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Priority For The Worse Off And The Social Cost Of Carbon, Matthew D. Adler, David Anthoff, Valentina Bosetti, Greg Garner, Klaus Keller, Nicolas Treich
Priority For The Worse Off And The Social Cost Of Carbon, Matthew D. Adler, David Anthoff, Valentina Bosetti, Greg Garner, Klaus Keller, Nicolas Treich
Faculty Scholarship
The social cost of carbon (SCC) is a monetary measure of the harms from carbon emission. Specifically, it is the reduction in current consumption that produces a loss in social welfare equivalent to that caused by the emission of a ton of CO2. The standard approach is to calculate the SCC using a discounted-utilitarian social welfare function (SWF)—one that simply adds up the well-being numbers (utilities) of individuals, as discounted by a weighting factor that decreases with time. The discounted-utilitarian SWF has been criticized both for ignoring the distribution of well-being, and for including an arbitrary preference for earlier generations. …