Any economic analysis of climate change policy requires some model that describes the impact of warming on future GDP and consumption. Most integrated assessment models (IAMs) relate temperature to the level of real GDP and consumption, but there are theoretical and empirical reasons to expect temperature to affect the growth rate rather than level of GDP. Does this distinction matter in terms ...

The economic costs of climate change can be large, or perhaps non-existent. We cannot tell before experiencing climate change, and thus the social cost of carbon is partly based on subjective beliefs. We take a dataset of estimates for the carbon price as a representation of beliefs, and develop a tractable stochastic climate-economy model that replicates the distribution of estimates. We use t...

For a large global economy, containing at least 195 nations, with normal goods, and an unequal world income distribution, we consider the endogenous formation and stability of an international environmental agreement (IEA) under nationally determined contributions (NDCs). Nations share green R&D efforts and enjoy R&D spillovers if they join an IEA. Nonmembers do not enjoy R&D spillovers. We sho...

The social cost of carbon is an estimate of the benefit of reducing CO2 emissions by one ton today. As such it is a key input into cost-benefit analysis of climate policy and regulation. We provide a set of new estimates of the social cost of carbon from the integrated assessment model FUND 3.5 and present a regional and sectoral decomposition of our new estimate. China, Western Europe and the ...

The surface albedo feedback along with heat and moisture transport from the Equator to the Poles, are associated with polar amplification which is a well-established scientific fact. The present paper extends Brock and Xepapadeas (2017) to a non-cooperative framework with polar amplification, where regions decide emissions by maximizing own welfare. This can be regarded as a case of regional no...

This paper assesses the level of corporate sustainability disclosures in an environmentally-sensitive industry Nigeria - oil and gas industry. The aims to evaluate extent disclosure annual report’s industries. study retrieves secondary data on for 10 years (2010 2019) from eight industries listed Nigerian stock exchange through a desktop approach content analysis methodology. Content is identif...

We analyze a time series of global temperature anomaly distributions to identify and estimate persistent features in climate change. In our study, temperature densities, obtained from globally distributed data over the period from 1850 to 2012, are regarded as a time series of functional observations that are changing over time. We employ a formal test for the existence of functional unit roots...

We examine the long-term impacts of drought on local labor markets in Brazil. Using rainfall data going back over a century, we build contemporaneous and historical drought indices for more than 3,000 local areas, and examine them in conjunction with five waves of population census data spanning 1970−2010. Results from a differencein-differences design reveal that increased drought frequency in...

We derive a general framework for cost-benefit analysis and social discounting in a setting with intertemporally dependent preferences. Here, the marginal contribution of an additional unit of consumption in some period depends on what is consumed in the other periods. We use a simple model of history dependent preferences to analyze how habit formation affects the social rate of discount. Gett...