The Prospect Theory proposes to assess outcomes relative to a reference point (or benchmark). Although the literature recognises the relevance of dynamic benchmarks, most of the applications of Prospect Theory employ static reference points (or a status quo). This paper aims to develop a...

The paper analyzes the relationship between trade policy and environmental protection. National and global environmental issues are distinguished. In principle, there is no conflict between an institutional order for international trade and national environmental policy. Protectionism against...

Die Konferenz Rio+20 endete mit einem enttäuschenden Kompromiss. Entscheidend für die Zukunft der globalen Nachhaltigkeitspolitik wird sein, ob es gelingt, die Schwellenländer stärker einzubinden.

This paper investigates the economic implications of a comprehensive approach to sustainable greenhouse policies that strives to stabilise the atmospheric concentration of the five major greenhouse gases at an ecologically determined threshold level. In a theoretical optimisation model...

This paper explores the trade-off between economic growth and environmental quality along two paradigms of endogenous growth theory: variety expansion (HIP) and quality improvements (VIP). We compare the policies that match the decentralised economies' paths with the optimal "strong sustainable"...

The Communication on Environmental Indicators and Green National Accounting (Com (94) 670 final, 21.12.94) laid the basis for indicator and accounting projects aimed to give comprehensive support to environmental policy, like GARP and GreenStamp. The article is intended to demonstrate: that...