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Disaster Risk and its Implications for Asset Pricing
Tsai, Jerry - 2015
After laying dormant for more than two decades, the rare disaster framework has emerged as a leading contender to … disaster risk that provide explanations for the equity premium puzzle, the volatility puzzle, return predictability and other …
Persistent link: https://www.econbiz.de/10012457740
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Nondogmatic Climate Policy
Jaakkola, Niko - 2020
Disagreements about normative aspects of social time preferences have led to estimates of the Social Cost of Carbon (SCC) that differ by orders of magnitude. We investigate how disagreements about the SCC change if planners are non-dogmatic, i.e., they admit the possibility of a change in their...
Persistent link: https://www.econbiz.de/10012481608
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Avoiding Traffic Congestion Externalities? The Value of Urgency
Bento, Antonio - 2020
In Becker (1965) and neoclassical microeconomic theory the value of time is a constant fraction of the hourly wage. When taken to data, however, this value departs from theoretical predictions, and appears to vary with the amount of time saved. By observing drivers on freeways opting to enter...
Persistent link: https://www.econbiz.de/10012481913
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Minimax-Regret Climate Policy with Deep Uncertainty in Climate Modeling and Intergenerational Discounting
DeCanio, Stephen J.; Manski, Charles F.; Sanstad, Alan H. - National Bureau of Economic Research - 2022
Integrated assessment models have become the primary tools for comparing climate policies that seek to reduce greenhouse gas emissions. Policy comparisons have often been performed by considering a planner who seeks to make optimal trade-offs between the costs of carbon abatement and the...
Persistent link: https://www.econbiz.de/10012938685
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Hurricanes, Climate Change Policies and Electoral Accountability
Gagliarducci, Stefano - 2019
on the universe of federal disaster declarations between 1989 and 2014, we document that congress members from districts … the disaster. The response to hurricanes does not seem to be driven by logrolling behavior or lobbysts' pressure. The …
Persistent link: https://www.econbiz.de/10012479784
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Mortgage Finance in the Face of Rising Climate Risk
Ouazad, Amine - 2019
after a natural disaster that caused more than a billion dollar in damages. Results suggest a substantial increase in … securitization activity in years following such a billion-dollar disaster. Such increase is larger in neighborhoods for which such a … disaster is "new news", i.e. does not have a long history of hurricanes. Conforming loans are riskier in dimensions not …
Persistent link: https://www.econbiz.de/10012480267
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Evaluating the Economic Cost of Coastal Flooding
Desmet, Klaus - 2018
Sea-level rise and ensuing permanent coastal inundation will cause spatial shifts in population and economic activity over the next 200 years. Using a highly spatially disaggregated, dynamic model of the world economy that accounts for the dynamics of migration, trade, and innovation, this paper...
Persistent link: https://www.econbiz.de/10012480573
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Mitigating Disaster Risks to Sustain Growth
Hong, Harrison - 2020
We provide the planner's solution to a model where households learn from exogenous natural disaster arrivals about … since disaster leads to pessimistic arrival-rate beliefs and taxes or mandates to fund mitigation, which reduce consumption …
Persistent link: https://www.econbiz.de/10012482023
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Climate Change, Insurability of Large-scale Disasters and the Emerging Liability Challenge
Kunreuther, Howard C. - 2007
This paper focuses on the interaction between uncertainty and insurability in the context of some of the risks associated with climate change. It discusses the evolution of insured losses due to weather-related disasters over the past decade, and the key drivers of the sharp increases in both...
Persistent link: https://www.econbiz.de/10012465836
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Flood Risk Belief Heterogeneity and Coastal Home Price Dynamics : Going Under Water?
Bakkensen, Laura A. - 2017
How will climate risk beliefs affect coastal housing market dynamics? This paper provides both theoretical and empirical evidence: First, we build a dynamic housing market model with heterogeneity in home types, consumer preferences, and flood risk beliefs. The model incorporates a Bayesian...
Persistent link: https://www.econbiz.de/10012453857