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Publications

Viewing all publications in Academic Articles/Working Papers
  • The Social Cost of Greenhouse Gases: Legal, Economic, and Institutional Perspective Cover

    The Social Cost of Greenhouse Gases: Legal, Economic, and Institutional Perspective

    Yale Journal on Regulation

    The social cost of greenhouse gases provides the best available method to quantify and monetize incremental climate damages. To date, however, the use of the method for such determinations and processes has been sporadic and fairly limited. Published in the Yale Journal on Regulation, this article evaluates the various legal, economic, and institutional controversies surrounding the social cost of greenhouse gases, and explains why this metric should play a critical role in guiding agency policymaking and decision-making related to climate change.

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  • Climate and Power System Reliability in the Aftermath of the Texas Blackouts Cover

    Climate and Power System Reliability in the Aftermath of the Texas Blackouts

    The February 2021 blackout in Texas underscored the importance of reliable and resilient power systems. This article discusses the roles of regulators, markets, fuel and generation supply chains, and interdependent infrastructures, and finds that they need to be reconsidered and redefined to successfully meet the future challenges of increased electrification and severe weather

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  • Playing with Fire Cover

    Playing with Fire

    Responding to Criticism of the Social Cost of Greenhouse Gases

    Federal agencies will need to offer considered and detailed responses to objections raised in the notice-and-comment processes for individual regulations or administrative actions that apply the Working Group’s social cost valuations. Given its expertise, the Working Group should consider providing such responses now, so that agencies can then incorporate them into future actions. This working paper offers a blueprint for those responses.

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  • About Time

    Recalibrating the Discount Rate for the Social Cost of Greenhouse Gases (Working Paper)

    In light of recent evidence, a new range of discount rates appropriate for calculating the social cost of greenhouse gases could be conservatively estimated as between 0.5%-2.5%, with a central estimate of 1.5%. Agencies should follow the Interagency Working Group’s guidance on applying new social cost of greenhouse gas estimates based on updated discount rates—and will need to justify their choices, including any departures from prior practices.

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  • Broadening the Use of the Social Cost of Greenhouse Gases in Federal Policy Cover

    Broadening the Use of the Social Cost of Greenhouse Gases in Federal Policy

    Our working paper highlights numerous areas in which the federal government should apply the social cost of greenhouse gases beyond regulatory cost-benefit analysis. It is organized under the framework of “decision-making, budgeting, and procurement” laid out in the President’s executive order, identifying a number of relevant actions—like environmental reviews conducted under NEPA and the assessment of royalty rates for federal land-management. In short, application of the social cost of greenhouse gases would be extremely beneficial for any executive branch decision with significant greenhouse gas implications.

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