title: Inequality, climate impacts on the future poor, and carbon prices.
abstract: Integrated assessment models of climate and the economy provide estimates of the social cost of carbon and inform climate policy. We create a variant of the Regional Integrated model of Climate and the Economy (RICE)-a regionally disaggregated version of the Dynamic Integrated model of Climate and the Economy (DICE)-in which we introduce a more fine-grained representation of economic inequalities within the model's regions. This allows us to model the common observation that climate change impacts are not evenly distributed within regions and that poorer people are more vulnerable than the rest of the population. Our results suggest that this is important to the social cost of carbon-as significant, potentially, for the optimal carbon price as the debate between Stern and Nordhaus on discounting.
authors.affiliation: Woodrow Wilson School of Public and International Affairs-University Center for Human Values, Princeton University, Princeton, NJ 08544; fdennig@princeton.edu.
authors.forename: Francis
authors.initials: F
authors.lastname: Dennig
authors.affiliation: Woodrow Wilson School of Public and International Affairs-University Center for Human Values, Princeton University, Princeton, NJ 08544;
authors.forename: Mark B
authors.initials: MB
authors.lastname: Budolfson
authors.affiliation: Woodrow Wilson School of Public and International Affairs-University Center for Human Values, Princeton University, Princeton, NJ 08544;
authors.forename: Marc
authors.initials: M
authors.lastname: Fleurbaey
authors.affiliation: Princeton Environmental Institute (PEI), Princeton University, Princeton, NJ 08544;
authors.forename: Asher
authors.initials: A
authors.lastname: Siebert
authors.affiliation: Mechanical and Aerospace Engineering-PEI, Princeton University, Princeton, NJ 08544.
authors.forename: Robert H
authors.initials: RH
authors.lastname: Socolow
mesh_terms: D000465:Algorithms; D002244:Carbon / Q000191:economics* / Q000378:metabolism*; D002980:Climate; D057231:Climate Change; D003247:Conservation of Natural Resources / Q000191:economics / Q000379:methods / Q000639:trends; D005544:Forecasting; D018803:Models, Economic; D008962:Models, Theoretical
chemical_list: D002244:Carbon
keywords: RICE; climate change; damage distribution; inequality; social cost of carbon