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Happiness QuantifiedA Satisfaction Calculus Approach$
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Bernard van Praag and Ada Ferrer-i-Carbonell

Print publication date: 2004

Print ISBN-13: 9780198286547

Published to Oxford Scholarship Online: January 2005

DOI: 10.1093/0198286546.001.0001

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

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

Chapter:
(p.205) 10 The Effects Of Climate On Welfare And Well‐Being—External Effects
Source:
Happiness Quantified
Author(s):

Bernard Van Praag

Publisher:
Oxford University Press
DOI:10.1093/0198286546.003.0010

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

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