When economists estimate the social cost of carbon: They leave out some of the d

Question

When economists estimate the social cost of carbon:

They leave out some of the damages from climate change to things that are not “monetized” such as rare and endangered species, so the real social cost of carbon is likely to be higher than modern economic estimates

They leave out some of the damages from climate change to things that are not “monetized” such as rare and endangered species, so the real social cost of carbon is likely to be lower than modern economic estimates

They get the right answer, because everything that is valuable is already “monetized” in the economy

The get the right answer, because scientists never make mistakes

They get an answer that is far too high, because there really won’t be any damages from climate change

Explanation / Answer

By DICE Model-Although EMF-22 integrated assessment model provide temperature trajectory; they exclude the short-lived greenhouse gases and aerosols and therefore don't provide a comparable temperature projection and so the real social cost of the carbon.

Hence the 1 option is correct i.e they leave out some of the damages from climate change to things that are not "monetized" such as rare and endangered species; so the real social cost of the carbon is likely to be higher than modern economic estimates.

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