Data and Code for "Relative Prices and Climate Policy: How the Scarcity of Non-Market Goods Drives Policy Evaluation"

Principal Investigator(s): View help for Principal Investigator(s) Moritz A. Drupp, University of Hamburg (Germany); Martin C. Hänsel, Potsdam Institute for Climate Impact Research

Version: View help for Version V1

Name	File Type	Size	Last Modified
DICE_2016_RPE.mod	text/plain	8.6 KB	05/07/2020 04:07:AM
DICE_2016_RPE_MonteCarlo.mod	text/plain	8.2 KB	05/07/2020 02:16:AM
DICE_Nordhaus_2016.mod	text/plain	7.3 KB	03/17/2020 02:09:AM
Figure1_FigureA1_Figure_A3.run	text/plain	876 bytes	05/07/2020 01:59:AM
Figure2_FigureA2.run	text/plain	984 bytes	05/07/2020 01:34:AM
Figure3_4_A4.run	text/plain	2.2 KB	05/07/2020 02:06:AM
Figure5.run	text/plain	1.3 KB	10/08/2018 07:19:AM
README_Drupp_Hänsel_RPE.pdf	application/pdf	460.1 KB	11/25/2020 04:02:AM
Results_Figure1_FigureA1_Nordhaus.csv	text/csv	4.1 KB	11/29/2017 07:01:AM
Results_Figure1_FigureA1_RPE-SP.csv	text/csv	5 KB	10/08/2018 05:40:AM

Project Citation:

Drupp, Moritz A. , and Hänsel, Martin C. . Data and Code for “Relative Prices and Climate Policy: How the Scarcity of Non-Market Goods Drives Policy Evaluation.” Nashville, TN: American Economic Association [publisher], 2021. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2021-01-28. https://doi.org/10.3886/E118441V1

Project Description

Summary: Climate change not only impacts production and market consumption, but also the relative scarcity of non-market goods, such as environmental amenities. We study fundamental drivers of the resulting relative price changes, their potential magnitude, and their implications for climate policy in Nordhaus’ prominent DICE model, thereby addressing one of its key criticisms. We propose plausible ranges for these relative prices changes based on best available evidence. Our central calibration reveals that accounting for relative prices is equivalent to decreasing pure time preference by 0.6 percentage points and leads to a more than 50 percent higher social cost of carbon.

Scope of Project

Subject Terms: climate policy; discounting; non-market goods; social cost of carbon; substitutability

JEL Classification:
      D61 Allocative Efficiency; Cost-Benefit Analysis
      D90 Micro-Based Behavioral Economics: General
      H43 Project Evaluation; Social Discount Rate
      Q01 Sustainable Development
      Q54 Climate; Natural Disasters and Their Management; Global Warming

Geographic Coverage: Global

Related Publications

Download this project

Published Versions

V1 [2021-01-28]

Export Metadata

Dublin Core

DDI 2.5

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.