In this reply to the comment by Gerlagh, we confirm an error in our estimate of the certainty-equivalent social cost of carbon (SCC) reported in Newbold et al. (2013), and we discuss the underlying conceptual difficulties that arise in conducting a social welfare analysis when preferences are...

The "social cost of carbon" (SCC) is the present value of the stream of future damages from one additional unit of carbon emissions in a particular year. This paper develops a rapid assessment model for the SCC. The model includes the essential ingredients for calculating the SCC at the global...

Since 1982, the U.S. Environmental Protection Agency has used benefit-cost analysis to evaluate many of its surface water quality regulations. Early regulations were aimed at controlling conventional and toxic pollutants that were directly linked to highly visible water quality problems. More...

Since 1982, the U.S. Environmental Protection Agency has used benefit-cost analysis to evaluate many of its surface water quality regulations. Early regulations were aimed at controlling conventional and toxic pollutants that were directly linked to highly visible water quality problems. More...

In this paper, we evaluate the influence of two environmental policy levers on emissions in the metal-finishing industry: a voluntary program--the Strategic Goals Program (SGP)--and the threat of formal regulation. While voluntary approaches are increasingly utilized as policy tools, the...

Although existing economic research is informative with regard to the importance of including potential 'catastrophic' climate change impacts in the analysis of GHG mitigation benefits, the generic and abstract form of the 'catastrophe' implemented has led to a lack of specific policy...

The US government recently developed a range of values representing the monetized global damages associated with an incremental increase in carbon dioxide (CO₂) emissions, commonly referred to as the social cost of carbon (SCC). These values are currently used in benefit--cost analyses to assess...