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Collective Investment Decision Making with Heterogeneous Time Preferences

Gollier, Christian; Zeckhauser, Richard - CESifo - 2003

We examine the investment decision problem of a group whose members have heterogeneous time preferences. In particular … exponential discounting for their collective investment decisions even if all agents discount exponentially.We also exhibit … conditions that lead the representative agent to have a rate of impatience that decreases with GDP per capita. …

Persistent link: https://www.econbiz.de/10005181613

Minority Voting and Long-Term Decisions

Fahrenberger, Theresa; Gersbach, Hans - 2021

In this paper we propose minority voting as a scheme that can partially protect individuals from the risk of repeated exploitation. We consider a committee that meets twice to decide about projects where the first-period project may have a long-lasting impact. In the first period a simple open...

Persistent link: https://www.econbiz.de/10013316931

The Demands for Environmental Regulation and for Trade in the Presence of Private Mitigation

Hotte, Louis; Winer, Stanley L. - 2021

We study the nature of individual demands for environmental regulation and for trade openness in the general equilibrium of a small open economy where the environment is an input to production. Differences in the ability of individuals to afford private mitigation of the adverse consequences of...

Persistent link: https://www.econbiz.de/10013316421

The Political Economy of Intergenerational Cooperation

Cigno, Alessandro - 2021

The paper examines the scope for mutually beneficial intergenerational cooperation, and looks at various attempts to theoretically explain the emergence of norms and institutions that facilitate this cooperation. After establishing a normative framework, we examine the properties of the...

Persistent link: https://www.econbiz.de/10013318048

Investment Policy for Time-Inconsistent Discounters

Harstad, Bård - 2014

This paper explores how a principal with time-inconsistent preferences invests optimally in technology or capital. If the current principal prefers her future self to save more, she can increase current investments complementary to future savings and decrease investments in the strategic...

Persistent link: https://www.econbiz.de/10013060520

Adaptation, Anticipation-Bias and Optimal Income Taxation

Aronsson, Thomas - 2012

Adaptation is omnipresent but people systematically fail to correctly anticipate the degree to which they adapt. This leads individuals to make inefficient intertemporal decisions. This paper concerns optimal income taxation to correct for such anticipation-biases in a framework where consumers...

Persistent link: https://www.econbiz.de/10013104834

Overcoming History Through Exit or Integration – Deep-Rooted Sources of Support for the European Union

Gehring, Kai - 2020

Preferences about the vertical distribution of power in federal systems are not well understood. I argue that negative historical experiences with higher-level governments can plausibly raise demands for exit strategies and a devolution of power. But integration, for instance delegating power...

Persistent link: https://www.econbiz.de/10012840199

It's the Media, Stupid - How Media Activity Shapes Public Spending

Bruns, Christian - 2008

Politicians seeking reelection need voters to know what they have done for them. Thus, incentives may arise to spend more money where media coverage is higher. We present a simple model to explain the allocation of public spending across jurisdictions contingent on media activity. An incumbent...

Persistent link: https://www.econbiz.de/10012768249

Fiscal Interactions Among European Countries : Does the EU Matter?

Redoano, Michela - 2021

We use a panel of European countries to investigate whether or not governments interact with their neighbors when they decide their fiscal policy; we consider both taxes and expenditures, at aggregate and at separate aspects of policy. We analyse possible different competitive behaviours and...

Persistent link: https://www.econbiz.de/10013317167

Fair Intergenerational Utilitarianism : Risk, its Resolution Over Time, and Discounting

Piacquadio, Paolo G. - 2015

The paper reexamines the welfare economics of intergenerational risk. Risk and its resolution over time are modeled as a decision tree: in each period, the consumption of the current one-period living generation is to be traded-off against uncertain benefits of future generations; as time...

Persistent link: https://www.econbiz.de/10013030316