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Does a discount rate measure the costs of climate change?

Abstract:

I argue that the use of a social discount rate to assess the consequences of climate policy is unhelpful and misleading. I consider two lines of justification for discounting: (i) ethical arguments for a ‘pure rate of time preference’ and (ii) economic arguments that take time as a proxy for economic growth and the diminishing marginal utility of consumption. In both cases I conclude that, given the long time horizons, distinctive uncertainties, and particular costs and benefits at stake in t...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1017/s0266267117000049

Authors


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Institution:
University of Oxford
Division:
Humanities Division
Department:
Philosophy
Department:
Unknown
Role:
Author
ORCID:
0000-0002-6324-7145
Publisher:
Cambridge University Press Publisher's website
Journal:
Economics and Philosophy Journal website
Volume:
33
Issue:
3
Pages:
337-365
Publication date:
2017-04-26
DOI:
EISSN:
1474-0028
ISSN:
0266-2671
Source identifiers:
969040
Language:
English
Keywords:
Pubs id:
pubs:969040
UUID:
uuid:a08a5e58-595b-474e-9e0f-5930e79030ff
Local pid:
pubs:969040
Deposit date:
2019-02-06

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