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Environment And Finance: Why We Should Make The Environment A Part Of The Financial Markets

Author

Listed:
  • Monique Jeanblanc

    (Université d'Evry Val d 'Essonne)

  • Wojciech Szatzschneider

    (Universidad Anáhuac del Norte)

Abstract

Este trabajo representa una propuesta para crear una clase de mercados financieros de mejoras ambientales. Explicaremos cómo hacerlo, y por qué el enfoque financiero es prácticamente el único capaz de detener e invertir la degradación ambiental. Particularmente, concentramos nuestra atención en la deforestación y mostramos cómo reforestar con eficacia. Con un modelo de la situación real y futura, consideramos un proceso de Bessel de dimensión cero con tendencia. Justificamos esta elección como el límite de fenómenos de ramificación. En el juego de la reforestación, resolvemos el problema de optimización sobre el primer movimiento necesario para comenzar el proyecto. Por otra parte, ya que nuestro objetivo es la creación de un mercado desarrollado, consideramos el problema clásico de Merton con un activo subyacente en lugar de un movimiento geométrico Browniano.

Suggested Citation

  • Monique Jeanblanc & Wojciech Szatzschneider, 2002. "Environment And Finance: Why We Should Make The Environment A Part Of The Financial Markets," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 1(2), pages 131-142, Junio 200.
    • Handle: RePEc:imx:journl:v:1:y:2002:i:2:p:131-142
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    File URL: http://www.remef.org.mx/index.php/primera/article/view/129
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    References listed on IDEAS

    as
    1. R. J. Elliott & M. Jeanblanc & M. Yor, 2000. "On Models of Default Risk," Mathematical Finance, Wiley Blackwell, vol. 10(2), pages 179-195, April.
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    More about this item

    Keywords

    Financial markets; Contingent pricing;

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing

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