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Economic assessment and sustainable development

Economic assessment and sustainable development. Mark Hayden * External costs of energy and their internalisation in Europe: Dialogue with industry, NGO, and policy-makers December 9, 2005 * European Commission DG Economic and Financial Affairs.

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Economic assessment and sustainable development

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  1. Economic assessment and sustainable development Mark Hayden* External costs of energy and their internalisation in Europe: Dialogue with industry, NGO, and policy-makers December 9, 2005 * European Commission DG Economic and Financial Affairs

  2. Economic assessment and sustainable development • Non-declining welfare • Flows of goods and services • Trade-offs • Externalities & external costs

  3. The value of a statistical life • US: $6 million + • EU: €1 million • Why the difference?

  4. Valuing externalities Willingness to pay Willingness to accept Externalities Avoided damage Hedonic pricing

  5. Methodology • Willingness to pay – for what? • Public understanding of risk & probability • 5 in 1000 or 10 in 1000 • “Anchoring” • Public goods/free riding • Mean or median?

  6. Uncertainty • Physical impacts • Values of impacts • Costs • Policy effectiveness • How can we communicate this to decision makers?

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