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This paper shows that, counter-intuitively, a higher elasticity of substitution in model production function can lead to reduced economic resilience and larger vulnerability to shocks in production factor prices. This result is due to the fact that assuming a higher elasticity of substitution...
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incomplete risk diversification. Risk neutrality and imperfect intertemporal substitutability make investment decreasing in … privatization (crowding-out effect). Vice-versa with risk aversion and perfect intertemporal substitutability (diversification … effect). Finally, with risk aversion and imperfect intertemporal substitutability, crowding-out effects are more than …
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An ecosystem approach means different things to different people. As a result the concept of ecosystem-based fishery management is evolving and it has no universal definition or consistent application. As regards ecosystem modeling, most economic models of fishery ignore the linkages to lower...
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We explore whether environmental motivation affects environmental behavior by focusing on volunteering. The paper first introduces a theoretical model of volunteering in environmental organizations. In a next step, it tests the hypothesis working with a large micro data set covering 32 countries...
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Industrial policy has long been criticized as subject to protectionist interests; accordingly, subsidies to domestic producers face disciplines under World Trade Organization agreements, without exceptions for environmental purposes. Now green industrial policy is gaining popularity as...
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