摘要：The Stern Review reported a social cost of carbon of over
$300/tC, calling for ambitious climate policy. We here conduct a systematic sensitivity analysis of
this result on two crucial parameters: the rate of pure time preference, and the rate of risk
aversion. We show that the social cost of carbon lies anywhere in between 0 and
$120 000/tC.
However, if we restrict these two parameters to matching observed behaviour, an expected social cost of
carbon of $60/tC results. If we correct this estimate for income differences across the world, the social cost of carbon rises
to over $200/tC.
