@article{adler_priority_2017,
	title = {Priority for the worse-off and the social cost of carbon},
	volume = {7},
	issn = {1758-6798},
	url = {http://www.nature.com/articles/nclimate3298},
	doi = {10.1038/nclimate3298},
	abstract = {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.},
	language = {en},
	number = {6},
	urldate = {2022-12-21},
	journal = {Nature Climate Change},
	author = {Adler, Matthew and Anthoff, David and Bosetti, Valentina and Garner, Greg and Keller, Klaus and Treich, Nicolas},
	month = jun,
	year = {2017},
	note = {Number: 6
Publisher: Nature Publishing Group},
	keywords = {Climate change, Climate-change impacts, Economics, Governance},
	pages = {443--449},
}

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