Revisiting the social cost of carbon.¶
Nordhaus, W. D. (2017). Revisiting the social cost of carbon. Proceedings of the National Academy of Sciences, 114(7), 1518-1523.
Cited by¶
2 citations across 2 artifacts.
Primes¶
- Commensurability
- The metric makes incommensurable goals—economic growth and climate stability—commensurable, an integration Nordhaus (2017) operationalized in the DICE model's social cost of carbon.
Supported in partVerified against the work's full text
Nordhaus's DICE-2016R expresses climate damages in consumption dollars via the SCC ($31 per ton), operationalizing the pricing, though the incommensurability framing is not his.
“the SCC equals the economic impact of a unit of emissions in terms of t -period consumption as a numéraire”
- The metric makes incommensurable goals—economic growth and climate stability—commensurable, an integration Nordhaus (2017) operationalized in the DICE model's social cost of carbon.
- Value Commensuration
- Carbon pricing assigns monetary value per ton of CO₂, enabling trade-offs between emissions and economic growth, and Nordhaus (2017) develops the integrated-assessment framework (DICE) that translates climate damages into a social cost of carbon.
Supported in partVerified against the work's full text
Nordhaus (2017) presents the revised DICE-2016R integrated assessment model and its SCC estimate ($31/t CO2), but says nothing about carbon pricing as such.
“The DICE model (Dynamic Integrated model of Climate and the Economy) is one of three integrated assessment models used to estimate the SCC in the United States. The present study presents updated estimates based on a revised DICE model (DICE-2016R).”
- Carbon pricing assigns monetary value per ton of CO₂, enabling trade-offs between emissions and economic growth, and Nordhaus (2017) develops the integrated-assessment framework (DICE) that translates climate damages into a social cost of carbon.
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