Climate change will probably have a limited impact on the economy and human welfare in the 21st century. The initial impacts of climate change may well be positive. In the long run, the negative impacts dominate the positive ones. Negative impacts will be substantially greater in poorer, hotter,...

A Bentham-Rawls welfare function is the weighted sum of the net present welfare (Bentham) and the welfare of the worst-off generation (Rawls). If utility is non-decreasing over time, optimal climate policy is more stringent in the near-term under Bentham preferences than under Bentham-Rawls...

The Ramsey rule for the consumption rate of discount assumes a transfer of money of a (representative) agent at one point in time to the same agent at another point in time. Climate policy (implicitly) transfers money not just over time but also between agents. I propose three alternative...