Economic Rhetoric and Climate Change
|Speaker:||Robert Chambers, University of Maryland|
|Date:||Wednesday 1 October 2014|
|Time:||14.00 - 15.30|
|Location:||Matrix Lecture Theatre, Building One|
The paper examines how relaxing Savage’s axioms affects prescriptions of benefit-cost analysis. We demonstrate that subjective expected utility, maximin expected utility, and incomplete expected utility yield very different recommendations and relate our findings to the current debate surrounding the optimal climate change policy.
A copy of the paper can be found here: https://www.dropbox.com/s/04bzpvxxeqck6jl/climatechange%28chambersmelkonyan%29.pdf?dl=0