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Hyperbolic Discounting of Public Goods
Viscusi, W Kip; Huber, Joel - National Bureau of Economic Research (NBER) - 2006
thereafter, which is inconsistent with exponential discounting but consistent with hyperbolic discounting. The implied marginal … rate of time preference declines and then rises. Estimates of the quasi-hyperbolic discounting parameter range from 0.48 to …
Persistent link: https://www.econbiz.de/10005777961
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Behavioral Welfare Economics
Bernheim, B. Douglas - National Bureau of Economic Research (NBER) - 2008
This paper discusses several competing proposals for general normative frameworks that would encompass non-standard models of choice. Most existing proposals equate welfare with well-being. Some assume that well-being flows from the achievement of well-defined objectives, and that those...
Persistent link: https://www.econbiz.de/10005085364
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Beyond Revealed Preference: Choice Theoretic Foundations for Behavioral Welfare Economics
Bernheim, B. Douglas; Rangel, Antonio - National Bureau of Economic Research (NBER) - 2008
We propose a broad generalization of standard choice-theoretic welfare economics that encompasses a wide variety of non-standard behavioral models. Our approach exploits the coherent aspects of choice which those positive models typically attempt to capture. It replaces the standard revealed...
Persistent link: https://www.econbiz.de/10005714662
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Sustainable Growth and the Green Golden Rule
Chichilnisky, Graciela; Heal, Geoffrey; Beltratti, Andrea - National Bureau of Economic Research (NBER) - 1993
We study a growth model with an environmental asset which is a source of utility and an input to consumption and production. The stock of this asset follows its own ecological dynamics, which are affected by economic activity. We study the implications of an approach to ranking sequences of...
Persistent link: https://www.econbiz.de/10005714805
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Elephants
Kremer, Michael; Morcom, Charles - National Bureau of Economic Research (NBER) - 1996
Existing models of open-access resources are applicable to non-storable resources, such as fish. Many open-access resources, however, are used to produce storable goods. Elephants, rhinos, and tigers are three prominent examples. Anticipated future scarcity of these resources will increase...
Persistent link: https://www.econbiz.de/10005580614
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The Social Discount Rate
Caplin, Andrew; Leahy, John - National Bureau of Economic Research (NBER) - 2000
In welfare theory it is standard to pick the consumption stream that maximizes the welfare of the representative agent. We argue against this position, and show that a benevolent social planner will generally place a greater weight on future consumption than does the representative agent. Our...
Persistent link: https://www.econbiz.de/10005085339
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Sacred Values? The Effect of Information on Attitudes toward Payments for Human Organs
Elias, Julio J.; Lacetera, Nicola; Macis, Mario - National Bureau of Economic Research (NBER) - 2015
Many economic transactions are prohibited—even in the absence of health or safety concerns or negative externalities—because of ethical concerns that cause these exchanges to be perceived as “repugnant” if conducted through a market. Establishing a system of payments for human organs is...
Persistent link: https://www.econbiz.de/10011123650
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Tipping Points and Ambiguity in the Economics of Climate Change
Lemoine, Derek M.; Traeger, Christian P. - National Bureau of Economic Research (NBER) - 2012
We model welfare-maximizing policy in an infinite-horizon setting when the probability of a tipping point, the welfare change due to a tipping point, and knowledge about a tipping point's trigger all depend on the policy path. Analytic results demonstrate how optimal policy depends on the...
Persistent link: https://www.econbiz.de/10010969374
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Estimating Time Preferences from Convex Budgets
Andreoni, James; Sprenger, Charles - National Bureau of Economic Research (NBER) - 2010
discounting. A commonly recognized bias of standard elicitation techniques is the use of linear preferences for identification … utility function curvature. We present a new methodology for identifying time preferences, both discounting and utility … obtained, dynamically consistent discounting, and limited though significant utility function curvature. …
Persistent link: https://www.econbiz.de/10008565081
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Risk Preferences Are Not Time Preferences: Discounted Expected Utility with a Disproportionate Preference for Certainty
Andreoni, James; Sprenger, Charles - National Bureau of Economic Research (NBER) - 2010
Risk and time are intertwined. The present is known while the future is inherently risky. Discounted expected utility provides a simple, coherent structure for analyzing decisions in intertemporal, uncertain environments. However, we document robust violations of discounted expected utility,...
Persistent link: https://www.econbiz.de/10008565085