The Economics of Climate Change¶

Stern, N. (2007). The Economics of Climate Change: The Stern Review. Cambridge University Press.

Type: Book
Intellectual base: Review or monograph
Year: 2007
Link: https://www.cambridge.org/core/books/economics-of-climate-change/A1E0BBF2F0ED8E2E5BD4530AB30A0D9C
Cited from: behavioral_economics, economics_finance, philosophy

Cited by¶

5 citations across 5 artifacts.

Each citation links to the sentence it supports in the citing article.

Primes¶

Commensurability
- Different prices reflect different beliefs about future harm, different discount rates (how much do we value future generations?), and different assumptions about what aspects of climate risk can be monetized—divergences Stern (2007) made vivid by adopting a near-zero pure rate of time preference and arriving at much higher carbon costs than conventional analyses.
  This sourceUK government-commissioned review whose near-zero pure rate of time preference and explicit treatment of catastrophic risk produce substantially higher carbon prices than conventional analyses, illustrating how discount-rate and risk assumptions encode contestable value judgments; supports the example's claim about embedded value judgments in the metric.
Cost–Benefit Analysis
- In climate-policy CBA, the Stern-Nordhaus debate exemplifies this: Stern (2007)
  This sourceAdopts a near-zero pure rate of time preference (consumption discount rate ~1.4%) justified by intergenerational equity, producing substantially higher carbon prices; illustrates how discount-rate choice encodes value judgments.
Discounting (Present Value)
- In climate economics, the discount-rate debate is especially consequential: Stern 2007
  This sourceAdopts a near-zero pure rate of time preference (rho ~ 0.1%), elasticity 1, and ~1.3% growth, yielding a ~1.4% social discount rate and high social cost of carbon; supports the Stern-low-rate claim in Broad Use, the Non-Formal Example, and T6.
Tragedy of the Commons
- Contemporary extensions include: Global commons theory (Stern 2007
  This sourceUK government-commissioned review whose adoption of a near-zero pure rate of time preference and explicit treatment of catastrophic risk produces substantially higher carbon prices than conventional analyses, illustrating how discount rate and risk assumptions encode contestable value judgments.
Value Commensuration
- The offset mechanism itself reveals how commensuration can become a tool of power: wealthy actors gain the freedom to choose where and how to reduce emissions, while poor actors have no choice.
  This sourceUK government-commissioned review whose adoption of a near-zero pure rate of time preference and explicit treatment of catastrophic risk produces substantially higher carbon prices than conventional analyses, illustrating how discount rate and risk assumptions encode contestable value judgments.

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