This paper postulates the conceptually useful allegory of a futuristic “World Climate Assembly” (WCA) that votes for a … emitter's single-peaked most-preferred world price of carbon emissions to the world “Social Cost of Carbon” (SCC). The second … and third propositions relate the WCA-voted world price of carbon to the world SCC. I argue that the WCA-voted price and …

warming, specifically, long-run temperature shifts. We find that global warming carries a positive risk premium that increases … projected temperature path, the observed consumption growth dynamics, discount rates provided by the risk-free rate and equity …

towards risk. We find that the uncertainty associated with anthropogenic climate change imply carbon taxes much higher than …

number of features including potential tail risk, exogenous and endogenous technological change, and backstop technologies … delay. We decompose the optimal carbon price into two components: expected discounted damages and the risk premium …

the current time (2015) including uncertainty, equity weighting, and risk aversion is $44 per ton of carbon (or $12 per …

world GDP. We show that the same features, long-run risks and recursive-preferences, that account for the risk-free rate and … consumption, and the total dollar costs of completely insuring against temperature variation are 2.46% of world GDP. If we allow … in global temperature lowers equity valuations and raises risk premiums …