Chapter

The Effects of Climate on Welfare and Well‐Being—External Effects

Bernard Van Praag

in Happiness Quantified

Published in print December 2007 | ISBN: 9780199226146
Published online May 2008 | e-ISBN: 9780191718595 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199226146.003.0010
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 of monetary compensations in order to neutralize externality differences. Most external effects are neither completely internalized nor completely non-compensated through market income and prices. This method makes it possible to assess in how far the externality is compensated and what is the size of residual effects.

Keywords: financial satisfaction; general satisfaction; external effects; household costs; income; Russia

Chapter.  6003 words. 

Subjects: Economics

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