Cameron Hepburn

Professorial Research Fellow

Cameron works for the Grantham Research Institute on Climate Change and the Environment on the projects 'Climate science and decision making' and 'Mitigation of climate change: carbon markets and technology'.

Background

Cameron has a DPhil in Economics from Oxford, along with an MPhil in Economics from Oxford, an L.L.B (Hons) and a B.Eng (Hons) from Melbourne University, Australia.

Research programmes

Co-topic lead of 'The design of policy instruments|'

Research interests

  • Environmental economics;
  • Climate change economics;
  • Environmental policy;
  • Carbon markets and emissions trading;
  • Sustainability;
  • Behavioural economics.

Media articles

2014

Incomplete climate models lead to complacency|
Cameron Hepburn, Financial Times (Letter), 1 April

2013

Permits to pollute can be bought too cheaply|
Raphael Calel and Cameron Hepburn, The Conversation,  1 August

Is this the end of carbon trading, or just a hiccup?
|Cameron Hepburn, The Conversation, 16 May

2012

Should the EU suspend its airline emissions charge? |
Cameron Hepburn, VOX, 30 October

Carbon price floor crucial to its aims
|Frank Jotzo, Erwin Jackson, Tony Wood and Cameron Hepburn, Financial Review, 4 July

2009

Super solution to climate change
|Cameron Hepburn, ABC Environment, 18 December

Green light for a Keynesian stimulus
|Cameron Hepburn, CEO Today, 23 January

2008

Saving the planet: it's down to business
|Cameron Hepburn, Sydney Morning Herald, 1 September

Policy articles

2012

Hepburn, C., Chapman, S., Doda, B., Duffy, C., Fankhauser, S., Rydge, J., Smith, K., Taschini, L., and Vitelli, A. January 2012. The 'surrender charge' on international units in the Australian ETS. Policy paper, Grantham Research Institute, London, UK. Download PDF of paper|

2010

Hepburn, C. 2010. Ethics and discounting global warming damages. In: Issues of the Day: 100 commentaries on climate, energy, the environment, transportation, and public health policy. Earthscan. External link to commentary|

2007

Hepburn, C. 2007. Response to Defra consultation on voluntary carbon offsets. Mimeo.

Hepburn, C. 2007. Use of discount rates in the estimation of the costs of inaction with respect to selected environmental concerns. OECD Environment Directorate.

Research articles 

2013

Dietz, S., and Hepburn, C. Benefit–cost analysis of non-marginal climate and energy projects.

  • Published article: November 2013. Energy Economics, v.40, pp.61-71. External link to full article
  • Unpublished article: On non-marginal cost-benefit analysis. March 2010. Working paper, Grantham Research Institute on Climate Change and the Environment, London, UK. Download PDF of paper (PDF, 1.37MB)

Chu, B., Duncan, S., Papachristodoulou, A., Hepburn, C. May 2013. Analysis and control design of sustainable policies for greenhouse gas emissions. Applied Thermal Engineering, v.53, pp.420-431. External link to full article|

Hepburn, C.J., Quah, J.K.H., Ritz, R.A. February 2013. Emissions trading with profit-neutral permit allocations. Journal of Public Economics, v.98, pp.85-99. External link to full article|

Dutton, A.J., Gratwicke, B., Hepburn, C., Herrera, E.A., Macdonald, D.W. February 2013. Tackling unsustainable wildlife trade. Key Topics in Conservation Biology 2. External link to full article|

Baptist, S., and Hepburn, C. January 2013. Intermediate inputs and economic productivity. Philosophical Transactions of the Royal Society, v.371. External link to full article|

Meckling, J., and Hepburn, C. 2013. Economic instruments for climate change. In: The Handbook of Global Climate and Environment Policy (Falkner, R. [ed.]). Wiley-Blackwell. External link to book information|

Older

2012

 

Baptist, S., and Hepburn, C. November 2012. Intermediate inputs and economic productivity. Working paper, Grantham Research Institute, London, UK. Download PDF of paper| 

 

Hepburn, C., and Bowen, A. November 2012. Prosperity with growth: economic growth, climate change and environmental limits. Working paper, Grantham Research Institute, London, UK. Download PDF of paper| 

 

Ward, J., Hepburn, C., Anthoff, D., Baptist, S., Gradwell, P., Hope, C., Krahé, M. September 2012. Self-interested low-carbon growth in Brazil, China, and India. Global Journal of Emerging Market Economies, v.4, pp.291-318. External link to full article|

 

Helm, D., Hepburn, C., and Ruta, G. May 2012. Trade, climate change and the political game theory of border carbon adjustments. Working paper, Grantham Research Institute, London, UK. Download PDF of paper

 

Hepburn, C. 2012. The energy mix, carbon pricing and border carbon adjustments. Environmental Law & Management, v.24, pp.177-185.

