Die vorliegende Studie geht der heiklen Frage nach, ob und wie der Nutzen einer öffentlichen Maßnahme gemessen werden kann, die ein Umweltrisiko vermindert. Dazu werden in einer wohlfahrtstheoretischen Analyse testbare Hypothesen über die Wertschätzung einer solchen Maßnahme abgeleitet. Mit...

This paper is a revised version of: "http://ssrn.com/abstract=2643293" http://ssrn.com/abstract=2643293.A revised version of this paper can be found at: "http://ssrn.com/abstract=3307622" http://ssrn.com/abstract=3307622.The paper derives the optimal carbon tax in closed-form from an integrated...

The paper analyzes optimal climate policy under uncertainty. It endows a recent quantitative analytic integrated assessment model (IAM) with long-run risk, adapting methods from the asset pricing literature to deal with endogenous climate risk. The model solves in closed-form for general degrees...

This paper is a revised version of: "https://ssrn.com/abstract=2667972" https://ssrn.com/abstract=2667972.The Analytic Climate Economy (ACE) closes a gap between analytic climate change assessments and quantitative numeric integrated assessment models (IAMs) used in policy advising. Its...

The paper derives the optimal carbon tax in closed-form from an integrated assessment of climate change. The formula shows how carbon, temperature, and economic dynamics quantify the optimal mitigation effort. The model's descriptive power is comparable to numeric models used in policy advising....

This paper re-examines the validity of using expected values to evaluate the social profitability of public investments under uncertainty. Departing from the usual assumption of an aggregate good, the setting is a small open economy that faces stochastic world prices for tradable goods and...