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...

We describe a model of international, multidimensional policy coordination where countries can enter into selective and separate agreements with different partners along different policy dimensions. The model is used to examine the implications of negotiation tie-in - the requirement that...

Externe Effekte zwischen Wirtschaftssubjekten spielen in der Ökonomie eine herausragende Rolle. Solche durch wirtschaftliche Aktivität verursachten Externalitäten wirken auf das Wohlfahrtsniveau Dritter ein, ohne daß dafür eine marktliche Kompensation erfolgen würde. Die vorliegende...

This Policy Brief proposes the establishment of an agreement on conformity assessment between the EU and the US that covers machinery and electrical equipment. The initiative aims to increase the number of European and US conformity assessment bodies authorized to test and certify EU and US...

Cooperation between the states of the Caucasus and Central Asia is paramount in solving the region's environmental problems. Given the acute socio-economic difficulties they face, their slow progress is understandable. Serious environmental and socio-economic consequences cumulate as the neglect...

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...