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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/97109 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/97109 http://eprints.org/relation/isIndexCodesVersionOf https://pure.iiasa.ac.at/id/document/97109 archive 353 disk0/00/01/72/19 2021-05-19 08:40:17 2022-03-15 14:41:24 2021-05-19 08:40:17 article show 1 Khabarov N. 1850 0000-0001-5372-4668 Smirnov A. 98121 0000-0003-1765-0782 Obersteiner M. 7255 0000-0001-6981-2769 Social Cost of Carbon: What Do the Numbers Really Mean? pub prog_esm The Social Cost of Carbon (SCC) is estimated by integrated assessment models and is widely used by government agencies to value the climate impacts of rulemakings, however, the core discussion around SCC so far was focused on validity of obtained numerical estimates and related uncertainties while largely neglecting a deeper discussion of the SCC applicability limits stemming from the calculation method. This work provides a conceptual mathematical background and the economic interpretation that is behind the SCC calculation in the three widely used integrated assessment models. Policy makers need to be aware of the difference between the commonly implied and the actual meaning of SCC that substantially limits its applicability in practice. The presented results call for a critical revision of the SCC concept and the SCC calculation methods in integrated assessment models. 2020-05-07 published 10.48550/arXiv.2001.08935 https://arxiv.org/abs/2001.08935v2 151 288 219 public arXiv FALSE Effects of phosphorus limitations on Life, Earth system and Society (IMBALANCE-P, FP7 610028) FALSE yes info:eu-repo/grantAgreement/EC/FP7/610028/EU//IMBALANCE-P info:eu-repo/semantics/article info:eu-repo/semantics/openAccess