Sublime

times the energy intensity of the economy, times the carbon intensity of the economy, times the fraction of emissions that is vented to the atmosphere.

Implicitly, the policy problem is phrased as: “How much are we willing to pay to buy an improved climate for our children?”

Second, even such a strong mitigation of CH4 emissions in the short run has literally no effect on the long run temperature projection.

the adaptation process, which is disaggregated into three components: anticipatory, reactive, and innovative adaptation.

a framework that explicitly models the connections between mitigation, climate change impacts, and adaptation is still missing.

willingness-to-pay (WTP) for improved environmental services may be substantially lower than the willingness to accept compensation (WTAC) for diminished environmental services

therefore do not consider other policy instruments,

The fifth scenario is different again. Only a part of the $250 billion is invested. The carbon tax in 2010 is set equal to the Pigou tax ($2/tC), also known as the marginal damage costs of CO2 emissions and

one may increase the overall energy efficiency of the economy