John Gowdy: The Stern Review and New Directions in Environmental Valuation

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John Gowdy

The Stern Review and New Directions in Environmental Valuation

16 pp.
4.01 EUR
(October 2009)

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This paper addresses the debate surrounding the Stern Review and its relevance for environmental valuation. The debate has steadily evolved from a discussion of the “proper” discount rate to use in economic models of climate change to a full blown critique of the relevance of standard welfare economics for long-term problems involving massive discontinuities and pure uncertainty. The risk of catastrophic consequences from uncontrolled CO2 emissions – the so-called mega-greenhouse – is of particular importance to climate change policy. The paper ends with a discussion of the implications for public policy in the light of the increased appreciation of the limits of standard economic theory.

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