Chapter

The Effects Of Climate On Welfare And Well‐Being—External Effects

Bernard Van Praag

in Happiness Quantified

Published in print April 2004 | ISBN: 9780198286547
Published online January 2005 | e-ISBN: 9780191718601 | DOI: http://dx.doi.org/10.1093/0198286546.003.0010
 The Effects Of Climate On Welfare And Well‐Being—External Effects

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This chapter examines the effects of climate on welfare and well-being. Climate is shown to be a multidimensional phenomenon with complex effects on financial satisfaction and general satisfaction. This case is considered a particular instance of a more general problem: how to estimate the effect of an externality in terms of satisfaction and monetary compensation to neutralize externality differences. Most external effects are neither completely internalised nor completely non-compensated through market income and prices. This method makes it possible to assess how far the externality is compensated, and the size of residual effects.

Keywords: well-being; climate; welfare; external effects; household costs; income; Russia

Chapter.  6337 words. 

Subjects: Microeconomics

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