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Value judgments and the choice of climate protection strategies

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  • Helm, Carsten
  • Bruckner, Thomas
  • Toth, Ferenc

Abstract

In this paper, we critically review cost-benefit analysis, cost-effectiveness analysis and the guard-rail approach as decision-support tools for the choice of climate protection strategies. Our main focus is on the central role of value judgments, which arise from the need to value; first, uncertain environmental benefits from climate protection relative to other goods; second, the consumption of the present relative to future generations; and third the consumption of rich relative to poor people. Each of the three approaches analyzed has its shortcomings. Cost-benefit analysis requires a complete and transitive preference ordering, which stands in sharp contrast to scientific uncertainties and valuation problems. Cost-effectiveness analysis suffers from the difficulty of setting an appropriate climate protection target. Finally, the usefulness of the guard-rail approach for decision-makers depends on the extent to which it is possible to limit the choice set.

Suggested Citation

  • Helm, Carsten & Bruckner, Thomas & Toth, Ferenc, 1999. "Value judgments and the choice of climate protection strategies," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 33636, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    • Handle: RePEc:dar:wpaper:33636
    Note: for complete metadata visit http://tubiblio.ulb.tu-darmstadt.de/33636/
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    File URL: http://www.emeraldinsight.com/10.1108/03068299910245750
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    Cited by:

    1. Evan Flugman & Pallab Mozumder & Timothy Randhir, 2012. "Facilitating adaptation to global climate change: perspectives from experts and decision makers serving the Florida Keys," Climatic Change, Springer, vol. 112(3), pages 1015-1035, June.

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