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The social cost of carbon with intragenerational inequality under economic uncertainty
Ploeg, Frederick van der; Emmerling, Johannes; Groom, … - 2022
A formula is derived for the social cost of carbon (SCC) that takes account of intragenerational income inequality and its evolution with economic growth. The social discount rate (SDR) should be adjusted to account for intragenerational and intergenerational inequality aversion and for risk...
Persistent link: https://www.econbiz.de/10013206181
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The value of information in water quality monitoring and management
Luhede, Amelie; Yaqine, Houda; Bahmanbijari, Reza; … - 2023
Environmental managers face substantial uncertainty when deciding on management actions. To reduce this uncertainty … on the management cost, the assumed value of a good state and on the level of uncertainty regarding the ecological state …
Persistent link: https://www.econbiz.de/10014228294
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Application of stochastic optimal control to financial market debt crises
Stein, Jerome L. - 2009
literature in mathematical finance concerning optimal portfolio allocation and stopping rules? The uncertainty concerns the …
Persistent link: https://www.econbiz.de/10003807893
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A critique of the literature on the US financial debt crisis
Stein, Jerome L. - 2010
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
Persistent link: https://www.econbiz.de/10003936616
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Stochastic optimal control modeling of debt crises
Stein, Jerome L. - 2003
What is an optimal or a sustainable external debt - for a country, region or sector? How should one monitor and evaluate debt to preclude a crisis? We use stochastic optimal control/dynamic programming to derive an optimal debt. The deviation of the actual from the optimal will serve as a...
Persistent link: https://www.econbiz.de/10011509487
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Dark clouds or silver linings? : Knightian uncertainty and climate change
Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole - 2011
This paper examines the impact of Knightian uncertainty upon optimal climate policy through the prism of a continuous … Knightian uncertainty accelerates climate policy, i.e. policymakers become more reluctant to postpone the timing of climate … policies into the future. -- climate change ; Knightian uncertainty ; ê ambiguity ; real options …
Persistent link: https://www.econbiz.de/10009230822
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Stochastic optimal control, international finance and debt
Fleming, Wendell Helms; Stein, Jerome L. - 2002
We use stochastic optimal control-dynamic programming (DP) to derive the optimal foreign debt/net worth, consumption/net worth, current account/net worth, and endogenous growth rate in an open economy. Unlike the literature that uses an Intertemporal Budget Constraint (IBC) or the Maximum...
Persistent link: https://www.econbiz.de/10011410314
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Wicksellian theory of forest rotation under interest rate variability
Alvarez, Luis H. R.; Koskela, Erkki - 2001
, allowing for interest rate uncertainty is shown to increase the optimal rotation period when the value of the optimal policy is …
Persistent link: https://www.econbiz.de/10011400915
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On the tree-cutting problem under interest rate and forest value uncertainty
Alvarez, Luis H. R.; Koskela, Erkki - 2003
Persistent link: https://www.econbiz.de/10011505937
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Does risk aversion accelerate optimal forest rotation under uncertainty?
Alvarez, Luis H. R.; Koskela, Erkki - 2004
We use a Wicksellian single rotation framework to analyze the impact of the intertemporally fluctuating and stochastic mean-reverting interest rate process on the optimal harvesting threshold and thereby the expected length of the rotation period, when forest value is also stochastic following...
Persistent link: https://www.econbiz.de/10011450936