This paper provides stated preference (SP) estimates of the average social cost of carbon (ASCC) for use in evaluation of the benefits and costs of climate policy. Based on a U.S. nationally representative survey, we find an average individual willingness-to-pay (WTP) of $1,116 per year to keep...

Shared socioeconomic pathways (SSPs) are perhaps the most influential economic policy analyses today. My paper evaluates their development, natural associations, logical consequences, and economic identification. All five SSP baseline scenarios are predicting scenarios that historical...

Reductions in greenhouse gas emissions are a global public good, which makes it efficient to act globally when addressing this challenge. We lay out several reasons that high-income countries seeking to mitigate climate change might have greater impact if they invest their resources in...

Climate change is generating demonstrable harm around the world. Political and legal efforts have sought to associate climate impacts with specific emissions, including in recent international policy discussion of Loss and Damage (L&D). However, no quantitative definition of L&D exists, nor does...

We study how international agreements can take advantage of domestic time-inconsistency problems in the context of environmental policies. For example, policymakers will prefer future policies to be sustainable, but find it tempting to raise consumption when being in office. We find the...

Many US states have set ambitious renewable portfolio standards (RPS) that require utilities to switch from fossil fuels toward renewables. RPS increases the renewables capacity, bond issuance, maturity, and yield spreads of investor-owned utilities compared to municipal producers that are...

Economists have for decades recommended that carbon dioxide and other greenhouse gases be taxed--or otherwise priced--to provide incentives for their reduction. The United States does not have a federal carbon tax; however, many state and federal programs to reduce carbon emissions effectively...

We study how the implementation of emissions trading systems (ETS) impacts emissions reductions and the usage of renewable energy using a panel sample of the largest 100 countries worldwide. Exploiting the cross-country variations in ETS implementations, we show that ETS adoption materially...

We categorize the primary incentive-based mechanisms under consideration for addressing greenhouse gas emissions from electricity generation--pricing carbon, setting intensity standards, and subsidizing clean energy--and compare their market outcomes under similar expansions of clean electricity...

Jurisdictions adopt heterogeneous climate policies that vary both in terms of ambition and in terms of policy approach, with some jurisdictions pricing carbon and others subsidizing clean production. We distinguish two types of policy spillovers associated with diverse policy approaches to...