Costing the Atmosphere

I'm a bit behind in my reading, but enojyed this piece from The Economist's special report on business and climate change, particularly the graph (sourced from the Swedish utility Vattenfall). 

The Economist correspondent drily observes that "people buy houses not because they have good insulation but because they have pretty views."  One might say the same thing about why (most) people buy stocks and mutual funds - which might, in turn, explain their results (the mutual fund version is here).