The UN Framework Convention of Climate Change 15th Conference of the Parties Copenhagen Accord has been followed up by national pledges of greenhouse gas emissions reductions in the year 2020 without specifying measures to enforce actions. As a consequence, the capacity of parties to fulfil...

How can national income be adjusted to indicate welfare improvement if the future is uncertain? The present paper extends the definition of national income to stochastic settings on the basis of discounted utilitarian welfare function. Real interest rate of consumption is redefined so that real...