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Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better than Delay Discounting
Ericson, Keith M. Marzilli - 2015
, which can account for many of the known intertemporal choice anomalies, to discounting models. We conduct an out …-of-sample, cross-validated comparison of intertemporal choice models. Heuristic models outperform traditional utility discounting … models, including models of exponential and hyperbolic discounting. The best performing models predict choices by using a …
Persistent link: https://www.econbiz.de/10013028066
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Uncertain Outcomes and Climate Change Policy
Pindyck, Robert S. - 2010
Focusing on tail effects, I incorporate distributions for temperature change and its economic impact in an analysis of climate change policy. I estimate the fraction of consumption w*(tau) that society would be willing to sacrifice to ensure that any increase in temperature at a future point is...
Persistent link: https://www.econbiz.de/10013151360
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Overcoming the Common Pool Problem Through Voluntary Cooperation : The Rise and Fall of a Fishery Cooperative
Deacon, Robert - 2010
We analyze a seldom used, but highly promising form of rights-based management over common pool resources that involves the self-selection of heterogeneous fishermen into sectors. The fishery management regime assigns one portion of an overall catch quota to a voluntary cooperative, with the...
Persistent link: https://www.econbiz.de/10013138469
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The Valuation of Fisheries Rights : A Real Options Approach
Pizarro, Jose - 2018
This article develops and implements a Real Option approach to value renewable natural resources in the case of Marine Fisheries. The model includes two sources of uncertainty: the resource biomass and the price of fish, and it can be used by fisheries to optimally adapt their harvesting...
Persistent link: https://www.econbiz.de/10012909855
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Property Rights, Regulatory Capture, and Exploitation of Natural Resources
Costello, Christopher - 2015
We study how the strength of property rights to individual extractive firms affects a regulator's choice over exploitation rates for a natural resource. The regulator is modeled as an intermediary between current and future resource harvesters, rather than between producers and consumers, as in...
Persistent link: https://www.econbiz.de/10013030066
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Policy-Instrument Choice and Benefit Estimates for Climate-Change Policy in the United States
Kotchen, Matthew J.; Boyle, Kevin J; Leiserowitz, Anthony - 2021
This paper provides the first willingness-to-pay (WTP) estimates in support of a national climate-change policy that are comparable with the costs of actual legislative efforts in the U.S. Congress. Based on a survey of 2,034 American adults, we find that households are, on average, willing to...
Persistent link: https://www.econbiz.de/10013225014
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Transparency and Credibility : Monetary Policy with Unobservable Goals
Faust, Jon - 2010
We define and study transparency, credibility, and reputation in a model where the central bank's characteristics are unobservable to the private sector and are inferred from the policy outcome. A low-credibility bank optimally conducts a more inflationary policy than a high-credibility bank, in...
Persistent link: https://www.econbiz.de/10013137302
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Estimating Dynamic Discrete Choice Models with Hyperbolic Discounting, with an Application to Mammography Decisions
Fang, Hanming - 2010
) conditional choice probability (CCP) approach to the setting where individuals may have hyperbolic discounting time preferences …
Persistent link: https://www.econbiz.de/10013137310
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Optimal Policy Instruments for Externality-Producing Durable Goods Under Time Inconsistency
Heutel, Garth - 2011
When consumers exhibit present bias and are time-inconsistent, the standard solution to market failures caused by externalities--Pigouvian pricing--is suboptimal. I investigate policies aimed at externalities for time-inconsistent consumers. Welfare-maximizing policy in this case includes an...
Persistent link: https://www.econbiz.de/10013124551
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Discounting Under Disagreement
Heal, Geoffrey M. - 2013
A group of agents disagree about the appropriate inter temporal preferences to use when exploiting a common productive resource. They thus delegate decision making to a social planner who allocates consumption efficiently across heterogeneous individuals and over time. We define `policy...
Persistent link: https://www.econbiz.de/10013082765