… otherwise equivalent price and quantity controls. Despite this well-known observation and
its relevance for climate change policy, most of the debate concerning the use of taxes and …

… the two, and a price intervention can close the gap, restoring efficiency. In the context of climate
change, the … there should be a price of carbon, and since what matters is the atmospheric …

… We begin by setting out some of the major risks from climate change, and argue that these
risks point to the need for both stock and flow targets, guided by an assessment of the costs …

… the literature on the economic impacts of climate change, an … Only 14 estimates of the total
damage cost of climate change … contrast to the urgency of the public debate and the proposed …

… of the disruptive consequences of climate change (See Box 1). Putting climate change in the
… changes in weather patterns, as both a cause of environmental externalities and a case of …

… skewed; (b) the damage function is often … the impact of climate change on a farm is lognormal
with the most likely impact a loss of 9 acre feet with nine-fold uncertainty; that the cost to the …

… Our findings have implications for the ongoing international climate policy discussions 27 ,
… Uncertainties in the costs of climate change mitigation are underpinned by uncertainties in …

… of the debate on global climate change policy has focused on quantity controls due to their
political appeal, this paper argues that price … the expected welfare gain from the optimal price …

… lie at the heart of the Review’s radical view of the grave damages from climate change and
the … This section reviews some of the core issues, while the next section provides an empirical …

… the Global Commons?” climate-change economics has focused on diagnosing the economic
underpinnings of climate change and … of policies to confront the problem. While overlapping …