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Quantitative models for climate policy modeling differ in the production structure used and in the sizes of the elasticities of substitution. The empirical foundation for both is generally lacking. This paper estimates the parameters of two-level CES production functions with capital, labour and...
Persistent link: https://www.econbiz.de/10010285356
This paper analyzes the impacts of news shocks on macroeconomic volatility. Whereas anticipation amplifies volatility in any purely forward-looking model, such as the baseline New Keynesian model, the results are ambiguous when including a backward-looking component. In addition to these...
Persistent link: https://www.econbiz.de/10010285357
The imperfect appropriability of revenues from innovation affects the incentives of firms to invest, and to disclose information about their innovative productivity. It creates a free-rider effect in the competition for the innovation that countervails the familiar business-stealing effect....
Persistent link: https://www.econbiz.de/10010285360
Biodiversity is often adversely affected by human activities. This reduces social welfare but may be external to private economic decisions. Consequently, these external effects on biodiversity need to be considered explicitly in economic models, which is only partly reflected in the literature....
Persistent link: https://www.econbiz.de/10010285371
We prove that in smooth Markovian continuous-time economies with potentially complete asset markets, Radner equilibria with endogenously complete markets exist.
Persistent link: https://www.econbiz.de/10010285419
characterizations by Lehrer (1988, International Journal of Game Theory 17, 89-99) and Nowak (1997, International Journal of Game Theory … 26, 127-141) as well as most of the characterizations by Casajus (2010, Theory and Decision, forthcoming) are redundant …
Persistent link: https://www.econbiz.de/10010285420
This high-stakes experiment investigates the effect on buyers of mandatory disclosures concerning an insurance policy's value for money (the claims ratio) and the seller's commission. These information disclosures have virtually no effect despite most buyers claiming to value such information....
Persistent link: https://www.econbiz.de/10010285436
It is often emphasized that the primary economic solution to climate change is the introduction of a carbon pricing system (tax or tradable permits) anchored to the social cost of carbon. This standard argument, however, misses the fact that if emission reduction is sought through the use of...
Persistent link: https://www.econbiz.de/10010285486
We study the impact of learning by doing, learning spill-overs, and imperfect competition in a model with two types of electricity producers, an oligopolistic sector of polluting fossil-fuel utilities and a competitive fringe of non-polluting generators of electricity from renewable energy...
Persistent link: https://www.econbiz.de/10010285489
This paper considers the problem of aggregation in the case of large linear dynamic panels, where each micro unit is potentially related to all other micro units, and where micro innovations are allowed to be cross sectionally dependent. Following Pesaran (2003), an optimal aggregate function is...
Persistent link: https://www.econbiz.de/10010285520