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What is the Top Priority on Climate Change?
Klemperer, Paul - C.E.P.R. Discussion Papers - 2009
talk to the Potsdam Global Sustainability Symposium (which drafted the Potsdam Declaration presented to the 2007 UN Climate …
Persistent link: https://www.econbiz.de/10005123837
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Adaptation Can Help Mitigation: An Integrated Approach to Post-2012 Climate Policy
Bosello, Francesco; Carraro, Carlo; De Cian, Enrica - C.E.P.R. Discussion Papers - 2012
The latest round of international negotiations in Copenhagen led to a set of commitments on emission reduction which are unlikely to stabilise global warming below or around 2°C. As a consequence, in the absence of additional ambitious policy measures, adaptation will be needed to address...
Persistent link: https://www.econbiz.de/10011083452
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Reconciling Trade and Climate Policies
de Melo, Jaime; Mathys, Nicole Andréa - C.E.P.R. Discussion Papers - 2012
The outcome of the 15th conference of the Parties to the UNFCC showed a shift from a top-down approach with a collective target favoring environmental objectives to a bottom-up accord favoring political feasibility. There is no meaningful binding agreement in sight, also because the global...
Persistent link: https://www.econbiz.de/10011084722
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Climate Tipping and Economic Growth: Precautionary Saving and the Social Cost of Carbon
Zeeuw, Aart J. de; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2014
The optimal reaction to a pending productivity shock of which the expected arrival time increases with global warming is to accumulate more precautionary capital to smooth consumption and to levy a carbon tax, proportional to the marginal hazard of a catastrophe, to curb the risk of climate...
Persistent link: https://www.econbiz.de/10011084431
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The Supermodular Stochastic Ordering
Meyer, Margaret A; Strulovici, Bruno - C.E.P.R. Discussion Papers - 2013
In many economic applications involving comparisons of multivariate distributions, supermodularity of an objective function is a natural property for capturing a preference for greater interdependence. One multivariate distribution dominates another according to the `supermodular stochastic...
Persistent link: https://www.econbiz.de/10011083601
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Measuring Risk Attitudes in a Natural Experiment: Data from the Television Game Show LINGO
Beetsma, Roel; Schotman, Peter C - C.E.P.R. Discussion Papers - 1998
We use data from a television game show, involving elementary lotteries and substantial prize money, as a natural experiment to measure risk attitudes. We find robust evidence of substantial risk aversion. As an extension, we esimate the various models using transformations of the ‘true’...
Persistent link: https://www.econbiz.de/10005661826
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Uncertainty in Spatial Duopoly with Possibly Asymmetric Distributions: a State Space Approach
Meagher, Kieron J.; Zauner, Klaus G. - Research School of Economics, College of Business and … - 2008
uncertainty as an additive shock to a uniform consumer distribution. The additive shock restricts uncertainty to the mean of the …
Persistent link: https://www.econbiz.de/10004971401
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Portfolio Selection with Parameter and Model Uncertainty: A Multi-Prior Approach
Garlappi, Lorenzo; Uppal, Raman; Wang, Tan - C.E.P.R. Discussion Papers - 2005
In this paper, we show how an investor can incorporate uncertainty about expected returns when choosing a mean … investor is neutral to uncertainty, we consider the case where the investor has multiple priors and is averse to uncertainty … model aversion to uncertainty via a minimization over the set of priors. The multi-prior model has several attractive …
Persistent link: https://www.econbiz.de/10005124485
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Model Misspecification and Under-Diversification
Uppal, Raman; Wang, Tan - C.E.P.R. Discussion Papers - 2002
In this Paper we develop a model of intertemporal portfolio choice where an investor accounts explicitly for the possibility of model misspecification. This work is motivated by the difficulty in estimating precisely the probability law for asset returns. Our contribution is to develop a...
Persistent link: https://www.econbiz.de/10005504745
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Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System
Cukierman, Alex; Izhakian, Yehuda - C.E.P.R. Discussion Papers - 2011
, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood … between risk and uncertainty is implemented by applying the Gilboa-Schmeidler maxmin with multiple priors framework to lenders … include: (i) An unanticipated increase in bailout uncertainty raises interest rates, the volume of defaults in both the real …
Persistent link: https://www.econbiz.de/10009144737