Tol, R. (2005). The marginal damage costs of carbon dioxide emissions: an assessment of the uncertainties Energy Policy, 33(16):2064--2074.

One hundred and three estimates of the marginal damage costs of carbon dioxide emissions were gathered from 28 published studies and combined to form a probability density function. The uncertainty is strongly right-skewed. If all studies are combined, the mode is \$2/tC, the median \$14/tC, the mean \$93/tC, and the 95 percentile \$350/tC. Studies with a lower discount rate have higher estimates and much greater uncertainties. Similarly, studies that use equity weighing, have higher estimates and larger uncertainties. Interestingly, studies that are peer-reviewed have lower estimates and smaller uncertainties. Using standard assumptions about discounting and aggregation, the marginal damage costs of carbon dioxide emissions are unlikely to exceed \$50/tC, and probably much smaller. {\textcopyright} 2004 Elsevier Ltd. All rights reserved.