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We review how realistic frictions in information and/or rationality arrest general equilibrium (GE) feedbacks. In one specification, we maintain rational expectations but remove common knowledge of aggregate shocks. In another, we replace rational expectations with Level-k Thinking or a smooth...
Persistent link: https://www.econbiz.de/10012938745
If global warming is to stay below 2°C, there are four risks of assets stranding. First, substantial fossil fuel reserves will be stranded at the end of the fossil era. Second, this will be true for exploration capital too. Third, unanticipated changes in present or expected future climate...
Persistent link: https://www.econbiz.de/10012039083
This paper provides evidence on the degree of persistence of one of the key components of the CAPM, namely the market risk premium, as well as its volatility. The analysis applies fractional integration methods to data for the US, Germany and Japan, and for robustness purposes considers...
Persistent link: https://www.econbiz.de/10012199998
Ansatz einer ökonomischen Theorie der Moral. Untersucht wird, wie die beiden Ansätze dem moralischen Anliegen vorarbeiten …, die internationale Versorgung mit Arzneimitteln zu verbessern, d.h. wie sie als Theorie dem praktischen Missstand … einer ökonomischen Theorie der Moral primär darin, dass in armen Ländern vielfach die institutionellen Voraussetzungen …
Persistent link: https://www.econbiz.de/10011757912
Millions of people in the developing world lack access to curative drugs. Thomas Pogge identifies the cause for this … countries hinder the poor from expressing their needs as actual demand on the market. From a theory point of view, the major …
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