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Armon, Rezai ; Armon, Rezai ; Rick, van der Ploeg ; Frederick (Rick), van der Ploeg. (2014) Robustness of a Simple Rule for the Social Cost of Carbon.
In: CESifo Working Paper Series. RePEc:ces:ceswps:_4703.
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Nordhaus (2008) supposes that with global warming of 2.5o C damages are 1.7% of world GDP and uses this to calibrate: 2 2 1 1 ( ) . 1 0.00284 1 ( /18.8) t t t D T T T = = + + Weitzman (2010) argues that global warming damages rise more rapidly at higher levels of mean global temperature. With climate damages equal to 50% of world GDP at 6o C and 99% at 12.5o C, Ackerman and Stanton (2012) calibrate 2 6.76 1 ( ) . 1 ( / 20.2) ( / 6.08) t t t D T T T = + + The extra term in the denominator captures potentially catastrophic losses at high temperatures. Computational implementation The transversality condition for the model is 1 2 lim ( ) 0.
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