Title: A Data-Driven Approach to Estimating the Social Cost of Carbon
Abstract: For every climate change mitigation policy, the Social Cost of Carbon (SCC) is central to determining whether it is cost-effective. Current estimates for the SCC used in decision-making are based on theoretical / numerical models that are not closely linked to data. I will present a new approach to calculating the SCC based on empirical evidence that aims to capture local impacts and be globally representative. Our modular framework integrates high resolution climate models and econometric techniques that allow measurement of adaptation, while enabling decision-makers to value the costs of both economic uncertainty and inequality that result from climate change.