Climate Policy with Bentham-Rawls Preferences
AbstractA Bentham-Rawls welfare function is the weighted sum of the net present welfare (Bentham) and the welfare of the worst-off generation (Rawls). If utility is non-decreasing over time, optimal climate policy is more stringent in the near-term under Bentham preferences than under Bentham-Rawls preferences. If utility is decreasing, Bentham-Rawls abatement is higher. If there is a chance of decreasing utility, Bentham-Rawls optimal climate policy is probably less stringent than Bentham policy.
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Date of creation: Aug 2012
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climate policy; social cost of carbon; Bentham-Rawls preferences;
Other versions of this item:
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-09-09 (All new papers)
- NEP-ENE-2012-09-09 (Energy Economics)
- NEP-ENV-2012-09-09 (Environmental Economics)
- NEP-RES-2012-09-09 (Resource Economics)
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