We specifically examine two potential future scenarios for temperature. A modest scenario where temperatures rise 1.5°C and a more severe scenario where temperatures rise by 3°C by 2100. There is very little agreement across climate models about how precipitation will vary across countries in the future, so we do not look at changes in precipitation but rather focus entirely on temperature. The welfare effect, W, of a nonmarginal change in temperature from T0 (current temperature) to T1 (future temperature) can be evaluated with eq. (3) as: