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On welfare frameworks and catastrophic climate risks
Millner, Antony - 2013
Recent theoretical work in the economics of climate change has suggested that climate policy is highly sensitive to "fat-tailed" risks of catastrophic outcomes (Weitzman, 2009b). Such risks are suggested to be an inevitable consequence of scientific uncertainty about the effects of increased...
Persistent link: https://www.econbiz.de/10010199723
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Extreme weather and risk preference : panel evidence from Germany
Kahsay, Goytom Abraha; Osberghaus, Daniel - 2016
Individual risk preference may change after experiencing external socio-economic or natural shocks. Theoretical … predictions and empirical studies suggest that risk taking may increase or decrease after experiencing shocks. So far the … whether experiencing financial and health-related damage caused by storms affects risk preference of individuals in Germany …
Persistent link: https://www.econbiz.de/10011454120
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On Welfare Frameworks and Catastrophic Climate Risks
Millner, Antony - 2011
Recent theoretical work in the economics of climate change has suggested that climate policy is highly sensitive to 'fat-tailed' risks of catastrophic outcomes (Weitzman, 2009). Such risks are suggested to be an inevitable consequence of scientific uncertainty about the effects of increased...
Persistent link: https://www.econbiz.de/10013127841
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Global Warming and Extreme Events : Rethinking the Timing and Intensity of Environmental Policy
Chen, Yu-Fu - 2010
-probability extreme events on environmental policy in a continuous-time real options model with “tail risk”. In a nutshell, our results … indicate the importance of tail risk and call for foresighted pre-emptive climate policies …
Persistent link: https://www.econbiz.de/10013139799
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On Welfare Frameworks and Catastrophic Climate Risks
Millner, Antony - 2021
Recent theoretical work in the economics of climate change has suggested that climate policy is highly sensitive to ‘fat-tailed’ risks of catastrophic outcomes (Weitzman, 2009b). Such risks are suggested to be an inevitable consequence of scientific uncertainty about the effects of increased...
Persistent link: https://www.econbiz.de/10013315705
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Asset diversification versus climate action
Hambel, Christoph; Kraft, Holger; Ploeg, Frederick van der - 2020
price, the equilibrium risk-free rate, and risk premia. Climate disasters, which are more likely to occur sooner as … temperature rises, significantly increase risk premia. …
Persistent link: https://www.econbiz.de/10012258563
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Risk perception of climate change : empirical evidence for Germany
Frondel, Manuel; Simora, Michael; Sommer, Stephan - 2017
2012 and 2014, each among more than 6,000 German households, we analyze the determinants of individual risk perception … associated with three kinds of natural hazards: heat waves, storms, and floods. Our focus is on the role of objective risk … are strong drivers of individual risk perception. …
Persistent link: https://www.econbiz.de/10011608005
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Climate treaties and approaching catastrophes
Barrett, Scott - 2012 - 31 July 2011, Revised 24 July 2012, Second Revision 26 October 2012
If the threshold that triggers climate catastrophe is known with certainty, and the benefits of avoiding catastrophe are high relative to the costs, treaties can easily coordinate countries' behavior so as to avoid the threshold. Where the net benefits of avoiding catastrophe are lower, treaties...
Persistent link: https://www.econbiz.de/10009684058
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Natural Disasters : Mitigating Impact, Managing Risks
Laframboise, N. - 2012
experience suggests there are ways to strengthen policy frameworks to increase resilience to natural disaster shocks, including …
Persistent link: https://www.econbiz.de/10013098564
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Market Anomalies and Disaster Risk : Evidence from Extreme Weather Events
Lanfear, Matthew - 2018
We document strong abnormal effects due to U.S. landfall hurricanes over the period 1990 to 2017 on stock returns and illiquidity across portfolios of stocks sorted by market equity (ME), book-to-market equity ratio (BE/ME), momentum, return-on-equity (ROE), and investment-to-assets (I/A). ROE-...
Persistent link: https://www.econbiz.de/10012909024