This paper shows that unilateral decarbonization pays for itself in large economies. We estimate economic damages from global temperature shocks and combine them with a climate-economy model to construct Domestic Costs of Carbon: $226 per ton for the United States and $216 per ton for the...

I distinguish between reduction offsets and removal offsets, the former generated by a reduction in the rate of greenhouse gas emissions and the latter generated by the removal of greenhouse gases from the atmosphere. I show that only removal offsets make any contribution to mitigating climate...

Klimaschutz und Klimaanpassung sind wesentliche Aufgaben der Zukunftssicherung, für die insbesondere Strategien aus der Immobilien- und Wohnungswirtschaft gefragt sind. Vor diesem Hintergrund wurde im Experimentellen Wohnungs- und Städtebau (ExWoSt) im BBSR das Forschungsvorhaben "Immobilien-...

Comprehensive examination of the economic, social, and political context of climate policy in industrialized and developing nations. Calls for a multilateral approach that goes beyond the mitigation-focused Kyoto policies and stresses the importance of generating policies that work within a time...

Climate change management is a global challenge that requires social science as much as it requires natural science. We provide a brief introduction to the physical science of climate change, written to provide essential background for economists and other social scientists. We also highlight...

Donald Trump's election and his nomination of Scott Pruitt, a climate skeptic, to lead the Environmental Protection Agency drastically downshifted expectations on US climate-change policy. We study firms' stock-price reactions and institutional investors' portfolio adjustments after these...

Finally we question the standard use of infinitely-lived, single-agent models, which assume, unrealistically, intergenerational altruism in determining optimal abatement policy. Their prescriptions can differ, potentially dramatically, from those needed to correct the negative climate...

The optimal investment to mitigate climate change crucially depends on the discount rate used to evaluate the investment's uncertain future benefits. The appropriate discount rate is a function of the horizon over which these benefits accrue and the riskiness of the investment. In this paper, we...