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The Assumption of Equal Marginal Utility of Income: How Much Does it Matter?
Medin, Hege; Nyborg, Karine; Bateman, Ian - 1998
In most applied cost-benefit analyses, individual willingness to pay is aggregated without using explicit welfare weights. This can be justified by postulating a utilitarian social welfare function, along with the assumption of equal marginal utility of income for all individuals. However, since...
Persistent link: https://www.econbiz.de/10011968012
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The Political Man and Contingent Valuation: Motives Do Count
Nyborg, Karine - 1996
In addition to his role as a consumer pursuing his own interests, an individual may also regard himself as an ethical observer, judging matters from society's point of view. It is not clear which of these possibly conflicting roles respondents in contingent valuation studies take on. This leads...
Persistent link: https://www.econbiz.de/10011967952
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Does the Value of a Statistical Life Vary with Age and Health Status? Evidence from the United States and Canada
Krupnick, Alan; Cropper, Maureen; Alberini, Anna; … - 2002
Much of the justification for environmental rulemaking rests on estimates of the benefits to society of reduced mortality rates. Yet the literature providing estimates of the willingness to pay (WTP) for mortality risk reductions measures the value that healthy, prime-aged adults place on...
Persistent link: https://www.econbiz.de/10005138488
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The Economics of Climate Policy
Toman, Michael; Kolstad, Charles - 2000
Economics has played an increasingly important role in shaping policy, in the United States and elsewhere. This paper reviews some of the dimensions of the economic approach to analyzing, understanding, and developing solutions to the problem of climate change. We then turn to the issue of...
Persistent link: https://www.econbiz.de/10005442476
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Compensated Variation in Random Utility Models
Dagsvik, John K. - 2001
In this paper we introduce the notion of random expenditure function and derive the distribution of the expenditure function and corresponding compensated choice probabilities in the general case when the (random) utilities are nonlinear in income. We also derive formulae for expenditure and...
Persistent link: https://www.econbiz.de/10011968069
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The Fossil Endgame: Strategic Oil Price Discrimination and Carbon Taxation
Wie, Jiegen; Wennlock, Magnus; Johansson, Daniel J.A.; … - 2011
This paper analyzes how fossil fuel-producing countries can counteract climate policy. We analyze the exhaustion of oil resources and the subsequent transition to a backstop technology as a strategic game between the consumers and producers of oil, which we refer to simply as “OECD” and...
Persistent link: https://www.econbiz.de/10009393299
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“Co-benefits” of Greenhouse Gas Mitigation Policies in China: An Integrated Top-Down and Bottom-Up Modeling Analysis
Cao, Jing; Ho, Mun; Jorgenson, Dale - 2008
Many greenhouse gas mitigation policies that shift fossil fuel use are accompanied by some hidden environmental benefits, so called “co-benefits” or “ancillary benefits.” Since these “co-benefits” are often overlooked by government policy makers, there tends to be a bias in the...
Persistent link: https://www.econbiz.de/10010541910
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Promoting renewables and discouraging fossil energy consumption in the European Union
Hagem, Cathrine - 2010
The European Union (EU) identified some positive and negative externalities related to energy production and … consumption when adopting its Renewable Energy and Climate Change Package. Given these externalities, we derive the optimal … policy instruments in each country, given the externalities addressed in this paper. …
Persistent link: https://www.econbiz.de/10011968380
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Price and welfare effects of emission quota allocation
Golombek, Rolf; Kittelsen, Sverre A.C.; Rosendahl, Knut … - 2011
We analyze how different ways of allocating emission quotas may influence the electricity market. Using a large-scale numerical model of the Western European energy market, we show that different allocation mechanisms can have very different effects on the electricity market, even if the total...
Persistent link: https://www.econbiz.de/10011968431
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Smart hedging against carbon leakage
Böhringer, Christoph; Rosendahl, Knut Einar; … - 2019
Policy makers in the EU and elsewhere are concerned that unilateral carbon pricing induces carbon leakage through relocation of emission-intensive and trade-exposed industries to other regions. A common measure to mitigate such leakage is to combine an emission trading system (ETS) with...
Persistent link: https://www.econbiz.de/10012145565