February 2016 WORKING PAPER SERIES 2016-EQM-04 Worldwide carbon shadow prices during 1990–2011 Zhiyang Shen IESEG School of Management (CNRS LEM 9221) Jean-Philippe Boussemart University of Lille 3 and IESEG School of Management (LEM-CNRS 9221) Hervé Leleu CNRS (LEM, UMR 9221) and IESEG School of Management IESEG School of Management Lille Catholic University 3, rue de la Digue F-59000 Lille www.ieseg.fr Tel: 33(0)3 20 54 58 92 Fax: 33(0)3 20 57 48 55