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Philosophers and economists can agree on the intergenerational discount rate and climate policy paths
Nesje, Frikk; Drupp, Moritz A.; Freeman, Mark C.; … - 2022
the ethical issues that underpin long-term societal decision-making. This study compares expert economists' views on key … alternative ethical approaches to standard Utilitarian calculus. In the politicized world of long-term decision-making, this paper … nuanced decision-making today and lead to multidisciplinary support for climate action. …
Persistent link: https://www.econbiz.de/10013365181
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Limited substitutability, relative price changes and the uplifting of public natural capital values
Drupp, Moritz A.; Turk, Zachary; Groom, Benjamin; … - 2024
While the global economy continues to grow, ecosystem services tend to stagnate or decline. Economic theory has shown … empirical evidence has been sparse to put theory into practice. To estimate the relative price change in ecosystem services that …
Persistent link: https://www.econbiz.de/10014551808
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Relative price changes of ecosystem services : evidence from Germany
Heckenhahn, Jonas; Drupp, Moritz A. - 2022
substitutable with manufactured goods and often exhibit considerably lower growth rates. Theory has shown that we should either …
Persistent link: https://www.econbiz.de/10013168021
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Inequality and the value of public natural capital
Meya, Jasper; Baumgärtner, Stefan; Drupp, Moritz A.; … - 2020
We study how income inequality affects the social value of a dynamic public good, such as natural capital. Our theory … values between study and policy contexts, or to up-scale values from study sites to the national scale. Our theory provides …
Persistent link: https://www.econbiz.de/10012387514
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Climate change and psychological adaptation : a behavioral environmental economics approach
Aronsson, Thomas; Schöb, Ronnie - 2014
Economic models of climate policy (or policies to combat other environmental problems) typically neglect psychological adaptation to changing life circumstances. People may adapt or become more sensitive, to different degrees, to a deteriorated environment. The present paper addresses these...
Persistent link: https://www.econbiz.de/10010354841
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Public investment as commitment
Gerlagh, Reyer; Liski, Matti - 2011
returns for time-inconsistent decision markers. An institutionalized (i.e., exogenous) rule demanding equalized comparable …
Persistent link: https://www.econbiz.de/10009009657
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Carbon prices for the next thousand years
Gerlagh, Reyer; Liski, Matti - 2012
Climate is a persistent asset, bar none: changes in climate-related stocks have consequences spanning over centuries or possibly millennia to the future. To reconcile the discounting of such far-distant impacts and realism of the shorter-term decisions, we consider hyperbolic time-preferences in...
Persistent link: https://www.econbiz.de/10009570590
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Why uncertainty matters : discounting under intertemporal risk aversion and ambiguity
Traeger, Christian - 2012
Uncertainty has an almost negligible impact on project value in the economic standard model. I show that a comprehensive evaluation of uncertainty and uncertainty attitude changes this picture fundamentally. The analysis relies on the discount rate, which is the crucial determinant in balancing...
Persistent link: https://www.econbiz.de/10009488887
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Closed-form integrated assessment and uncertainty
Traeger, Christian - 2015
The paper derives the optimal carbon tax in closed-form from an integrated assessment of climate change. The formula shows how carbon, temperature, and economic dynamics quantify the optimal mitigation effort. The model's descriptive power is comparable to numeric models used in policy advising....
Persistent link: https://www.econbiz.de/10011305430
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Relative prices and climate policy : how the scarcity of non-market goods drives policy evaluation
Drupp, Moritz A.; Hänsel, Martin C. - 2020
Climate change not only impacts production and market consumption, but also the relative scarcity of non-market goods, such as environmental amenities. We study fundamental drivers of the resulting relative price changes, their potential magnitude, and their implications for climate policy in...
Persistent link: https://www.econbiz.de/10012154637