The model of Paillard and Parrenin (Earth Planet Sci Lett 227(3–4):263–271, 2004) has been recently optimized for the last eight glacial cycles, leading to two different relaxation models with model-data correlations between 0.8 and 0.9 (García-Olivares and Herrero (Clim Dyn 1–25,...

Climate change involves uncertain probabilities of catastrophic risks, and very longterm consequences of current actions. Climate economics, therefore, is centrally concerned with the treatment of risk and time. Yet conventional assumptions about utility and optimal economic growth create a...