Targets for global climate policy: an overview

Tol, Richard S J (2013) Targets for global climate policy: an overview. Journal of Economic Dynamics and Control, 37 (5). pp. 911-928. ISSN 0165-1889

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A survey of the economic impact of climate change and the marginal damage costs shows that carbon dioxide emissions are a negative externality. The estimated Pigou tax and its growth rate are too low to justify the climate policy targets set by political leaders. A lower discount rate or greater concern for the global distribution of income would justify more stringent climate policy, but would imply an overhaul of other public policies. Catastrophic risk justifies more stringent climate policy, but only to a limited extent.

Item Type: Article
Schools and Departments: School of Business, Management and Economics > Economics
Subjects: A General Works
Depositing User: Richard Tol
Date Deposited: 18 Mar 2013 07:43
Last Modified: 18 Mar 2013 07:43
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