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The Choice of Discount Rate for Climate Change Policy Evaluation
Williams, Roberton C. Williams III; Goulder, Lawrence H. - National Bureau of Economic Research (NBER) - 2012
between the two rates. In addition, we indicate that uncertainty about underlying ethical parameters or market conditions …
Persistent link: https://www.econbiz.de/10010785602
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Discounting Dollars, Discounting Lives: Intergenerational Distributive Justice and Efficiency
Kaplow, Louis - National Bureau of Economic Research (NBER) - 2006
The view that intergenerational distributive justice and efficiency should be treated separately is familiar, yet controversial. This article elaborates the often-implicit justifications for separate treatment and provides a more express statement of how and when such treatment is appropriate....
Persistent link: https://www.econbiz.de/10005248951
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Tipping Points and Ambiguity in the Economics of Climate Change
Lemoine, Derek M.; Traeger, Christian P. - National Bureau of Economic Research (NBER) - 2012
We model welfare-maximizing policy in an infinite-horizon setting when the probability of a tipping point, the welfare change due to a tipping point, and knowledge about a tipping point's trigger all depend on the policy path. Analytic results demonstrate how optimal policy depends on the...
Persistent link: https://www.econbiz.de/10010969374
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Policymaking for Posterity
Summers, Lawrence H.; Zeckhauser, Richard - National Bureau of Economic Research (NBER) - 2008
, do not merit infinite negative utility. Given learning, greater uncertainties about damages could increase or decrease …
Persistent link: https://www.econbiz.de/10005088624
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Optimal Policy with Heterogeneous Preferences
Kaplow, Louis - National Bureau of Economic Research (NBER) - 2008
Optimal policy rules--including those regarding income taxation, commodity taxation, public goods, and externalities--are typically derived in models with homogeneous preferences. This article reconsiders many central results for the case in which preferences for commodities, public goods, and...
Persistent link: https://www.econbiz.de/10005084879
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Advances in Cost-Effectiveness Analysis of Health Interventions
Garber, Alan M. - National Bureau of Economic Research (NBER) - 1999
The growing application of cost-effectiveness (CE) analysis and controversies about its methods has led to a need to explore its welfare economic foundations. Examination of its welfare theoretic foundations can provide a rationale for selecting specific standards for the application of CE...
Persistent link: https://www.econbiz.de/10005588904
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Inconsistent Policy Evaluation: A Case Study for a Large Workfare Program
Ravallion, Martin; Alik-Lagrange, Arthur - National Bureau of Economic Research (NBER) - 2015
: involuntary unemployment and the expected welfare losses from work requirements. The paper generalizes past evaluation theory and …
Persistent link: https://www.econbiz.de/10011207906
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Estimating Time Preferences from Convex Budgets
Andreoni, James; Sprenger, Charles - National Bureau of Economic Research (NBER) - 2010
Experimentally elicited discount rates are frequently higher than what one would infer from market interest rates and seem unreasonable for economic decision-making. Such high rates have often been attributed to present bias and hyperbolic discounting. A commonly recognized bias of standard...
Persistent link: https://www.econbiz.de/10008565081
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Risk Preferences Are Not Time Preferences: Discounted Expected Utility with a Disproportionate Preference for Certainty
Andreoni, James; Sprenger, Charles - National Bureau of Economic Research (NBER) - 2010
Risk and time are intertwined. The present is known while the future is inherently risky. Discounted expected utility … robust violations of discounted expected utility, inconsistent with both prospect theory probability weighting and models … with preferences for the resolution of uncertainty. We find that we can organize our data with surprising precision if we …
Persistent link: https://www.econbiz.de/10008565085
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Taxes, Permits, and Climate Change
Kaplow, Louis - National Bureau of Economic Research (NBER) - 2010
This essay revisits the question of instrument choice for the regulation of externalities in the context of climate change. The central point is that the Pigouvian prescription to equate marginal control costs with the expected marginal benefits of damage reduction should guide the design of...
Persistent link: https://www.econbiz.de/10008532138