DISCOUNTING CLIMATE CHANGE PLANNING FOR AN UNCERTAIN FUTURE
DISCOUNTING CLIMATE CHANGE PLANNING FOR AN UNCERTAIN FUTURE
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为不确定的未来忽视气候变化规划
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通讯作者：
K. Arrow
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作者：
K. Arrow
所有严肃的经济决策，无论是公共的还是私人的，都需要考虑未来。通常，今天做出的决定需要今天或不久的将来付出一些代价，希望在未来得到回报。这种模式是投资的特征，生活的大部分都是由投资组成的，或大或小。投资于机械或结构是一个典型的例子。有一个相对较大的初始支出，这本身就是一种成本，是应该避免的。如果一切顺利，接下来会有一段时间出现盈利。同样，个人投资者可以购买有价证券、股票或债券，或者现在复杂的衍生证券。购买这些证券是为了获得未来的收入，这些收入来自于证券的后续销售，或与之相关的收益权、股息或利息，或来自于证券（无论是债券还是期权）到期时的合同支付。
All serious economic decisions, public or private, require consideration of the future. Typically, a decision is made today, which requires some costs today or in the near future, In the hope of returns in the future. This pattern is characteristic of investments, and much of life is made up of investments, large or small . Investing in machinery or structures is a typical case. There is a relatively large initial expenditure, which, by itself, is a cost, something to be avoided. It is followed, if all goes well, with a period of time in which there are profits. Similarly, an individual investor can buy securities, stocks or bonds or nowadays sophisticated derivative securities. These are bought with the prospect of future income, derived from subsequent sales of the securities or from income rights, dividends or interest, associated with them, or from payments contracted for on the maturity of the securities, whether bonds or options.