I did a crude calculation in DICE2016R, which doesn’t take into account a wide range of effects nor most of the points in my comment below about elasticity. In terms of damage to the economy, the social cost of carbon for 10 years, 20 years and 30 years is about $5, $10 and $14, verses a current total social cost of carbon of $37. This is just taking the social cost of carbon now minus the discounted social cost of carbon in the future for the optimised development pathway. It’s about an order of magnitude lower in the non-optimised (baseline) pathway for DICE. General disagreement over the social cost of carbon between models may make this vary over orders of magnitude and the DICE model is low compared to models like PAGE.
I did a crude calculation in DICE2016R, which doesn’t take into account a wide range of effects nor most of the points in my comment below about elasticity. In terms of damage to the economy, the social cost of carbon for 10 years, 20 years and 30 years is about $5, $10 and $14, verses a current total social cost of carbon of $37. This is just taking the social cost of carbon now minus the discounted social cost of carbon in the future for the optimised development pathway. It’s about an order of magnitude lower in the non-optimised (baseline) pathway for DICE. General disagreement over the social cost of carbon between models may make this vary over orders of magnitude and the DICE model is low compared to models like PAGE.