title: Revisiting the social cost of carbon.
abstract: The social cost of carbon (SCC) is a central concept for understanding and implementing climate change policies. This term represents the economic cost caused by an additional ton of carbon dioxide emissions or its equivalent. The present study presents updated estimates based on a revised DICE model (Dynamic Integrated model of Climate and the Economy). The study estimates that the SCC is $31 per ton of CO2in 2010 US$ for the current period (2015). For the central case, the real SCC grows at 3% per year over the period to 2050. The paper also compares the estimates with those from other sources.
authors.affiliation: Department of Economics, Yale University, New Haven, CT 06520-8268 william.nordhaus@yale.edu.
authors.forename: William D
authors.initials: WD
authors.lastname: Nordhaus
keywords: DICE model; climate change; economics; social cost carbon