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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

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

Bernard Van Praag

Oxford University Press

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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