Economics of Ecological Resources presents new or recently published work on ecological economies, sustainability, poverty, resource degradation and decision-making under uncertainty. The book explores the allocation of resources in jointly determined ecological-economic systems. An introductory...

This paper analyzes the asset pricing and portfolio implications of an important barrier to sustainable investing---uncertainty about the corporate ESG profile. In equilibrium, the market premium increases and demand for stocks declines under ESG uncertainty. In addition, the CAPM alpha and...

We show that international consumption risk sharing is significantly improved by capital flows, especially portfolio investment. Concomitantly, we show that poor institutions hamper risk sharing, but to an extent that decreases with openness. In particular, risk sharing ist prevalent even among...