{"id":"https://openalex.org/W1580243134","doi":null,"title":"Risk, inequality and time in the welfare economics of climate change: is the workhorse model underspecified?","display_name":"Risk, inequality and time in the welfare economics of climate change: is the workhorse model underspecified?","publication_year":2008,"publication_date":"2008-07-01","ids":{"openalex":"https://openalex.org/W1580243134","mag":"1580243134"},"language":"en","primary_location":{"id":"pmh:oai:ora.ox.ac.uk:uuid:24129643-c470-4fff-bf44-b9f9cbb515ae","doi":null,"is_oa":true,"landing_page_url":"https://ora.ox.ac.uk/objects/uuid:24129643-c470-4fff-bf44-b9f9cbb515ae/files/ssn009z23f","pdf_url":"https://ora.ox.ac.uk/objects/uuid:24129643-c470-4fff-bf44-b9f9cbb515ae/files/ssn009z23f","source":{"id":"https://openalex.org/S4306402636","display_name":"Oxford University Research Archive (ORA) (University of Oxford)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I40120149","host_organization_name":"University of Oxford","host_organization_lineage":["https://openalex.org/I40120149"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Symplectic Elements","raw_type":"http://purl.org/coar/resource_type/c_8042"},"volume":null,"type":"report","is_traditional":false,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://ora.ox.ac.uk/objects/uuid:24129643-c470-4fff-bf44-b9f9cbb515ae/files/ssn009z23f","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5068254953","display_name":"Cameron J. Hepburn","orcid":"https://orcid.org/0000-0003-0467-7441","observed_orcids":["https://orcid.org/0000-0003-0467-7441"]},"institutions":[{"id":"https://openalex.org/I184942183","display_name":"University of Oslo","ror":"https://ror.org/01xtthb56","country_code":"NO","type":"education","lineage":["https://openalex.org/I184942183"]}],"countries":["NO"],"is_corresponding":false,"raw_author_name":"Cameron Hepburn","raw_affiliation_strings":["University of Oslo#TAB#"],"raw_orcid":"https://orcid.org/0000-0003-0467-7441","affiliations":[{"raw_affiliation_string":"University of Oslo#TAB#","institution_ids":["https://openalex.org/I184942183"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5091159033","display_name":"H\u00e5kon Gr\u00f8n S\u00e6len","orcid":"https://orcid.org/0000-0003-0327-4843","observed_orcids":["https://orcid.org/0000-0003-0327-4843"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Hakon S\u00c3\u0192\u00c2\u0192\u00c3\u201a\u00c2\u00a6len","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5054417757","display_name":"Giles Atkinson","orcid":"https://orcid.org/0000-0001-6736-3074","observed_orcids":["https://orcid.org/0000-0001-6736-3074"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Giles Atkinson","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0001-6736-3074","affiliations":[]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":21,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10471","display_name":"Climate Change Policy and Economics","score":0.8310999870300293,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10471","display_name":"Climate Change Policy and Economics","score":0.8310999870300293,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10841","display_name":"Economic and Environmental Valuation","score":0.11150000244379044,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.020500000566244125,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/climate-change-economics","display_name":"climate change economics","score":0.6600000262260437},{"id":"https://openalex.org/keywords/welfare-economics","display_name":"welfare economics","score":0.6470000147819519},{"id":"https://openalex.org/keywords/risk-aversion","display_name":"risk aversion","score":0.7570000290870667},{"id":"https://openalex.org/keywords/income-inequality","display_name":"income inequality","score":0.8339999914169312},{"id":"https://openalex.org/keywords/intertemporal-substitution","display_name":"intertemporal substitution","score":0.9629999995231628},{"id":"https://openalex.org/keywords/epstein-zin-preferences","display_name":"Epstein-Zin preferences","score":0.8809999823570251},{"id":"https://openalex.org/keywords/public-attitudes","display_name":"public attitudes","score":0.5950000286102295},{"id":"https://openalex.org/keywords/uncertainty","display_name":"uncertainty","score":0.35199999809265137},{"id":"https://openalex.org/keywords/stern-review","display_name":"Stern