New physical constraints emerged in the 20th century and are changing the decision criteria used until now. Two optimisation problems are equivalent: (1) maximising discounted utility with a long-run survival constraint and (2) maximising a new type of utility that treats the present and future...

This paper summarises the results of the assessment of health and environmental impacts, and the corresponding external costs within the China Energy Technology Program (CETP). China faces an enormous challenge, as it needs to meet the growing demand for energy in general and electricity in...