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Optimal Climate Policy for a Pessimistic Social Planner
Valentini, Edilio; Vitale, Paolo - 2014
In this paper we characterize the preferences of a pessimistic social planner concerned with the potential costs of extreme, low-probability climate events. This pessimistic attitude is represented by a recursive optimization criterion à la Hansen and Sargent (1995) that introduces...
Persistent link: https://www.econbiz.de/10010398443
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How to Win Twice at an Auction. On the Incidence of Commissions in Auction Markets
Ginsburgh, Victor; Legros, Patrick; Sahuguet, Nicolas - 2004
We analyze the welfare consequences of an increase in the commissions charged by the organizer of an auction … of tax incidence in consumer economics. We argue, however, that auction markets deserve a separate treatment. Indeed we …
Persistent link: https://www.econbiz.de/10011325020
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All-Pay Auctions with Weakly Risk-Averse Buyers
Fibich, Gadi; Gavious, Arieh; Sela, Aner - 2004
would bid in a first-price auction. 3) Buyers' expected utilities in an all-pay auction are lower than in a first …-price auction. 4) The seller's expected payoff in an all-pay auction may be either higher or lower than in the risk neutral case. 5 …) The seller's expected payoff in an all-pay auction may be either higher or lower than in a first-price auction. …
Persistent link: https://www.econbiz.de/10011324891
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Flexible waste management under uncertainty
Di Corato, Luca; Montinari, Natalia - 2013
In this paper, we use stochastic dynamic programming to model the choice of a municipality which has to design an optimal waste management program under uncertainty about the price of recyclables in the secondary market. The municipality can, by undertaking an irreversible investment, adopt a...
Persistent link: https://www.econbiz.de/10010294289
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The "Doomsday" effect in climate policies: Why is the present decade so crucial to tackling the climate challenge?
Perrissin Fabert, Baptiste; Espagne, Etienne; Pottier, … - 2012
Despite growing scientific evidence that passing a 2êC temperature increase may trigger tipping points in climate dynamics, most Integrated Assessment Models (IAM) based on Cost Benefit Analysis (CBA) with smooth quadratic damage functions are unable to account for the possibility of strong...
Persistent link: https://www.econbiz.de/10010294302
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Redistribution effects of energy and climate policy: The electricity market
Hirth, Lion; Ueckerdt, Falko - 2012
Energy and climate policies are usually seen as measures to internalize externalities. However, as a side effect, these policies redistribute wealth between consumers and producers, and within these groups. While redistribution is seldom the focus of the academic literature in energy economics,...
Persistent link: https://www.econbiz.de/10010294320
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Disentangling the Stern/Nordhaus controversy: Beyond the discounting clash
Espagne, Etienne; Perrissin Fabert, Baptiste; Pottier, … - 2012
The Stern/Nordhaus controversy has polarized the widely disparate beliefs about what to do in order to tackle the climate challenge. To explain differences in results and policy recommendations, comments following the publication of the Stern Review have mainly focused on the role played by the...
Persistent link: https://www.econbiz.de/10010294330
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Optimal agglomerations in dynamic economics
Brock, William A.; Xepapadeas, Anastasios; … - 2012
We study rational expectations equilibrium problems and social optimum problems in infinite horizon spatial economies in the con- text of a Ramsey type capital accumulation problem with geographical spillovers. We identify sufficient local and global conditions for the emergence (or not) of...
Persistent link: https://www.econbiz.de/10010294343
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Integrated environmental assessment of future energy scenarios based on economic equilibrium models
Igos, Elorri; Rugani, Benedetto; Rege, Sameer; Benetto, … - 2015
The future evolution of energy supply technologies strongly depends on (and affects) the economic and environmental systems, due to the high dependency of this sector on the availability and cost of fossil fuels, especially on the small regional scale. This paper aims at presenting the modeling...
Persistent link: https://www.econbiz.de/10011307247
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Integrated assessment of climate catastrophes with endogenous uncertainty: Does the risk of ice sheet collapse justify precautionary mitigation?
Diaz, Delavane B. - 2015
Greenhouse gas policies confront the trade-off between the costs of reducing emissions and the benefits of avoided climate change. The risk of uncertain and potentially irreversible catastrophes is an important issue related to the latter, and one that has not yet been well incorporated into...
Persistent link: https://www.econbiz.de/10011307301