Meta-emulation: An application to the social cost of carbon

A large database of published model results is used to estimate the distribution of the social cost of carbon as a function of the underlying assumptions. The literature on the social cost of carbon deviates in its assumptions from the literatures on the impacts of climate change, discounting, and risk aversion. The proposed meta-emulator corrects this. The social cost of carbon is higher than reported in the literature, by $29/tC at the median and by $139/tC at the 95th percentile.