Climate policy under the Bentham-Rawls criterion

Tol, Richard S J (2013) Climate policy under the Bentham-Rawls criterion. Economics Letters, 118 (3). pp. 424-428. ISSN 0165-1765

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A 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 the Bentham criterion than under the Bentham–Rawls criterion. 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.

Item Type: Article
Schools and Departments: School of Business, Management and Economics > Economics
Subjects: A General Works
Depositing User: Richard Tol
Date Deposited: 15 Mar 2013 07:52
Last Modified: 15 Mar 2013 07:52
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