In diesem Beitrag untersuchen wir die nachhaltige Wohlfahrt der 100 größten kreisfreien deutschen Städte, ausgehend von einem umfassenden Wohlfahrtskonzept, das auch nicht-marktbasierende Größen enthält (Smith et al. 2001; Arrow et al. 2003; Alfsen und Greaker 2007; Dasgupta 2009; Arrow et al. 2010). Die...

In diesem Beitrag untersuchen wir die nachhaltige Wohlfahrt der 100 größten kreisfreien deutschen Städte, ausgehend von einem umfassenden Wohlfahrtskonzept, das auch nicht-marktbasierende Größen enthält (Smith et al. 2001; Arrow et al. 2003; Alfsen und Greaker 2007; Dasgupta 2009; Arrow et al. 2010). Die...

Uncertainty has an almost negligible impact on project value in the standard economic model. I show that a comprehensive evaluation of uncertainty and uncertainty attitude changes this picture fundamentally. The illustration of this result relies on the discount rate, which is the crucial...

We introduce a version of the DICE-2007 model designed for uncertainty analysis. DICE is a wide-spread deterministic integrated assessment model of climate change. Climate change, long-term economic development, and their interactions are highly uncertain. The quantitative analysis of optimal...

The paper develops an axiomatic framework for rational decision making. The von Neumann-Morgenstern axioms give rise to a richer risk attitude than that captured in the standard discounted expected utility model. I derive three models that permit a more comprehensive risk evaluation. These...

We investigate the optimal policy response to the possibility of abrupt, irreversible shifts in system dynamics. The welfare cost of a tipping point emerges from the policymaker's response to altered system dynamics. Our policymaker also learns about a threshold's location by observing the...

Global warming, alterations of ecosystems, and sunk investmentsall imply irreversible changes with uncertain future costs and benefits. Twoconcepts measure how this combination of uncertainty and irreversibilitychanges the value of preserving an ecosystem or postponing an investment.First, the...

We introduce a version of the DICE-2007 model designed for uncertaintyanalysis. DICE is a wide-spread deterministic integrated assessment model of climatechange. However, climate change, long-term economic development, and theirinteractions are highly uncertain. A thorough empirical analysis of...

We introduce a version of the DICE-2007 model designed for uncertaintyanalysis. DICE is a wide-spread deterministic integrated assessment model of climatechange. Climate change, long-term economic development, and their interactionsare highly uncertain. The quantitative analysis of optimal...

We investigate the socially optimal intervention in the global carbon cycle. Limiting factors are (i) increasing atmospheric carbon concentration due to fossil fuel-related carbon emissions, and (ii) the inertia of the global carbon cycle itself. Accordingly, we explicitly include the largest...