Similar Search Results

Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better than Delay Discounting

Ericson, Keith M. - 2015

, which can account for many of the known intertemporal choice anomalies, to discounting models. We conduct an out …-of-sample, cross-validated comparison of intertemporal choice models. Heuristic models outperform traditional utility discounting … models, including models of exponential and hyperbolic discounting. The best performing models predict choices by using a …

Persistent link: https://www.econbiz.de/10012457718

Uncertain Outcomes and Climate Change Policy

Pindyck, Robert S. - 2009

Focusing on tail effects, I incorporate distributions for temperature change and its economic impact in an analysis of climate change policy. I estimate the fraction of consumption w*(tau) that society would be willing to sacrifice to ensure that any increase in temperature at a future point is...

Persistent link: https://www.econbiz.de/10012463391

The Valuation of Fisheries Rights : A Real Options Approach

Pizarro, Jose - 2018

This article develops and implements a Real Option approach to value renewable natural resources in the case of Marine Fisheries. The model includes two sources of uncertainty: the resource biomass and the price of fish, and it can be used by fisheries to optimally adapt their harvesting...

Persistent link: https://www.econbiz.de/10012480792

Overcoming the common pool problem through voluntary cooperation : the rise and fall of a fishery cooperative

Deacon, Robert T. - 2010

We analyze a seldom used, but highly promising form of rights-based management over common pool resources that involves the self-selection of heterogeneous fishermen into sectors. The fishery management regime assigns one portion of an overall catch quota to a voluntary cooperative, with the...

Persistent link: https://www.econbiz.de/10012462317

Property Rights, Regulatory Capture, and Exploitation of Natural Resources

Costello, Christopher - 2015

We study how the strength of property rights to individual extractive firms affects a regulator's choice over exploitation rates for a natural resource. The regulator is modeled as an intermediary between current and future resource harvesters, rather than between producers and consumers, as in...

Persistent link: https://www.econbiz.de/10012457807

Policy-Instrument Choice and Benefit Estimates for Climate-Change Policy in the United States

Kotchen, Matthew J. - 2011

This paper provides the first willingness-to-pay (WTP) estimates in support of a national climate-change policy that are comparable with the costs of actual legislative efforts in the U.S. Congress. Based on a survey of 2,034 American adults, we find that households are, on average, willing to...

Persistent link: https://www.econbiz.de/10012461119

Expectations, Credibility, and Time-Consistent Monetary Policy

Ireland, Peter N. - 1999

This paper addresses the problem of multiple equilibria in a model of time-consistent monetary policy. It suggests that this problem originates in the assumption that agents have rational expectations and proposes several alternative restrictions on expectations that allow the monetary authority...

Persistent link: https://www.econbiz.de/10012471556

Average Inflation Targeting : Time Inconsistency and Intentional Ambiguity

Jia, Chengcheng; Wu, Jing Cynthia - National Bureau of Economic Research - 2022

We study the implications of the Fed's new policy framework of average inflation targeting (AIT) and its ambiguous communication. The central bank has the incentive to deviate from its announced AIT and implement inflation targeting ex post to maximize social welfare. We show two motives for...

Persistent link: https://www.econbiz.de/10012814448

Laws as Assets : A Possible Solution to the Time Consistency Problem

Kotlikoff, Laurence J. - 1986

This paper presents a new solution to the time-consistency problem that appears capable of enforcing ex ante policy in a variety of settings in which other enforcement mechanisms do not work. The solution involves formulating a law, institution, or agreement that specifies the optimal ex ante...

Persistent link: https://www.econbiz.de/10012477001

Optimal Time-Consistent Fiscal Policy with Uncertain Lifetimes

Calvo, Guillermo A. - 1985

This paper studies optimal fiscal policy in an economy where heterogeneous agents with uncertain lifetimes coexist. We show that some plausible social welfare functions lead to time-inconsistent optimal plans, and we suggest restrictions on social preferences that avoid the problem. The...

Persistent link: https://www.econbiz.de/10012477491

1
2
3
4
5
6
7
8
9
10
Next
Last