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Intergenerational justice when future worlds are uncertain

Llavador, Humberto; Roemer, John E.; Silvestre, Joaquim - Department of Economics and Business, Universitat … - 2009

Let there be a positive (exogenous) probability that, at each date, the human species will disappear. We postulate an Ethical Observer (EO) who maximizes intertemporal welfare under this uncertainty, with expected-utility preferences. Various social welfare criteria entail alternative von...

Persistent link: https://www.econbiz.de/10008555419

Ambiguity seeking as a result of the status quo bias

Roca, Mercè; Hogarth, Robin; Maule, A. John - Department of Economics and Business, Universitat … - 2005

Several factors affect attitudes toward ambiguity. What happens, however, when people are asked to exchange an ambiguous alternative in their possession for an unambiguous one? We present three experiments in which individuals preferred to retain the former. This status quo bias emerged both...

Persistent link: https://www.econbiz.de/10005704847

Insurance and safety after September 11, 2001: Coming to grips with the costs and threats of terrorism

Hogarth, Robin - Department of Economics and Business, Universitat … - 2002

elementary, everyday introduction to the concepts of risk and insurance. Conceptually, risk has two dimensions: a potential loss …, and the chance of that loss being realized. People can, however, transfer risk to insurance companies against the payment … technologies, threats of terrorism), risk can only be assessed through imagination. Not surprisingly, insurance companies demand …

Persistent link: https://www.econbiz.de/10005772000

Forest fires: Evaluation of government intervention measures

Ballart, Xavier; Riba, Clara - Department of Economics and Business, Universitat … - 2000

The purpose of this paper is to examine the relation between government measures, volunteer participation, climate variables and forest fires. A number of studies have related forest fires to causes of ignition, to fire history in one area, to the type of vegetation and weather characteristics...

Persistent link: https://www.econbiz.de/10005772114

The housing boom and forest fires

Luna, Libertad González - Department of Economics and Business, Universitat … - 2007

This paper provides evidence that the combination of land-use restrictions and an increasing demand for housing can create incentives to induce forest fires as a means to circumvent regulation and increase the supply of land available for residential construction. I estimate the effect of the...

Persistent link: https://www.econbiz.de/10005572580

A dynamic analysis of human welfare in a warming planet

Llavador, Humberto; Roemer, John E.; Silvestre, Joaquim - Department of Economics and Business, Universitat … - 2008

Climate science indicates that climate stabilization requires low GHG emissions. Is this consistent with nondecreasing human welfare? Our welfare or utility index emphasizes education, knowledge, and the environment. We construct and calibrate a multigenerational model with intertemporal links...

Persistent link: https://www.econbiz.de/10005708011

North-South convergence and the allocation of CO2 emissions

Llavador, Humberto; Roemer, John E.; Silvestre, Joaquim - Department of Economics and Business, Universitat … - 2010

We postulate a two-region world, comprised of North (calibrated after the US) and South (calibrated after China). Our optimization results show the compatibility of the following three desiderata: (1) Global CO2 emissions follow a conservative path that leads to the stabilization of...

Persistent link: https://www.econbiz.de/10008680902

Estimating Bayesian decision problems with heterogeneous priors

Hansen, Stephen Eliot; McMahon, Michael - Department of Economics and Business, Universitat … - 2013

In many areas of economics there is a growing interest in how expertise and preferences drive individual and group decision making under uncertainty. Increasingly, we wish to estimate such models to quantify which of these drive decision making. In this paper we propose a new channel through...

Persistent link: https://www.econbiz.de/10010849638

Discrete choice estimation of risk aversion

Apesteguia, Jose; Ballester, Miguel A. - Department of Economics and Business, Universitat … - 2014

We analyze the use of discrete choice models for the estimation of risk aversion and show a fundamental flaw in the … probability of selecting the riskier gamble may be larger for larger levels of risk aversion. We characterize when this occurs. By …

Persistent link: https://www.econbiz.de/10010929579

Insurance with frequent trading: A dynamic analysis of efficient insurance markets

Penalva, José - Department of Economics and Business, Universitat … - 2000

actuarial properties of the underlying risk process. The paper further extends insurability to include correlated and …

Persistent link: https://www.econbiz.de/10005248462