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We are living in an era in which the average person emits∼ 5 tons of carbon dioxide (hereafter referred to as CO2) emissions each year (Le Quéré et al., 2018). CO2 emissions, along with other greenhouse gases, distort the planet’s energy balance and result in climate change, which has a wide range of causes and impacts, and those in low-income countries who contribute the least to climate change are the most vulnerable to its effects (Tol, 2009; Partridge et al., 2017). Climate change also poses another long-term problem because some greenhouse gases have tens of thousands of years of atmospheric life, and a quarter of the emissions remaining in the atmosphere for over a millennium (Archer et al., 2009). Numerous researches attempt to understand climate change in a field of natural science have been already done, however, the key questions or measurements about the consequences of climate change that are “economically” or “socially” crucial remain unanswered (Hsiang and Kopp, 2018). Hence, starting from Nordhaus (1977), researchers seek to understand climate change from economic and social perspectives and provide policy options that can mitigate/adapt the consequences of climate change. To this end, climate economics starts to rise as it allows us to understand climate change and provide solutions to combat it through toolkits that incorporate various economic theories and empirical models to reflect people and the economy. Climate economics covers a broad range of topics. In classical economic theory, climate economics includes optimal natural resources extraction, which is known as Hoteling’s rule, and optimal …