Showing 1 - 9 of 9
We analyze the impact of damage uncertainty on optimal mitigation policies in the integrated assessment of climate change. Usually, these models analyzeuncertainty by averaging deterministic paths. In contrast, we build a consistentmodel deriving optimal policy rules under persistent...
Persistent link: https://www.econbiz.de/10009493686
The paper introduces a new notion of risk aversion that is independent of the good under observation and its measure scale. The representational framework builds on a time consistent combination of additive separability on certain consumption paths and the von Neumann & Morgenstern (1944)...
Persistent link: https://www.econbiz.de/10009646057
Uncertainty has an almost negligible impact on project value in the economicstandard model. I show that a comprehensive evaluation of uncertainty and uncertainty attitude changes this picture fundamentally. The analysis relies on the discount rate, which is the crucial determinant in balancing...
Persistent link: https://www.econbiz.de/10009646074
We analyze the impact of damage uncertainty on optimal mitigation policies in the integrated assessment of climate change. Usually, these models analyzeuncertainty by averaging deterministic paths. In contrast, we build a consistentmodel deriving optimal policy rules under persistent...
Persistent link: https://www.econbiz.de/10010676481
The paper introduces a new notion of risk aversion that is independent of the good under observation and its measure scale. The representational framework builds on a time consistent combination of additive separability on certain consumption paths and the von Neumann & Morgenstern (1944)...
Persistent link: https://www.econbiz.de/10010676514
Uncertainty has an almost negligible impact on project value in the standardeconomic model. I show that a comprehensive evaluation of uncertainty and uncertainty attitude changes this picture fundamentally. The illustration of this result relies on the discount rate, which is the crucial...
Persistent link: https://www.econbiz.de/10010676519
We introduce a version of the DICE-2007 model designed for uncertainty analysis. DICE is a wide-spread deterministic integrated assessment model of climate change. However, climate change, long-term economic development, and their interactions are highly uncertain. A thorough empirical analysis...
Persistent link: https://www.econbiz.de/10010681147
We introduce a version of the DICE-2007 model designed for uncertaintyanalysis. DICE is a wide-spread deterministic integrated assessment model of climatechange. However, climate change, long-term economic development, and theirinteractions are highly uncertain. A thorough empirical analysis of...
Persistent link: https://www.econbiz.de/10010681304
We introduce a version of the DICE-2007 model designed for uncertaintyanalysis. DICE is a wide-spread deterministic integrated assessment model of climatechange. Climate change, long-term economic development, and their interactionsare highly uncertain. The quantitative analysis of optimal...
Persistent link: https://www.econbiz.de/10011130821