Review","score":0.6200000047683716}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7902471423149109},{"id":"https://openalex.org/C96597354","wikidata":"https://www.wikidata.org/wiki/Q273062","display_name":"Stern","level":2,"score":0.7068887948989868},{"id":"https://openalex.org/C138551086","wikidata":"https://www.wikidata.org/wiki/Q842271","display_name":"Marginal utility","level":2,"score":0.6952834725379944},{"id":"https://openalex.org/C194959371","wikidata":"https://www.wikidata.org/wiki/Q17056235","display_name":"Inequity aversion","level":3,"score":0.5710853338241577},{"id":"https://openalex.org/C45555294","wikidata":"https://www.wikidata.org/wiki/Q28113351","display_name":"Inequality","level":2,"score":0.5605752468109131},{"id":"https://openalex.org/C129915516","wikidata":"https://www.wikidata.org/wiki/Q17083550","display_name":"Risk aversion (psychology)","level":3,"score":0.5085059404373169},{"id":"https://openalex.org/C16118543","wikidata":"https://www.wikidata.org/wiki/Q275372","display_name":"Externality","level":2,"score":0.49922609329223633},{"id":"https://openalex.org/C100243477","wikidata":"https://www.wikidata.org/wiki/Q12002092","display_name":"Welfare","level":2,"score":0.48873114585876465},{"id":"https://openalex.org/C2776195949","wikidata":"https://www.wikidata.org/wiki/Q5353576","display_name":"Elasticity of intertemporal substitution","level":3,"score":0.4738980829715729},{"id":"https://openalex.org/C2777098202","wikidata":"https://www.wikidata.org/wiki/Q7692324","display_name":"Technical change","level":3,"score":0.4552227258682251},{"id":"https://openalex.org/C97684219","wikidata":"https://www.wikidata.org/wiki/Q897261","display_name":"Elasticity of substitution","level":3,"score":0.4475286900997162},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.435011088848114},{"id":"https://openalex.org/C132651083","wikidata":"https://www.wikidata.org/wiki/Q7942","display_name":"Climate change","level":2,"score":0.43209850788116455},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3637603521347046},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.2744896411895752},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.2433508336544037},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.19802451133728027},{"id":"https://openalex.org/C2983335520","wikidata":"https://www.wikidata.org/wiki/Q47537570","display_name":"Growth model","level":2,"score":0.11707666516304016},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.08951500058174133},{"id":"https://openalex.org/C2778348673","wikidata":"https://www.wikidata.org/wiki/Q739302","display_name":"Production (economics)","level":2,"score":0.07109317183494568},{"id":"https://openalex.org/C134306372","wikidata":"https://www.wikidata.org/wiki/Q7754","display_name":"Mathematical analysis","level":1,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C199104240","wikidata":"https://www.wikidata.org/wiki/Q118291","display_name":"Marine engineering","level":1,"score":0.0},{"id":"https://openalex.org/C204983608","wikidata":"https://www.wikidata.org/wiki/Q2111958","display_name":"Productivity","level":2,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"pmh:oai:ora.ox.ac.uk:uuid:24129643-c470-4fff-bf44-b9f9cbb515ae","doi":null,"is_oa":true,"landing_page_url":"https://ora.ox.ac.uk/objects/uuid:24129643-c470-4fff-bf44-b9f9cbb515ae/files/ssn009z23f","pdf_url":"https://ora.ox.ac.uk/objects/uuid:24129643-c470-4fff-bf44-b9f9cbb515ae/files/ssn009z23f","source":{"id":"https://openalex.org/S4306402636","display_name":"Oxford University Research Archive (ORA) (University of Oxford)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I40120149","host_organization_name":"University of Oxford","host_organization_lineage":["https://openalex.org/I40120149"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Symplectic Elements","raw_type":"http://purl.org/coar/resource_type/c_8042"},{"id":"mag:1580243134","doi":null,"is_oa":false,"landing_page_url":"http://www.economics.ox.ac.uk/materials/working_papers/paper400.