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Louis Kaplow, Elisabeth Moyer and David A. Weisbach

Assessment of climate change policies requires aggregation of costs and benefits over time and across generations, a process ordinarily done through discounting. Choosing the correct discount rate has proved to be controversial and highly consequential. To clarify past analysis and guide future work, we decompose discounting along two dimensions. First, we distinguish discounting by individuals, an empirical matter that determines their behavior in models, and discounting by an outside evaluator, an ethical matter involving the choice of a social welfare function. Second

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Edited by Mark A. Cohen, Don Fullerton and Robert H. Topel

Governments around the globe have begun to implement various actions to limit carbon emissions and so, combat climate change. This book brings together some of the leading scholars in environmental and climate economics to examine the distributional consequences of policies that are designed to reduce these carbon emissions.
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Sebastian Rausch, Gilbert E. Metcalf, John M. Reilly and Sergey Paltsev

, and participants at the Energy Policy Symposium on Distributional Aspects of Energy and Climate Policy held in Washington, D.C., and the CEEPR Spring 2010 Workshop for helpful comments. We thank Dan Feenberg for providing data from the NBER TAXSIM simulator on marginal income tax rates. We thank Tony Smith-Grieco for excellent research assistance. We acknowledge support of MIT Joint Program on the Science and Policy of Global Change through a combination of government, industry, and foundation funding, the MIT Energy Initiative, and additional support for this work

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Joshua Elliott, Ian Foster, Kenneth Judd, Elisabeth Moyer and Todd Munson

Integrated Model of Economic and Resource Trajectories for Humankind (CIM-EARTH). In this paper, we describe the key features of the CIM-EARTH framework and initial implementation, detail the model instance we use for studying the impacts of a carbon tax on international trade and the sensitivity of these impacts to assumptions on the rate of change in energy efficiency and labor productivity, and present results on the extent to which carbon leakage limits global reductions in emissions for some policy scenarios. KEYWORDS: general equilibrium models, dynamic trajectories

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Edited by Mark A. Cohen, Don Fullerton and Robert H. Topel

function as a kind of insurance – that is, they may pay off in times when other investments do not. This approach differs from a traditional economic approach that might suggest using a market rate of interest as a social discount rate. In addition, they note that different valuations of the marginal utility of future consumption across countries will make any global agreement that much more difficult to realize. Chapter 2 is a comment by Manasi Deshpande and Michael Greenstone that applauds the paper’s accomplishments, and then focuses on that last observation that

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Christoph Boehringer, Carolyn Fischer and Knut Einar Rosendahl

might be justified on efficiency grounds only as a second-best unilateral strategy when leakage rates are substantial (Böhringer et al. 1998a, 1998b). An alternative policy measure is border carbon adjustments (BCA), which require importers to purchase emissions allowances in proportion to the emissions embodied in the foreign production of the goods. This method levels part of the playing field by bringing the price of imported goods up to the level of those at home, retaining the incentives for consumers to find and innovate low-carbon alternatives. The other side

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Don Fullerton and Garth Heutel

the impacts on the prices of carbon-intensive goods relative to clean goods, and on the wage and the capital rental rate. We then apply these price changes to the households in our data to calculate the burdens across income groups and regions. In this paper, we find distributional effects on the uses side (commodity price changes) and sources side (factor price changes). We do not calculate effects through the use of the revenues by government, either for rebates to households or for the indexing of government transfers (as in Rausch et al. 2010). 1 Besides these