The Stern Review

This 700 page report to the UK Prime Minister calls for drastic action to mitigate climate change, e.g. a carbon tax of$350 per ton or $1 per gallon of gasoline. The work has been vigorously criticized for using a very low discount rate (1.4%) that overvalues future quality of life. In contrast, W. Nordhaus, after a similarly rigorous economic analysis called for one tenth the tax. An overview of some critical reviews was done by Hansen.

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