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Longterm Decision Making Under the Threat of Earthquakes
Camacho, Carmen - 2018
combines optimal control techniques and Bayesian learning: after an earthquake occurs, policy makers can improve their … accordingly; Italy helps us illustrate the importance of prevention capital; China, as a growing giant, shows different adaptation …
Persistent link: https://www.econbiz.de/10012906818
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Discounting and Confidence
Traeger, Christian P. - 2013
uncertainty by a measure of confidence. Special cases of the model comprise discounting under smooth ambiguity aversion as well as … of the Ramsey discounting formula that takes into account confidence into future growth estimates and a measure of … aversion to the lack of confidence. If confidence decreases in the futurity of the growth forecast, the discount rates have a …
Persistent link: https://www.econbiz.de/10014157605
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Green Bonds Pay When Trustworthy
Kang, Sang Baum; Eom, Jiyong - 2023
Green bonds are a form of bonds whose proceeds should be exclusively used for green projects. The green bond premium or greenium is the difference in yield between a green bond and the otherwise-identical brown bond. We propose a stylized model in which the size of the premium is affected by...
Persistent link: https://www.econbiz.de/10014350635
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Debt sustainability under catastrophic risk : the case for government budget insurance
Borensztein, Eduardo (contributor);  … - 2007
Natural disasters are an important source of vulnerability in the Caribbean region. Despite being one of the more disaster-prone areas of the world, it has the lowest levels of insurance coverage. This paper examines the vulnerability of Belize's public finance to the occurrence of hurricanes...
Persistent link: https://www.econbiz.de/10003775839
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Global warming and extreme events : rethinking the timing and intensity of environmental policy
Chen, Yu-Fu; Funke, Michael - 2010
The possibility of low-probability extreme events has reignited the debate over the optimal intensity and timing of climate policy. In this paper we therefore contribute to the literature by assessing the implications of low-probability extreme events on environmental policy in a continuous-time...
Persistent link: https://www.econbiz.de/10003977579
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Global warming and extreme events : rethinking the timing and intensity of environmental policy
Chen, Yu-Fu; Funke, Michael - 2010
The possibility of low-probability extreme events has reignited the debate over the optimal intensity and timing of climate policy. In this paper we therefore contribute to the literature by assessing the implications of low-probability extreme events on environmental policy in a continuous-time...
Persistent link: https://www.econbiz.de/10003994530
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Expected Utility theory and the tyranny of catastrophic risks
Buchholz, Wolfgang; Schymura, Michael - 2010
Expected Utility theory is not only applied to individual choices but also to ethical decisions, e.g. in cost-benefit analysis of climate change policy measures that affect future generations. In this context the crucial question arises whether EU theory is able to deal with "catastrophic...
Persistent link: https://www.econbiz.de/10008652528
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What do exogenous shocks tell us about growth theories?
Noy, Ilan; Nualsri, Aekkanush - 2007
The sources of economic growth and development have been puzzling economists from the modern dawn of the profession. While the Solow-Swan neo-classical model dominated research on growth in the 1960s and 1970s, the 1980s saw the emergence of growth theories that disputed, largely on theoretical...
Persistent link: https://www.econbiz.de/10003855329
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Aggregate impacts of natural and man-made disasters : a quantitative comparison
Sawada, Yasuyuki; Bhattcharyay, Rima; Kotera, Tomoaki - 2011
In recent decades, the world has faced an increasing number of natural and man-made disasters. Such disasters include tsunamis, earthquakes, the current ongoing financial crisis, terrorism, riots, and wars. These disasters generate tremendous social and economic costs, especially for the poor in...
Persistent link: https://www.econbiz.de/10009154034
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Catastrophes and expected marginal utility : how the value of the last fish in a lake is infinity and why we shouldn't care (much)
Nævdal, Eric - 2015 - This version March 2015
Catastrophic risk is currently a hotly debated topic. This paper contributes to this debate by showing two results. First it shown that the value function in dynamic optimization can have an infinite derivative at some point even if the model specification has functional forms that are finite...
Persistent link: https://www.econbiz.de/10010530538