papers: this item is included in nep-env
Note: EEE
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Citations: View citations in EconPapers (1)

Published as Niko Jaakkola & Antony Millner, 2022. "Nondogmatic Climate Policy," Journal of the Association of Environmental and Resource Economists, vol 9(4), pages 807-841.

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