required to internalize global environmental externalities. Therefore we adopt a dynamic framework of two economies (i … international environmental externalities - both are empirically significant. Starting from noncooperation we investigate the …

externalities. Entering the market through that structure leads to designing basic equations of its dynamics and to finding … model. This approach allows to tackle behavioral foundations of Prospect Theory through a generalization of its probability …

cannot buy happiness? I argue that the solution to this 'paradox of happiness' can be provided by including in the theory a … tertium movens of growth: negative externalities. These externalities can be of two kinds. The first are positional … externalities, i.e. those due the fact that individuals may be interested in relative not absolute position. The second kind of …

This paper develops a theory to explain the Easterlin Paradox, which holds that average happiness levels do not … happiness. Our theory shows that happiness rises with income only up to a critical point that is determined by the amount of non …

Externalities play a central role in most theories of economic growth. We argue that international externalities, in … have international knowledge externalities. When calibrated, the hybrid model does a surprisingly good job of generating …

. Using stylized facts, theoretical models and empirical results, it discusses some core aspects of the interrelationship …