AbstractWe evaluate a recent US initiative to include the social cost of carbon (SCC) in regulatory decisions. To our knowledge, this paper provides the first systematic analysis of the extent to which applying the SCC has affected national policy. We examine all economically significant federal regulations since 2008 and obtain an unexpected result: putting a value on changes in carbon dioxide emissions does not generally affect the ranking of the preferred policy compared with the status quo. Overall, we find little evidence that using the SCC has mattered for the choice of policy in the United States. This is true even for policies explicitly aimed at reducing carbon dioxide emissions. We offer some possible explanations for the patterns observed in the data.
Current issues are now on the Chicago Journals website. Read the latest issue.Journal of Legal Studies (JLS) publishes interdisciplinary academic research about law and legal institutions. It emphasizes social science approaches, especially those of economics, political science, and psychology, but it also publishes the work of historians, philosophers, and others who are interested in legal theory and use social science methods.
Since its origins in 1890 as one of the three main divisions of the University of Chicago, The University of Chicago Press has embraced as its mission the obligation to disseminate scholarship of the highest standard and to publish serious works that promote education, foster public understanding, and enrich cultural life. Today, the Journals Division publishes more than 70 journals and hardcover serials, in a wide range of academic disciplines, including the social sciences, the humanities, education, the biological and medical sciences, and the physical sciences.
This item is part of a JSTOR Collection.
For terms and use, please refer to our Terms and Conditions
© 2015 by The University of Chicago Press. All rights reserved
Request Permissions
