The social cost of carbon: valuing inequality, risk, and population for climate policy

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2018-12-20
Authors
Fleurbaey, Marc
Ferranna, Maddalena
Budolfson, Mark
Dennig, Francis
Mintz-Woo, Kian
Socolow, Robert
Spears, Dean
Zuber, Stéphane
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Oxford University Press
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Abstract
We analyze the role of ethical values in the determination of the social cost of carbon, arguing that the familiar debate about discounting is too narrow. Other ethical issues are equally important to computing the social cost of carbon, and we highlight inequality, risk, and population ethics. Although the usual approach, in the economics of cost-benefit analysis for climate policy, is confined to a utilitarian axiology, the methodology of the social cost of carbon is rather flexible and can be expanded to a broader set of social-welfare approaches.
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Keywords
Social Cost of Carbon (SCC) , Carbon , Climate change , Climate policy , Social cost
Citation
Fleurbaey, M., Ferranna, M., Budolfson, M., Dennig, F., Mintz-Woo, K., Socolow, R., Spears, D. and Zuber, S. (2018) 'The Social Cost of Carbon: Valuing Inequality, Risk, and Population for Climate Policy', The Monist, 102(1), pp. 84-109. doi: 10.1093/monist/ony023