The estimated cost of climate damage is _______ if the social discount rate is _______.lower ; lowerhigher ; higherhigher ; lowerhigher ; constant

Higher ; Lower

Step 1: Understanding the Social Discount Rate The social discount rate is a concept used in economics to place a present value on costs and benefits that will occur in the future. A lower social discount rate places a higher value on future costs and benefits, while a higher social discount rate places a lower value on future costs and benefits.

Step 2: Applying the Concept to Climate Damage When it comes to estimating the cost of climate damage, a lower social discount rate would mean that we place a higher value on future costs. This is because a lower discount rate implies that we care more about the future impacts of climate change and are willing to invest more in the present to prevent or mitigate these impacts.

So, the answer to the question "The estimated cost of climate damage is _______ if the social discount rate is _______." is Higher ; Lower.