relation: https://publications.ut-capitole.fr/id/eprint/24148/ title: Priority for the worse-off and the social cost of carbon creator: Adler, Matthew creator: Anthoff, David creator: Bosetti, Valentina creator: Garner, Greg creator: Keller, Klaus creator: Treich, Nicolas subject: B- ECONOMIE ET FINANCE description: The social cost of carbon (SCC) is a key tool in climate policy. The SCC expresses in monetary terms the social impact of the emission of a ton of CO2 in a given year. The SCC is calculated using a ‘social welfare function’ (SWF): a method for assessing social welfare. The dominant SWF in climate policy is the discounted-utilitarian SWF. Individuals’ well-being numbers (utilities) are summed, and the values for later generations are reduced (‘discounted’). This SWF has been criticized for ignoring the distribution of well-being and including an arbitrary time preference. Here, we use a ‘prioritarian’ SWF, with no time discount, to calculate the SCC. This SWF gives extra weight (‘priority’) to worse-off individuals. Prioritarianism is a well-developed concept in ethics and welfare economics, but has been rarely used in climate scholarship. We find substantial differences between the discounted-utilitarian and non-discounted prioritarian SCCs. publisher: Nature Publishing Group date: 2017-05-22 type: Article type: PeerReviewed identifier: Adler, Matthew, Anthoff, David, Bosetti, Valentina , Garner, Greg, Keller, Klaus and Treich, Nicolas (2017) Priority for the worse-off and the social cost of carbon. Nature Climate Change, 7. pp. 443-449. relation: http://tse-fr.eu/pub/31774 relation: 10.1038/nclimate3298 identifier: 10.1038/nclimate3298 doi: 10.1038/nclimate3298 language: en