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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

Wildlife Trade Policy and the Decline of Wildlife

Heid, Benedikt; Márquez-Ramos, Laura - 2021

The Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) is the international agreement that regulates international trade in wildlife to prevent its decline. Little is known about the effectiveness of its trade restrictions and bans. Combining the largest...

Persistent link: https://www.econbiz.de/10013314805

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

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

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

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

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

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

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

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