[31] In 2013, Nordhaus became president-elect of the AEA, and served as the association's president between 2014 and 2015.
Comment on the Arrow-Lind Theorem from a book on project evaluation “Applied Welfare Economics” by Chris Jones (Oxford U Press), “Ultimately, support for using a lower risk premium in the evaluation of public sector projects [relative to the risks inherent in the uncertain costs and payoffs] must rely on some form of failure in the private market for spreading and diversifying risk. [6][7] Robert J. Nordhaus was from a German Jewish family — his father Max Nordhaus (1865–1936) immigrated from Paderborn in 1883 and was a manager of The Charles Ilfeld Company branch in Albuquerque. The media lauded Nordhaus and his support of a carbon tax, while it credulously repeated the IPCC calls to quickly phase out fossil fuels in order to limit warming to 1.5°C.
We received this article as a rebuttal to our earlier post by David Middleton:  “The Nobel Prize for Climate Catastrophe”… Seriously? Judith Curry has done an excellent job of keeping the uncertainty visible. [23], In 2007, Nordhaus, who has done several studies on the economics of global warming, criticized the Stern Review for its use of a low discount rate:[24]. If this isn’t a truly mathematical computation, i.e. [8][9], Nordhaus graduated from Phillips Academy in Andover and subsequently received his BA and MA from Yale in 1963 and 1973, respectively, where he was a member of Skull and Bones.

Someone else comes up before the deal closes and says he will pay you 130,000, but he will close in 5 years time. Conversely spending money on CO2 reduction will harm people now and may harm others in the future. Using the median responses for each component, this is 0.5% + 1 * 1.6% = 2.1% (which is lower than the median Ramsey Rule rate calculated across experts of 3%). Those of us who are skeptical of the case for a carbon tax have been accused of all sorts of skullduggery, including “science denial.” Yet as the recent media handling of William Nordhaus’ Nobel award and the U.N.’s latest IPCC report reveal, it is the boosters of aggressive government action who ignore the peer-reviewed research. Any economist who uses the word “fair” is trying to slip his hand into your pocket. Mirowski argues that the “engineered glut of permits” – as we’ve seen with the European Union’s emissions trading scheme, a problem Europe is now struggling to solve – is not temporary, as unused or excess permits can be banked for future use. Imagine that you are required to participate in a lottery with a one in a million chance of being selected for execution.

I also do not, personally, agree with the use of the Arrow-Lind principle in the context of climate change discount rates.

Add maintenance and replacement to solar and the investment becomes even more difficult to justify. Generally at a 90% probability.

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