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Risk calibration. A shows how using EZ preferences, unlike CRRA, results in increasing 2015 CO2 prices, in 2015 US$, with increasing RA, translated into the implied equity RP using Weil’s conversion (19), while holding implied market interest rates stable at 3.11%. B shows how the percentage of the 2015 CO2 price explained by RA, as opposed to expected damages (EDs), increases with equity RP for EZ utility, while decreasing for CRRA (Risk Decomposition).
