La Finance Durable du Rapport Stern

Christian Gollier ()

Revue d'économie politique, 2007, vol. 117, issue 4, 463-473

Abstract: The Stern Review introduces very interesting tools from the theory of finance into the valuation of environmental investments. Stern measures the uncertain impact of climate change on intergenerational welfare as equivalent to an immediate and permanent drop in between 5% and 20% of aggregate consumption. However, a more realistic calibration of the households? attitude towards risk and time suggests that this valuation lies in the neighbourhood of the lower bound of this interval. Notice that this impact can equivalently be expressed as an immediate and permanent drop by 0.1% of the growth rate of aggregate consumption.

Keywords: climate change; risk premium; discounting; sustainable development (search for similar items in EconPapers)
Date: 2007
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