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:oxf:wpaper:400","doi":null,"is_oa":false,"landing_page_url":"https://ora.ox.ac.uk/objects/uuid:24129643-c470-4fff-bf44-b9f9cbb515ae","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"}],"best_oa_location":{"id":"pmh:oai:ora.ox.ac.uk:uuid:24129643-c470-4fff-bf44-b9f9cbb515ae","doi":null,"is_oa":true,"landing_page_url":"https://ora.ox.ac.uk/objects/uuid:24129643-c470-4fff-bf44-b9f9cbb515ae/files/ssn009z23f","pdf_url":"https://ora.ox.ac.uk/objects/uuid:24129643-c470-4fff-bf44-b9f9cbb515ae/files/ssn009z23f","source":{"id":"https://openalex.org/S4306402636","display_name":"Oxford University Research Archive (ORA) (University of Oxford)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I40120149","host_organization_name":"University of Oxford","host_organization_lineage":["https://openalex.org/I40120149"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Symplectic Elements","raw_type":"http://purl.org/coar/resource_type/c_8042"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/13","display_name":"Climate action","score":0.5351999998092651}],"study_designs":[{"id":"https://openalex.org/study-designs/observational-study","display_name":"Observational Study"}],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W1580243134.pdf","grobid_xml":"https://content.openalex.org/works/W1580243134.grobid-xml"},"referenced_works_count":39,"referenced_works":["https://openalex.org/W1527135517","https://openalex.org/W1571599359","https://openalex.org/W1574786337","https://openalex.org/W1587085269","https://openalex.org/W1594616695","https://openalex.org/W1600730164","https://openalex.org/W1963883253","https://openalex.org/W1968513304","https://openalex.org/W1971959487","https://openalex.org/W1977288176","https://openalex.org/W2004430838","https://openalex.org/W2033774739","https://openalex.org/W2036719046","https://openalex.org/W2041946752","https://openalex.org/W2045497911","https://openalex.org/W2057372994","https://openalex.org/W2061963820","https://openalex.org/W2077016814","https://openalex.org/W2083722668","https://openalex.org/W2090925178","https://openalex.org/W2091449145","https://openalex.org/W2092445911","https://openalex.org/W2092896545","https://openalex.org/W2100613418","https://openalex.org/W2107577910","https://openalex.org/W2119765649","https://openalex.org/W2121552191","https://openalex.org/W2131115373","https://openalex.org/W2132807882","https://openalex.org/W2137296414","https://openalex.org/W2144846366","https://openalex.org/W2150552447","https://openalex.org/W2152452998","https://openalex.org/W2157455622","https://openalex.org/W2163851514","https://openalex.org/W2333311386","https://openalex.org/W2570834760","https://openalex.org/W3122247643","https://openalex.org/W3170999623"],"related_works":["https://openalex.org/W3202511556","https://openalex.org/W7098914308","https://openalex.org/W2045497911","https://openalex.org/W7097133056","https://openalex.org/W2099854178","https://openalex.org/W7065089513","https://openalex.org/W7099513770","https://openalex.org/W2060815334","https://openalex.org/W574876804","https://openalex.org/W2462309657"],"abstract_inverted_index":{"In":[0],"the":[1,7,61,78,81,89,97,100,109,128,138,147],"workhorse":[2,101],"model":[3,46,102,148,154],"of":[4,9,63,80,99,111],"welfare":[5],"economics,":[6,106],"elasticity":[8],"marginal":[10],"utility,":[11],"often":[12],"denoted":[13],"as":[14],"\u03b7,":[15],"serves":[16],"simultaneously":[17],"to":[18,21,24,39,51,115,127],"represent":[19],"aversion":[20,23],"risk,":[22,116],"spatial":[25],"inequality,":[26],"and":[27,34,118,151],"preferences":[28,36],"for":[29,60,75,92,103],"intertemporal":[30,43],"substitution.":[31],"While":[32],"Kreps-Porteus-Selden":[33],"Epstein-Zin":[35],"enable":[37],"risk":[38],"be":[40,52,156],"separated":[41],"from":[42],"substitution,":[44],"no":[45],"enables":[47],"all":[48],"tlhree":[49],"concepts":[50,140],"disentangled.":[53],"This":[54,94,134],"theoretical":[55],"lacuna":[56],"is":[57,67,149],"important,":[58],"particularly":[59],"economics":[62],"climate":[64,104],"change,":[65],"which":[66],"a":[68,144,152],"global,":[69],"long-run,":[70],"uncertain":[71],"externality.":[72],"Much":[73],"debate,":[74],"instance":[76],"in":[77],"wake":[79],"Stern":[82],"Review":[83],"(Stern,":[84],"2007a)":[85],"has":[86],"focused":[87],"on":[88],"appropriate":[90],"value":[91],"\u03b7.":[93],"paper":[95],"tests":[96],"suitability":[98],"change":[105],"by":[107,143],"surveying":[108],"attitudes":[110,126],"over":[112],"3000":[113],"people":[114],"time,":[117],"income":[119],"inequality.":[120],"The":[121],"results":[122],"show":[123],"that":[124,136],"individual":[125],"three":[129,139],"are":[130,141],"only":[131],"weakly":[132],"correlated.":[133],"suggests":[135],"because":[137],"captured":[142],"single":[145],"parameter,":[146],"underspecified":[150],"richer":[153],"should":[155],"considered.":[157]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-11-06T12:05:46.655746","created_date":"2016-06-24T00:00:00"}
