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In this talk, I will discuss the economic approaches to evaluate the social cost of carbon, i.e., the present value of the flow of climate damages generated in the next few centuries by one more ton of CO2 emitted today. What discount rates should we use to perform this task? What is the risk profile of climate damages? I will combine standard asset pricing models and integrated assessment models to measure the impact of carbon emissions on intergenerational welfare, using the principles of utilitarian ethics.