Climate policy with Bentham-Rawls preferences

A Bentham-Rawls welfare function is the weighted sum of the net present welfare (Bentham) and the welfare of the worst-off generation (Rawls). If utility is non-decreasing over time, optimal climate policy is more stringent in the near-term under the Bentham criterion than under the Bentham-Rawls criterion. If utility is decreasing, Bentham-Rawls abatement is higher. If there is a chance of decreasing utility, Bentham-Rawls optimal climate policy is probably less stringent than Bentham policy.

► The Bentham-Rawls criterion combines net present welfare with welfare of worst-off generation. ► If utility is non-decreasing, the Bentham-Rawls criterion implies less stringent climate policy. ► If utility is decreasing, Bentham-Rawls abatement is higher than Bentham abatement. ► If there is a chance of decreasing utility, Bentham-Rawls climate policy is probably less stringent.