000			01236nam a22001457a 4500
999			_c517943 _d517943
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100			_aDrupp, Moritz A. and Hansel, Martin C. _928284
245			_aRelative prices and climate policy: How the scarcity of nonmarket goods drives policy evaluation
260			_aAmerican Economic Journal: Economic Policy
300			_a13(1), Feb, 2021: p.168-201
520			_aClimate change not only impacts production and market consumption but also the relative scarcity of nonmarket 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's Dynamic Integrated Climate-Economy (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. – Reproduced
773			_aAmerican Economic Journal: Economic Policy
906			_aCLIMATE POLICY
942			_cAR