The consensus view amongst economists is that carbon prices, in order to be effcient, must be the same across the globe. But when there are inefficiencies in the allocation of capital so that consumers in different countries face different discount rates, we show that efficient carbon prices...

Weitzman's Dismal Theorem has that the expected net present value of a stock problem with a stochastic growth rate with unknown variance is unbounded. Cost-benefit analysis can therefore not be applied to greenhouse gas emission control. We use the Generalized Central Limit Theorem to show that...

It is well-known that the discount rate is crucially important for estimating the social cost of carbon, a standard indicator for the seriousness of climate change and desirable level of climate policy. The Ramsey equation for the discount rate has three components: the pure rate of time...

The social cost of carbon is an estimate of the benefit of reducing CO2 emissions by one ton today. As such it is a key input into cost-benefit analysis of climate policy and regulation. We provide a set of new estimates of the social cost of carbon from the integrated assessment model FUND 3.5...

We use FUND 3.5 to estimate the social cost of carbon dioxide, methane, nitrous oxide, and sulphur hexafluoride emissions. We show the results of a range of sensitivity analyses, focusing on the impact of carbon dioxide fertilization. Ignored in previous studies of the social cost of greenhouse...

The economics of climate change involves a vast array of uncertainties, complicating both the analysis and development of climate policy. This study presents the results of the first comprehensive study of uncertainty in climate change using multiple integrated assessment models. The study looks...

Food security in China affects the livelihood and well-being of one-fifth of the world population. Climate change is now affecting agriculture and food production in every country of the world. Here the authors present the IMPACT model results on yield, production, and net trade of major crops...

The projected changes in planted area, yield per area, net exports/imports and priced for five major agricultural crops in South Africa were simulated using the projections of four Global Circulation Models (GCMs) under three socio-economic scenarios. The GCM runs were those undertaken for the...

Agreement is developing among agricultural scientists on the emerging inability of agriculture to meet growing global food demands. The lack of additional arable land and availability of freshwater have long been constraints on agriculture. However, the increased frequency of extreme and...

Global climate change presents long-term risks to agriculture. In general, global climate change is expected to positively affect Russian agriculture. In high and middle latitudes, global warming would expand the growing season. Acreages of agricultural crops may expand toward the north,...