Climate policy under sustainable discounted utilitarianism

Dietz, Simon; Asheim, Geir B.

doi:10.1016/j.jeem.2012.01.003

Cited by 59 publications

(16 citation statements)

References 30 publications

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“…Other social discounting perspectives, such as zero discounting or Dietz and Asheim's (2012) sustainable discounting, would typically generate a larger loss and motivate stronger abatement efforts.…”

Section: Perspectivesmentioning

confidence: 99%

Temperature shocks and the cost of equity capital: Implications for climate change perceptions

Balvers

Zhao

2017

Journal of Banking & Finance

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Financial market information can provide an objective assessment of losses anticipated from climate change. In a Merton-type asset pricing model, with asset prices affected by perceived changes in investment opportunities due to climate change, the risk premium is significantly negative, loadings for most assets are negative, and asset portfolios in more vulnerable industries have stronger negative loadings on a temperature shock factor. Weighted average increases in the cost of equity capital attributed to climate change are 0.22 percent, implying a present value loss of 7.92 percent of wealth. These costs complement previous estimates of the cost of climate change.JEL Codes: G12, Q54

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Section: Perspectivesmentioning

confidence: 99%

Temperature shocks and the cost of equity capital: Implications for climate change perceptions

Balvers

Zhao

2017

Journal of Banking & Finance

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“…This is a poor fit to the problem of evaluating climate policy, however, because risk is a central element. Therefore we use a stochastic version of DICE, developed by Dietz and Asheim (2012). This version randomizes eight parameters in the model so that Monte Carlo simulation can be undertaken.…”

Section: Modeling Climate Mitigation Policiesmentioning

confidence: 99%

Spaces for Agreement: A Theory of Time-Stochastic Dominance and an Application to Climate Change

Dietz

Matei²

2016

Journal of the Association of Environmental and Resource Econom

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Many investments involve both a long time horizon and risky returns. Making investment decisions thus requires assumptions about time and risk preferences. Such assumptions are frequently contested, particularly in the public sector, and there is no immediate prospect of universal agreement. Motivated by these observations, we develop a theory and method of finding "spaces for agreement." These are combinations of classes of discount and utility function, for which one investment dominates another (or "almost" does so), so that all those whose preferences can be represented by such combinations would agree on the option to choose. The theory combines the insights of stochastic dominance and time dominance and offers a nonparametric approach to intertemporal, risky choice. We then apply the theory to climate change and show using a popular simulation model that even tough carbon emissions targets would be chosen by almost everyone, barring those with arguably "extreme" preferences.JEL Codes: D61, H43, Q54

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“…In both cases, the outcomes of the CCM initiatives (sustainable mobility, clean air and water and attractive outdoor recreation areas) are the real 'moral compasses' for the evaluation and consequent justification of the strategies. Throughout co-benefits literature (Vasconcellos Oliveira and others 2016) and also in CCM strategizing (Dietz & Asheim 2012), the consequentialist moral frame has so far predominated, and these particular examples seem to incorporate their influences.…”

Section: Hasselt's and Oslo's Urban Transportation Initiatives: The Imentioning

confidence: 99%

Ethical implications of co-benefits rationale within climate change mitigation strategy

Oliveira¹,

Thorseth²

2016

Etikk Praksis - Nord J Appl Ethics

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Climate policy under sustainable discounted utilitarianism

Cited by 59 publications

References 30 publications

Temperature shocks and the cost of equity capital: Implications for climate change perceptions

Temperature shocks and the cost of equity capital: Implications for climate change perceptions

Spaces for Agreement: A Theory of Time-Stochastic Dominance and an Application to Climate Change

Ethical implications of co-benefits rationale within climate change mitigation strategy

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