Combining policies to remove carbon dioxide (CO2) from the atmosphere with policies to reduce emissions could decrease CO2 concentrations faster than possible via natural processes. We model the optimal selection of a dynamic portfolio of abatement, research and development (R&D), and negative...

I analyze the marginal value of reducing greenhouse gas emissions (the "social cost of carbon") under uncertainty about warming, under uncertainty about how much warming reduces consumption, and under stochastic shocks to consumption growth. I theoretically demonstrate that each of these sources...

I propose a new climate policy, called greenhouse gas (GHG) property, that makes atmospheric GHG stocks the unit of regulation. The initial extractor or importer of a fossil fuel would own tradable carbon property that would become carbon dioxide (CO2) property upon combustion. This CO2 property...