 

Helm, D., and Hepburn, C. 2012. The Economics of Biodiversity (edited journal issue). Oxford Review of Economic Policy, v.28.  

 

Helm, D., Hepburn, C., and Ruta, G. 2012. Trade, climate change, and the political game theory of border carbon adjustments. Oxford Review of Economic Policy, v.28. External link to full article|

 

2011

 

Dutton, Hepburn, C., and MacDonald.July 2011. A stated preference investigation into the Chinese demand for farmed vs. wild bear bile. PloS One, 6:7, e21243. External link to full document| 

 

Caney, S., and Hepburn, C. May 2011. Carbon trading: unethical, unjust and ineffective?

Hepburn, C.J, and Frame, D.J. May 2011. Emerging markets and climate change: Mexican standoff or low-carbon race? Working paper, Grantham Research Institute on Climate Change and the Environment, London. Download PDF of paper|

 

Hepburn, C., and Ward, J. May 2011. Self-interested low-carbon growth in G-20 emerging markets. Global Journal of Emerging Market Economies, v.3, pp.195-222. External link to full article|

 

Fankhauser, S., Hepburn, C., and Park, J. February 2011. Combining multiple climate policy instruments: how not to do it. Working paper, Grantham Research Institute on Climate Change and the Environment, London. Download PDF of paper|

 

Duncan, S., Hepburn, C., and Papachristodoulou, A. January 2011. Optimal harvesting of fish stocks under a time-varying discount rate. Journal of Theoretical Biology, v.269, pp.166-173. External link to full article|

 

Hepburn, C. January 2011. Thinking through the climate change challenge. VoxEU. External link to full article|

 

Hepburn, C., and Ward, J. 2011. Action on climate change in Asia's self-interest. Asia 2050: realizing the Asian century (Harinder Kohli, Ashok Sharma and Anil Sood [eds.]). Sage Publications.

 

2010

 

Fankhauser, S., Hepburn, C., and Park, J. December 2010. Combining multiple climate policy instruments: How not to do it. Climate Change Economics, v.1, pp. 209-225. External link to full article|

 

Fankhauser, S., and Hepburn, C. August 2010. Designing carbon markets, Part I: Carbon markets in time. Energy Policy, v.38, pp.4363-4370. External link to full article|

 

Fankhauser, S., and Hepburn, C. August 2010. Designing carbon markets, Part II: Carbon markets in space. Energy Policy, v.38, pp.4381-4387. External link to full article|

 

Hepburn, C. Summer 2010. Environmental policy, government, and the market. Oxford Review of Economic Policy, v.26, pp.117-136. External link to full article|

 

Hepburn, C., Duncan, S., and Papachristodoulou, A. June 2010. Behavioural economics, hyperbolic discounting and environmental policy. Environmental and Resource Economics, v.46, pp.189-206. External link to full article|

 

Hepburn, C., and Müller, B. June 2010. International air travel and greenhouse gas emissions: A proposal for an adaptation levy. The World Economy, v.33, p.830-849. External link to full article|

 

Frame, D., and Hepburn, C. An issue of trust: state corruption, responsibility and greenhouse gas emissions. January 2010. Environmental Research Letters, v.5. External link to full article|

 

2009

 

Atkinson,G., Dietz, S., Helgeson, J., Hepburn, C., and Sælen, H. June 2009. Siblings, not triplets: social preferences for risk, inequality and time in discounting climate changeEconomics: the open-access, open-assessment e-journal, v.3. External link to full article|

 

Hepburn, C., Koundouri, P., Panopoulou, E., and Pantelidis, T. Social discounting under uncertainty: a cross country comparison. March 2009. Journal of Environmental Economics and Management, v.57, pp.140-150. External link to full article|

 

Anthoff, D., Hepburn, C., and Tol, R. Equity weighting and the marginal damage costs of climate change. Ecological Economics, v.68, pp.836-849. External link to full article|

 

Hepburn, C. Carbon taxes, emissions trading and hybrid schemes. The Economics and Politics of Climate Change [Dieter Helm and Cameron Hepburn (eds.)], 2009, p.365-384. Oxford University Press, Oxford.

 

Hepburn, C., and Stern, N. The global deal on climate change. The Economics and Politics of Climate Change [Dieter Helm and Cameron Hepburn (eds.)], 2009, p.36-57. Oxford University Press, Oxford.

