“…We examine how the different assumptions affect the estimates of economic damage due to climate change by using a static multi-sector, multi-regional global computable general equilibrium (CGE) model GRACE (Aaheim and Rive, 2005, Aaheim et al, 2018, Carattini et al, 2019, Wei et al, 2019. The model has been applied to studies on climate impact, adaptation, mitigation, and related policy analysis (e.g., Aaheim et al, 2012, Glomsrød et al, 2013, Underdal and Wei, 2015, Glomsrød et al, 2016, Wei et al, 2017, Orlov et al, 2020.…”