The United Nations Human Development Index (HDI) is arguably the most widely used alternative to gross domestic product for measuring national development. This is in large part due to its multidimensional nature, as it incorporates not only income, but also education and health. However, the...

Income is simultaneously one of the most important variables used by economists and the variable most likely to be missing due to item non-response. While observations that are missing income responses are often dropped from analyses, such treatment is usually inappropriate. More appropriate...

Are speculators driving up oil prices? Should we raise energy prices to slow global warming? The present study takes a small number of such questions and compares the views of economic experts with those of the public. This comparison uses a panel of more than 2000 respondents from YouGov with...

Forestation is viewed as an important means of removing CO₂ from the atmosphere and thereby reducing net CO₂ emissions. But how much CO₂ can be removed, and at what cost? Focusing on forested and forestable areas in South America, and using spatially disaggregated data, we estimate a...

This paper proposes an analytic representation of perturbations in heterogeneous agent economies with aggregate shocks. Treating the underlying distribution as an explicit state variable, a single value function defined on an infinite-dimensional state space provides a fully recursive...

The present study examines the assumptions, modeling structure, and preliminary results of DICE-2023, the revised Dynamic Integrated Model of Climate and the Economy (DICE), updated to 2023. The revision contains major changes in the carbon and climate modules, the treatment of non-industrial...

When solving discrete-time consumption models with present-biased time preferences, backwards induction generates equilibria that are non-robust in the sense that policy functions are often sensitive to parameter choices, including the modeler's choice of the time-step. The current paper...

We evaluate how anticipation and adaptation shape the aggregate and local costs of climate change. We develop a dynamic spatial model of the U.S. economy and its 3,143 counties that features costly forward-looking migration and capital investment decisions. Recent methodological advances that...

We examine asset prices in environments where the risk-free rate lies considerably below the growth rate. To do so, we introduce a tractable model of a production economy featuring heterogeneous trading technologies, as well as idiosyncratic and aggregate risk. We show that allowing for the...

In this chapter, we discuss field experiments in surveys that are conducted with the purpose of learning about expectation formation and the link between expectations and behavior. We begin by reviewing the rationale for conducting experiments within surveys, rather than just relying on...