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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/30615
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| Title: | | Sacrifice, discounting and climate policy : five questions  |
| Authors: | | Karp , Larry S. |
| Issue Date: | | 2009 |
| Series/Report no.: | | CESifo working paper 2761 |
| Abstract: | | I offer a selective review of discounting and climate policy. Analytic and numerical models show that different assumptions greatly change the degree to which decisions about climate policy depend on the discount rate. I discuss a claim that standard models exaggerate the current generation's sacrifices needed to internalize climate damages. This claim, if correct, affects the role of discounting. I argue that the assertion that the risk of catastrophic damage overwhelms discounting is unfounded. I show that the claim that we view the world in perspective implies hyperbolic rather than constant discounting. climate change ; discounting ; intergenerational conflict ; catastrophic risk ; hyperbolic discounting |
| JEL: | | C61 C73 D63 D99 Q54 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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