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The Social Cost of Carbon and the Ramsey Rule
Withagen, Cees - 2019
The objective of this paper is to critically assess the use of simple rules for the social cost of carbon (SCC) that employ a rudimentary form of the Ramsey Rule. Two interrelated caveats apply. First, if climate change poses a serious problem, it is hard to justify an exogenous constant growth...
Persistent link: https://www.econbiz.de/10012892228
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Urban Specialisation; from Sectoral to Functional
Gervais, Antoine; Markusen, James R.; Venables, Anthony J. - 2021
combines elements of the literatures on economic geography, multinational firms, urban economics, and trade theory. A two …
Persistent link: https://www.econbiz.de/10013250045
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The life satisfaction approach to environmental valuation
Frey, Bruno S.; Luechinger, Simon; Stutzer, Alois - 2009
In many countries environmental policies and regulations are implemented to improve environmental quality and thus individuals’ well-being. However, how do individuals value the environment? In this paper, we review the Life Satisfaction Approach (LSA) representing a new non-market valuation...
Persistent link: https://www.econbiz.de/10010273798
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Expected net present value, expected net future value, and the Ramsey rule
Gollier, Christian - 2009
Weitzman (1998) showed that when future interest rates are uncertain, using the expected net present value implies a term structure of discount rates that is decreasing to the smallest possible interest rate. On the contrary, using the expected net future value criterion implies an increasing...
Persistent link: https://www.econbiz.de/10010274006
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How should the distant future be discounted when discount rates are uncertain?
Gollier, Christian; Weitzman, Martin L. - 2009
It is not immediately clear how to discount distant-future events, like climate change, when the distant-future discount rate itself is uncertain. The so-called Weitzman-Gollier puzzle is the fact that two seemingly symmetric and equally plausible ways of dealing with uncertain future discount...
Persistent link: https://www.econbiz.de/10010274007
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Public investment as commitment
Gerlagh, Reyer; Liski, Matti - 2011
Should public assets such as infrastructure, education, and the environment earn the same return as private investments? The long-term nature of public investments provides commitment to current preferences, which justifies lower than private returns for time-inconsistent decision markers. An...
Persistent link: https://www.econbiz.de/10010274884
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The consumption-based determinants of the term structure of discount rates
Gollier, Christian - 2005
The efficient rate of return of a zero-coupon bond with maturity t is determined by our expectations about the mean (+), variance (-) and skewness (+) of the growth of aggregate consumption between 0 and t. The shape of the yield curve is thus determined by how these moments vary with t. We...
Persistent link: https://www.econbiz.de/10010261120
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Prevention and Mitigation of Epidemics : Biodiversity Conservation and Confinement Policies
Augeraud-Véron, Emmanuelle - 2020
This paper presents a first model integrating the relation between biodiversity loss and zoonose pandemic risks in a … preserve a greater quantity of biodiversity, thus decreasing the probability of a pandemic occurring, and second (mitigation … biodiversity conservation is shown to be more relevant for more “forward looking” societies, with a small discount rate and a high …
Persistent link: https://www.econbiz.de/10012824824
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Conservation by Lending
Harstad, Bård; Storesletten, Kjetil - 2023
This project analyzes how a principal can motivate an agent to conserve rather than exploit a depletable resource. This dynamic problem is relevant for tropical deforestation as well as for other environmental problems. It is shown that the smaller is the agent's discount factor (e.g., because...
Persistent link: https://www.econbiz.de/10014346959
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Robots and Firms
Koch, Michael - 2019
We study the implications of robot adoption at the level of individual firms using a rich panel data-set of Spanish manufacturing firms over a 27-year period (1990-2016). We focus on three central questions: (1) Which firms adopt robots? (2) What are the labor market effects of robot adoption at...
Persistent link: https://www.econbiz.de/10012871754