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Endogenous Future Preferences and Conservation

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  • Maria Cunha-E-Sá

    ()

  • Clara Costa-Duarte

    ()

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    Abstract

    A dynamic optimization model is developed in whichuncertainty about future preferences is endogenous,namely depending on the state of the environment atthe time the change in preferences occurs.Endogeneizing preferences not only provides economicintuition to previous results but also implies thatoptimal policies are less conservative. Copyright Kluwer Academic Publishers 2000

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    Bibliographic Info

    Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

    Volume (Year): 16 (2000)
    Issue (Month): 2 (June)
    Pages: 253-262

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    Handle: RePEc:kap:enreec:v:16:y:2000:i:2:p:253-262

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    Web page: http://www.springerlink.com/link.asp?id=100263

    Related research

    Keywords: endogenous future preferences; stock of the environmental asset; uncertainty;

    References

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    1. Heal, Geoffrey M., 1993. "The optimal use of exhaustible resources," Handbook of Natural Resource and Energy Economics, in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 3, chapter 18, pages 855-880 Elsevier.
    2. Dasgupta,P. S. & Heal,G. M., 1985. "Economic Theory and Exhaustible Resources," Cambridge Books, Cambridge University Press, number 9780521297615.
    3. Fisher, Anthony C & Hanemann, W Michael, 1990. " Information and the Dynamics of Environmental Protection: The Concept of the Critical Period," Scandinavian Journal of Economics, Wiley Blackwell, vol. 92(3), pages 399-414.
    4. Fisher, Anthony C. & Hanemann, W. Michael, 1987. "Quasi-option value: Some misconceptions dispelled," Journal of Environmental Economics and Management, Elsevier, vol. 14(2), pages 183-190, June.
    5. Asbjørn Torvanger, 1997. "Uncertain climate change in an intergenerational planning model," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 9(1), pages 103-124, January.
    6. Ulph, A. & Ulph, D., 1994. "Global warming: why irreversibility may not require lower current emissions of greenhouse gases," Discussion Paper Series In Economics And Econometrics 9402, Economics Division, School of Social Sciences, University of Southampton.
    7. Spash, Clive L. & d'Arge, Ralph C., 1989. "The greenhouse effect and intergenerational transfer," Energy Policy, Elsevier, vol. 17(2), pages 88-96, April.
    8. Chichilnisky, Graciela & Beltratti, Andrea & Heal, Geoffrey, 1998. "Uncertain future preferences and conservation," MPRA Paper 7912, University Library of Munich, Germany.
    9. Henry, Claude, 1974. "Investment Decisions Under Uncertainty: The "Irreversibility Effect."," American Economic Review, American Economic Association, vol. 64(6), pages 1006-12, December.
    10. Withagen, Cees, 1994. "Pollution and exhaustibility of fossil fuels," Resource and Energy Economics, Elsevier, vol. 16(3), pages 235-242, August.
    11. Kip Viscusi, W., 1988. "Irreversible environmental investments with uncertain benefit levels," Journal of Environmental Economics and Management, Elsevier, vol. 15(2), pages 147-157, June.
    12. Arrow, Kenneth J & Fisher, Anthony C, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, MIT Press, vol. 88(2), pages 312-19, May.
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    Cited by:
    1. Alain Ayong Le Kama, 2001. "Preservation and exogenous uncertain future preferences," Economic Theory, Springer, vol. 18(3), pages 745-752.
    2. Svenja Hector, 2013. "Accounting for Different Uncertainties: Implications for Climate Investments?," Working Papers 2013.107, Fondazione Eni Enrico Mattei.
    3. Svenja Hector(), . "Accounting for Different Uncertainties: Implications for Climate Investments?," Working Papers ETH-RC-13-007, ETH Zurich, Chair of Systems Design.

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