This paper proposes an operationally simple and easily generalizable methodology to incorporate climate change damage uncertainty into Integrated Assessment Models (IAMs). Uncertainty is transformed into a risk-premium, damage-correction, region-specific factor by extracting damage distribution...

We are interested in three related questions: (1) How should accounting prices be estimated? (2) How should we evaluate policy change in an imperfect economy? (3) How can we check whether intergenerational well-being will be sustained along a projected economic programme? We do not presume that...

Economists have expended considerable effort to develop economically meaningful definitions of the somewhat elusive concept of "sustainability". We relate such a definition of sustainability to well known concepts from neoclassical economics, in particular, potential Pareto improvements (in the...

Scientific and economic consensus increasingly points to the need for a credible and cost-effective approach to address the threat of global climate change, but the Kyoto Protocol to the U.N. Framework Convention on Climate Change appears incapable of inducing significant participation and...

We critically review the Kyoto Protocol and thirteen alternative policy architectures for addressing the threat of global climate change. We employ six criteria to evaluate the policy proposals: environmental outcome, dynamic efficiency, cost effectiveness, equity, flexibility in the presence of...

This paper describes how Natural Capital Accounting (NCA) can be integrated into economy wide analytical frameworks to enhance evidence based decision making. Examples from applications of the Integrated Environmental Economic Modelling (IEEM) Platform show how explicitly accounting for the...

The aim of this paper is to analyze the relationship between different types of uncertainty and stock returns of the renewable energy and the oil & gas sectors. We use the quantile regression approach developed by Koenker and d'Orey (1987; 1994) to assess which uncertainties are the potential...

Inequality in access to high-quality teachers is an important driver of student socioeconomic achievement gaps. We experimentally evaluate a novel nation-wide low-cost government program aimed at reducing teacher sorting. Specifically, we tested two behavioral strategies designed to induce...