Weitzman’s Dismal Theorem (Weitzman 2009) challenged the economic analysis of climate policy: The uncertainty about the impact of climate change would be so large that expected utility maximisation is either undefined or arbitrary

Weitzman’s Dismal Theorem (Weitzman 2009) challenged the economic analysis of climate policy: The uncertainty about the impact of climate change would be so large that expected utility maximisation is either undefined or arbitrary. Unfortunately, Weitzman’s is an impossibility theorem: It shows what cannot be done. It does not show what could or should be… (More)