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Climate change would impact different countries differently, and different countries have different levels of development. Equity-weighted estimates of the (marginal) impact of greenhouse gas emissions reflect these differences. Equity-weighted estimates of the marginal damage cost of carbon dioxide emissions are substantially higher than estimates without(More)
CWPE 0644 and EPRG 0621 These working papers present preliminary research findings, and you are advised to cite with caution unless you first contact the author regarding possible amendments. Abstract The European Directive on the EU ETS allows governments to auction up to 10% of the allowances issued in Phase II 2008‐2012, without constraints specified(More)
3 The contents of this paper are the authors' sole responsibility. They do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its Members This publication is made available subject to the condition that it shall not, by way of trade or otherwise, be lent, resold, hired out, or otherwise circulated without the(More)
Disclaimer Any opinions expressed here are those of the author(s) and not those of the IIIS. All works posted here are owned and copyrighted by the author(s). Papers may only be downloaded for personal use only. Abstract Recent research suggests that social cost-benefit analysis should be conducted with a declining discount rate. For instance, Newell and(More)
Rapid global economic growth, centred in Asia but now spread across the world, is driving rapid greenhouse gas emissions growth, making earlier projections unrealistic. This paper develops new, illustrative projections for carbon dioxide (from fossil fuels and other sources) and for non-CO2 greenhouse gases. Making adjustments to 2007 World Energy Outlook(More)
Science in 2008 to advance public and private action on climate change through innovative, rigorous research. The Centre is funded by the UK Economic and Social Research Council and has five inter-linked research programmes: 1. Developing climate science and economics 2. Climate change governance for a new global deal 3. Adaptation to climate change and(More)
The last few years have witnessed important advances in our understanding of time preference and social discounting. In particular, several rationales for the use of time-varying social discount rates have emerged. These rationales range from the ad hoc to the formal, with some founded solely in economic theory while others reflect principles of(More)
The perplexing issue of discounting Prescriptive economics requires that, unless there are very good reasons to the contrary, economic policy should be based on the principle that indi-viduals' preferences should count. Indeed, the entire body of 'welfare eco-nomics' centres round the formal identity of the statement " X prefers A to B " and the statement "(More)