Intertemporal social choice and climate stabilization

This paper examines the implications of alternative approaches to intertemp oral social choice in a numerically calibrated model of interactions betwee n global climate change and the world economy. Under cost-benefit analysis, relatively modest steps towards greenhouse gas emissions abatement are jus tified as economically efficient. Under classical utilitarianism and the pr ecautionary principle. in contrast, aggressive steps towards climate stabil ization emerge as socially optimal. The paper reviews the value judgements that support each of these normative approaches, arguing that the precautio nary principle is most closely tied to the goals and objectives of the Fram ework Convention on Climate Change.