ABSTRACT
There are various policies that the world community, or Britain individually, might adopt towards climate change. To speak broadly, most of the climate change that is presently happening is caused by people who live in the richer countries. Expected utility theory is a very well-grounded and well-established theory of value in the context of uncertainty. Daniel Bernoulli thought that the value of an action or policy is not the expectation of money it leads to, but the expectation of value or goodness. Modern expected utility theory is not justified by intuitions, but instead on the basis of a number of assumptions or axioms. Fortunately, the axioms of expected utility theory are not confined to situations where there are objective probabilities. A special feature of the uncertainty that surrounds climate change is irreversibility. The final special feature of climate change is that it may possibly lead to a quite terrible catastrophe.
