Ethics and Climate Change Cost-Benefit Analysis: Stern and after

Jonathan Aldred ()
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Jonathan Aldred: Department of Land Economy, University of Cambridge

No 44.2009, Environmental Economy and Policy Research Working Papers from University of Cambridge, Department of Land Economics

Abstract: The Stern Review on the economics of climate change (hereafter ‘Stern’) has received much attention regarding its potential political impact.1 It has also been extensively discussed among academic economists because its conclusions are more radical, in terms of action to mitigate climate change, than previous orthodox economic analyses. This paper aims to contribute to the debate by critically assessing three key features of climate change CBA, with particular reference to Stern: monetary valuation of human life, discounting, and the treatment of risk and uncertainty. This assessment reveals some common themes, which are examined in the final section. They concern the tensions which emerge in climate change CBA between ethical arguments, market-based preferences, and the claims of CBA to scientific objectivity.

Keywords: Climate change; Stern report; Cost benefit analysis; discounting; uncertainty (search for similar items in EconPapers)
Date: 2009, Revised 2009
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