Stern and his critics on discounting and climate change
This review will focus on the question of discounting. The paper begins with an outline of the expected utility model used in the Stern Review. Next, the question of ‘inherent discounting’, that is, the idea that future outcomes should be discounted simply because they are in the future, is examined, along with the closely related concept of the pure rate of time preference. This discussion forms the basis for an assessment of the approaches to discounting and climate change adopted by the Stern Review and by its critics.
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- Kahneman, Daniel & Tversky, Amos, 1979.
"Prospect Theory: An Analysis of Decision under Risk,"
Econometric Society, vol. 47(2), pages 263-91, March.
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- Louis Kaplow, 2005.
"The Value of a Statistical Life and the Coefficient of Relative Risk Aversion,"
Journal of Risk and Uncertainty,
Springer, vol. 31(1), pages 23-34, July.
- Louis Kaplow, 2003. "The Value of a Statistical Life and the Coefficient of Relative Risk Aversion," NBER Working Papers 9852, National Bureau of Economic Research, Inc.
- Grant Simon & Quiggin John, 2005. "What Does the Equity Premium Mean?," The Economists' Voice, De Gruyter, vol. 2(4), pages 1-7, September.
- Quiggin, John, 1982. "A theory of anticipated utility," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 323-343, December.
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