Welfare economics, ethics, and equity - Grantham Research Institute on climate change and the environment

This topic deals with the ethical foundations of economic analysis of climate policy. Key questions include: How should our policy choices reflect concern for the well-being of future generations, are the standard welfare concepts used in economics appropriate for the climate problem, and if not, which alternatives might provide a more satisfactory basis for decision-making?

Publications

Heal, G., and Millner, A., 2014. Agreeing to disagree on climate policy.Proceedings of the National Academy of Sciences of the United States of America.External link to paper

Millner, A., 2013. On welfare frameworks and catastrophic climate risks. Journal of Environmental Economics and Management, 65 (2), pp.310-325. External link to paper

Stern, N., 2013. The structure of economic modeling of the potential impacts of climate change: grafting gross underestimation of risk onto already narrow science models. Journal of Economic Literature, 51 (3), pp.838-859. External link to paper