Fear for oil exhaustion and its consequences for economic growth has been a driver of a rich literature on exhaustible resources. But our view on oil has remarkably changed. We now also worry about too much oil because of climate change damages associated with oil and other fossil fuel use. In...

Twenty years on from the Rio ’92 conference, we must face the fact that there have been a few successes but more failures. Scientific complexity, uncertainty, short-termism inherent in politics, the free-rider problem, and issues of fairness are part of the explanation for the lack of...

The Social Costs of Carbon (SCC) equals the marginal welfare loss associated with one unit of emitted CO2, divided by the marginal welfare gain associated with one unit of consumption. In stochastic assessments, both the nominator and denominator can depend on uncertain parameters; specifically...