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Preservation and exogenous uncertain future preferences

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  • Alain Ayong Le Kama

    ()
    (Commissariat général du Plan and EUREQua, Université de Paris I, Maison des Sciences Economiques, 106-112 bd de l'Hôpital, 75647 Paris Cedex 13, FRANCE)

Abstract

We extend the Beltratti, Chichilnisky and Heal's (1993) and (1998) continuous-time stochastic dynamic framework to analyze the optimal depletion of an asset whose consumption is irreversible, in the face of uncertainty about future preferences. Their model is rather general and so the results are general qualitative theorems. We show that in some interesting cases it is possible to solve their model analytically. The cases involve constant elasticity utility functions and the assumption of a Poisson process for the evolution of preferences.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 18 (2001)
Issue (Month): 3 ()
Pages: 745-752

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Handle: RePEc:spr:joecth:v:18:y:2001:i:3:p:745-752

Note: Received: September 13, 1999; revised version: November 23, 1999
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Related research

Keywords: Preservation of natural resources; Uncertainty; Preferences.;

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References

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  1. Maria Cunha-E-Sá & Clara Costa-Duarte, 2000. "Endogenous Future Preferences and Conservation," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 16(2), pages 253-262, June.
  2. Chichilnisky, Graciela & Beltratti, Andrea & Heal, Geoffrey, 1998. "Uncertain future preferences and conservation," MPRA Paper 7912, University Library of Munich, Germany.
  3. Alain Ayong Le Kama & Katheline Schubert, 2007. "A note on the consequences of an endogenous discounting depending on the environmental quality," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00206326, HAL.
  4. Alain Le Kama & Katheline Schubert, 2004. "Growth, Environment and Uncertain Future Preferences," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 28(1), pages 31-53, May.
  5. Alain Ayong Le Kama, 2012. "Preservation and Endogenous Uncertain Future Preferences," Working Papers 1204, Chaire Economie du Climat.
  6. Obstfeld, Maurice, 1990. "Intertemporal dependence, impatience, and dynamics," Journal of Monetary Economics, Elsevier, vol. 26(1), pages 45-75, August.
  7. Epstein, Larry G., 1987. "A simple dynamic general equilibrium model," Journal of Economic Theory, Elsevier, vol. 41(1), pages 68-95, February.
  8. Alain Ayong Le Kama & Katheline Schubert, 2007. "A note on the consequences of an endogenous discounting depending on the environmental quality," Post-Print halshs-00206326, HAL.
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Citations

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Cited by:
  1. El Hadji Fall, 2006. "The Worst-Case Scenario and Discounting the Very Long Term," Cahiers de la Maison des Sciences Economiques v06005, Université Panthéon-Sorbonne (Paris 1).
  2. Ayong Le Kama, A. & Schubert, K., 1999. "Growth, Environment and Uncertain Future Preferences," Papiers d'Economie Mathématique et Applications 1999.52, Université Panthéon-Sorbonne (Paris 1).
  3. Frank Krysiak, 2009. "Risk Management as a Tool for Sustainability," Journal of Business Ethics, Springer, vol. 85(3), pages 483-492, April.
  4. Svenja Hector(), . "Accounting for Different Uncertainties: Implications for Climate Investments?," Working Papers ETH-RC-13-007, ETH Zurich, Chair of Systems Design.
  5. Alain Ayong Le Kama, 2001. "Preservation and exogenous uncertain future preferences," Economic Theory, Springer, vol. 18(3), pages 745-752.
  6. M. Menegatti & D. Baiardi, 2010. "Pigouvian Tax, Abatement Policies and Uncertainty on the Environment," Economics Department Working Papers 2010-EP04, Department of Economics, Parma University (Italy).
  7. Alain Ayong Le Kama & Mouez Fodha & LAFFORGUE Gilles, 2009. "Optimal Carbon Capture and Storage policies," LERNA Working Papers 09.24.300, LERNA, University of Toulouse.
  8. Loek Groot, 2004. "La consommation de ressources environnementales en incertitude," Recherches économiques de Louvain, De Boeck Université, vol. 70(3), pages 255-286.
  9. Svenja Hector, 2013. "Accounting for Different Uncertainties: Implications for Climate Investments?," Working Papers 2013.107, Fondazione Eni Enrico Mattei.
  10. Alain AYONG LE KAMA, 2004. "La consommation de ressources environnementales en incertitude," Discussion Papers (REL - Recherches Economiques de Louvain) 2004031, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  11. El Hadji Fall, 2006. "The Worst-Case Scenario and Discounting the Very Long Term," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00084074, HAL.
  12. El Hadji Fall, 2006. "The Worst-Case Scenario and Discounting the Very Long Term," Post-Print halshs-00084074, HAL.
  13. Frank Krysiak, 2009. "Sustainability and its relation to efficiency under uncertainty," Economic Theory, Springer, vol. 41(2), pages 297-315, November.
  14. Alain Ayong Le Kama & Mouez Fodha, 2008. "Optimal Nuclear Waste Burial Policy under Uncertainty," Post-Print halshs-00348869, HAL.

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