TY - JOUR
T1 - Sensitivity of mitigation to the optimal global temperature
T2 - An experiment with dice
AU - Yoo, Jonghyun
AU - Mendelsohn, Robert
N1 - Publisher Copyright:
© 2018 World Scientific Publishing Company.
PY - 2018/5/1
Y1 - 2018/5/1
N2 - It is commonly assumed that the temperature which optimizes global production and welfare is the global temperature in 1900. There is an empirical evidence, however, that suggests a slightly warmer, wetter, and CO2 enriched planet which is more productive. This paper explores the sensitivity of mitigation and the Social Cost of Carbon (SCC) to different assumptions about the optimal global temperature using DICE 2016R. Each 1°C increase in optimal global temperature lowers the SCC in 2020 by about half and delays the mitigation path by about a decade, but increases the long run temperature only slightly.
AB - It is commonly assumed that the temperature which optimizes global production and welfare is the global temperature in 1900. There is an empirical evidence, however, that suggests a slightly warmer, wetter, and CO2 enriched planet which is more productive. This paper explores the sensitivity of mitigation and the Social Cost of Carbon (SCC) to different assumptions about the optimal global temperature using DICE 2016R. Each 1°C increase in optimal global temperature lowers the SCC in 2020 by about half and delays the mitigation path by about a decade, but increases the long run temperature only slightly.
KW - Climate change
KW - Integrated Assessment Models
KW - damage functions
UR - http://www.scopus.com/inward/record.url?scp=85040225624&partnerID=8YFLogxK
U2 - 10.1142/S2010007818500033
DO - 10.1142/S2010007818500033
M3 - Article
AN - SCOPUS:85040225624
SN - 2010-0078
VL - 9
JO - Climate Change Economics
JF - Climate Change Economics
IS - 2
M1 - 1850003
ER -
