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Recognizing the importance of the second-best nature of economies, the Stern-Stiglitz report on carbon pricing departed from the recommendation of a single carbon price for all uses at all places and times. This paper provides some of the analytics behind these recommendations. First, I analyze...
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environment, including: the immense risks and impacts on distribution across and within generations; the many failures … impacts. Much of the standard economic modelling, including Integrated Assessment Models, does not embody key aspects of these …
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