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dc.contributor.authorMoxnes, Erlingeng
dc.date.accessioned2014-12-03T13:27:52Z
dc.date.available2014-12-03T13:27:52Z
dc.date.issued2014-05-03eng
dc.identifier.issn0921-8009eng
dc.identifier.urihttp://hdl.handle.net/1956/8821
dc.description.abstractClimate policy recommendations differ widely because of disagreements over what discount rates to use. Disagreement reduces the impact of economic models and signals a need for improved methodology. The problem is related to the choice of intergenerational welfare functions. A first questionnaire finds that the standard welfare function (SWF) fails to capture people's dislike of overshooting and fluctuating consumption paths. A second questionnaire reveals that when very-long-term sustainability of well-being is threatened, people's implicit discount rates resemble the low estimates used by the Stern Review. An alternative welfare function (AWF) reflecting consumption growth can potentially capture the preference structure revealed in both questionnaires. This makes the AWF an interesting candidate when searching for policies for sustainable development under uncertainty. Importantly, the questionnaires demonstrate that people are able to choose among policies by inspecting time graphs of policy consequences. Thus, it is possible to circumvent the complexities and disagreements introduced by welfare functions and discounting.en_US
dc.language.isoengeng
dc.publisherElseviereng
dc.rightsAttribution-NonCommercial-ShareAlike CC BY-NC-SAeng
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/3.0/eng
dc.subjectDiscountingeng
dc.subjectClimateeng
dc.subjectSustainabilityeng
dc.subjectWelfare functioneng
dc.subjectIntegrated assessment modeleng
dc.subjectPolicyeng
dc.titleDiscounting, climate and sustainabilityeng
dc.typeJournal articleeng
dc.rights.holderCopyright 2014 The Author
dc.type.versionpublishedVersioneng
bora.peerreviewedPeer reviewedeng
bora.journalTitleEcological Economicseng
bibo.volume102eng
bibo.pageStart158eng
bibo.pageEnd166eng
bibo.doihttp://dx.doi.org/10.1016/j.ecolecon.2014.04.003eng
bora.accessRightsinfo:eu-repo/semantics/openAccesseng
dc.identifier.cristinID1150568eng
dc.identifier.doi10.1016/j.ecolecon.2014.04.003
bora.bpoaIDbpoa94


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