 

Hepburn, C. International carbon finance and the Clean Development Mechanism. The Economics and Politics of Climate Change [Dieter Helm and Cameron Hepburn (eds.)], 2009, pp.409-429. Oxford University Press, Oxford.

 

Helm, D., and Hepburn, C. Introduction. The Economics and Politics of Climate Change [Dieter Helm and Cameron Hepburn (eds.)], 2009, pp.1-5. Oxford University Press, Oxford. 

 

2008

Hepburn, C., and Stern, N. 2008. A new global deal on climate change. Oxford Review of Economic Policy, v.24, pp.259-279. External link to full article|

 

Helm, D., and Hepburn, C. Climate change (edited journal issue). Oxford Review of Economic Policy, v.24. 

 

Dietz, S., Hepburn, C., and Stern, N. Economics, ethics and climate change. Arguments for a Better World: essays in honour of Amartya Sen (Volume 2: society, institutions and development) [Kaushik Basu and Ravi Kanbur (eds.)], 2008. Oxford University Press, Oxford. Download PDF of chapter| (224KB) 

 

2007

 

Hepburn, C. Carbon trading: a review of the Kyoto mechanisms. November 2007. Annual Review of Environment and Resources, v.32, pp.375-393. External link to full article|

 

Irons, B., and Hepburn, C. June 2007. Regret theory and the tyranny of choice. Economic Record, v.83, v.191-203. External link to full article|

 

Guo, J., Hepburn, C., Tol, R., and Anthoff, D. February 2007. Discounting and the social cost of carbon: A closer look at uncertainty. Environmental Science and Policy, v.9, pp.205-216. External link to full article|

 

Beckerman, W., and Hepburn, C. Ethics of the discount rate in the Stern Review on the Economics of Climate Change. World Economics, v.8, pp.187-210. External link to full article|

 

Hepburn, C., and Groom. 2007. Gamma discounting and expected net future value. Journal of Environmental Economics and Management, v.53, pp.99-109.

 

Hepburn, C., and Koundouri. 2007. Recent advances in discounting: implications for forest economics. Journal of Forest Economics, v.13, pp.169-189.

 

Hepburn, C. 2007. Valuing the far-off future: discounting and its alternatives (Atkinson, G., Dietz, S., Neumayer, E. [eds.]). In: Handbook of Sustainable Development, chapter 7.

 

2006

 

Muller, B., and Hepburn, C. October 2006. IATAL - an outline proposal for an International Air Travel Adaptation Levy. Oxford Institute for Energy Studies. External link to full article|

 

Hepburn, C. October 2006. Discounting climate change damages. Working note for the Stern Review. Mimeo.

 

Hepburn, C. Summer 2006. Regulating by prices, quantities or both: an update and an overview. Oxford Review of Economic Policy, v.22, pp.226-247. External link to full article|

 

Hepburn, C., Neuhoff, K., Grubb, M., Matthes, F., and Tse, M. 2006. Auctioning of EU ETS Phase II allowances: why and how? Climate Policy, v.6, pp.137-160. External link to full article|

 

Smale, R., Hartley, M., Hepburn, C., Grubb, M., and Ward, J. 2006. Emissions, firm profits and market prices: the consequences from emissions trading. Climate Policy, v.6, pp.29-46. External link to full article|

 

2005

 

Ceronsky, M., Hepburn, C., Obersteiner, M., and Yamagata, Y. January 2005. Clashing strategic cultures and climate policy. Climate Policy, v.4, pp.347-357. External link to full article|

 

Groom, B., Hepburn, C., Koundouri, P., and Pearce, D. 2005. Discounting the future: the long and the short of it. Environmental and Resource Economics, v.31, pp.445-493. External link to full article|

 

Groom, B., Hepburn, C., and Koundouri, P. Implications of declining discount rates for UK climate change policy. Valuing the Environment in Developed Countries [ in D. Peace (ed.)], 2005, chapter 5. Edward Elgar, Cheltenham, UK.

 

2004

 

Helm, D., Marsh, R., and Hepburn, C. 2004. Time inconsistent environmental policy and optimal delegation. Royal Economic Society (conference paper). External link to full article|

 

2003

Helm, D., Hepburn, C., and Mash, R. 2003. Credible carbon policy. Oxford Review of Economic Policy, v.19, pp.438-50. External link to full article|

 

Hepburn, C., Pearce, D., Groom, B., and Koundouri, P. 2003. Valuing the future: recent advances in social discounting. World Economics, v.4, pp.121-141. Download PDF of chapter|  

More information

Contact details

  • Email
  • Telephone: +44 (0) 20 7107 5423 
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Photograph of Cameron Hepburn