In markets where production has adverse externalities, policy makers may wish to increase welfare by imposing a cap on … on social welfare in the presence of market uncertainty. In contrast with previous literature, we explicitly model the … market entries. In this paper, we examine the implications that the cap has on the firms' investment equilibrium policy and …

In markets where production has adverse externalities, policy makers may wish to increase welfare by imposing a cap on … on social welfare in the presence of market uncertainty. In contrast with previous literature, we explicitly model the … market entries. In this paper, we examine the implications that the cap has on the firms' investment equilibrium policy and …

scientific uncertainty about the effects of increased greenhouse gas concentrations on climate. Criticisms of this controversial … that the welfare functions traditionally used in climate economics are ill-equipped to deal with climate catastrophes in … which population size changes. Drawing on recent work in population ethics I propose an alternative welfare framework with …