We consider an optimal consumption and pollution problem that has two important features. Environmental damages due to … perpetual decrease in environmental quality and consumption, both asymptotically converging toward zero. Therefore, accounting … for the risk of irreversibility induces more conservative decisions regarding consumption and polluting emissions. In …

financial risks on consumption choices in the Mediterranean Region. The analysis is carried out using time series aggregate data … significantly influence consumption dynamics. Our estimates of the indexes of relative risk aversion and relative prudence, as well …

We specify and estimate a lifecycle model of consumption, housing demand and labor supply in an environment where …, education specific productivity shocks, and catastrophic consumption events, while bankruptcy is governed by the basic …