Why uncertainty matters: discounting under intertemporal risk aversion and ambiguity
Author
Abstract
Suggested Citation
DOI: 10.1007/s00199-014-0800-8
Download full text from publisher
As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.
Other versions of this item:
- Traeger, Christian P., 2012. "Why uncertainty matters - discounting under intertemporal risk aversion and ambiguity," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt2w614303, Department of Agricultural & Resource Economics, UC Berkeley.
- Christian Traeger, 2012. "Why Uncertainty Matters - Discounting under Intertemporal Risk Aversion and Ambiguity," CESifo Working Paper Series 3727, CESifo.
References listed on IDEAS
- Luc Lauwers, 2016.
"Intergenerational Equity, Efficiency, and Constructibility,"
Studies in Economic Theory, in: Graciela Chichilnisky & Armon Rezai (ed.), The Economics of the Global Environment, pages 191-206,
Springer.
- Luc Lauwers, 2012. "Intergenerational equity, efficiency, and constructibility," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 49(2), pages 227-242, February.
- Luc LAUWERS, 2010. "Intergenerational equity, efficiency and constructability," Working Papers of Department of Economics, Leuven ces10.22, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
- Larry Karp & Jiangfeng Zhang, 2016.
"Taxes Versus Quantities for a Stock Pollutant with Endogenous Abatement Costs and Asymmetric Information,"
Studies in Economic Theory, in: Graciela Chichilnisky & Armon Rezai (ed.), The Economics of the Global Environment, pages 493-533,
Springer.
- Larry Karp & Jiangfeng Zhang, 2012. "Taxes versus quantities for a stock pollutant with endogenous abatement costs and asymmetric information," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 49(2), pages 371-409, February.
- Karp, Larry & Zhang, Jiangfeng, 2008. "Taxes Versus Quantities for a Stock Pollutant with Endogenous Abatement Costs and Asymmetric Information," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt84q0s8tb, Department of Agricultural & Resource Economics, UC Berkeley.
- Karp, Larry S. & Zhang, Jiangfeng, 2008. "Taxes Versus Quantities for a Stock Pollutant with Endogenous Abatement Costs and Asymmetric Information," CUDARE Working Papers 42877, University of California, Berkeley, Department of Agricultural and Resource Economics.
- Gierlinger, Johannes & Gollier, Christian, 2008. "Socially Efficient Discounting under Ambiguity Aversion," IDEI Working Papers 561, Institut d'Économie Industrielle (IDEI), Toulouse.
- Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2005.
"A Smooth Model of Decision Making under Ambiguity,"
Econometrica, Econometric Society, vol. 73(6), pages 1849-1892, November.
- Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2002. "A smooth model of decision making under ambiguity," ICER Working Papers - Applied Mathematics Series 11-2003, ICER - International Centre for Economic Research, revised Apr 2003.
- Sujoy Mukerji & Peter Klibanoff & Northwesern University Massimo Marinacci & Dip. di Satistic e Matematica Applicata & Universita di Torino and ICER, 2002. "A Smooth Model of Decision,Making Under Ambiguity," Economics Series Working Papers 113, University of Oxford, Department of Economics.
- Pindyck, Robert S., 2012.
"Uncertain outcomes and climate change policy,"
Journal of Environmental Economics and Management, Elsevier, vol. 63(3), pages 289-303.
- Robert S. Pindyck, 2009. "Uncertain Outcomes and Climate Change Policy," NBER Working Papers 15259, National Bureau of Economic Research, Inc.
- Robert S. Pindyck, 2009. "Uncertain Outcomes and Climate Change Policy," Working Papers 0907, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
- Lars Peter Hansen & Thomas J Sargent, 2014.
"Robust Control and Model Uncertainty,"
World Scientific Book Chapters, in: UNCERTAINTY WITHIN ECONOMIC MODELS, chapter 5, pages 145-154,
World Scientific Publishing Co. Pte. Ltd..
- Thomas J. Sargent & LarsPeter Hansen, 2001. "Robust Control and Model Uncertainty," American Economic Review, American Economic Association, vol. 91(2), pages 60-66, May.
- Geir B. Asheim & Tapan Mitra & Bertil Tungodden, 2016.
"Sustainable Recursive Social Welfare Functions,"
Studies in Economic Theory, in: Graciela Chichilnisky & Armon Rezai (ed.), The Economics of the Global Environment, pages 165-190,
Springer.
- Geir Asheim & Tapan Mitra & Bertil Tungodden, 2012. "Sustainable recursive social welfare functions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 49(2), pages 267-292, February.
- Asheim, Geir B. & Mitra, Tapan & Tungodden, Bertil, 2006. "Sustainable recursive social welfare functions," Memorandum 18/2006, Oslo University, Department of Economics.
- William D. Nordhaus, 2012. "Economic Policy in the Face of Severe Tail Events," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 14(2), pages 197-219, March.
- Epstein, Larry G & Zin, Stanley E, 1991. "Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: An Empirical Analysis," Journal of Political Economy, University of Chicago Press, vol. 99(2), pages 263-286, April.
- Campbell, John Y, 1996.
"Understanding Risk and Return,"
Journal of Political Economy, University of Chicago Press, vol. 104(2), pages 298-345, April.
- John Y. Campbell, 1993. "Understanding Risk and Return," NBER Working Papers 4554, National Bureau of Economic Research, Inc.
- Campbell, John, 1996. "Understanding Risk and Return," Scholarly Articles 3153293, Harvard University Department of Economics.
- John Y. Campbell, 1995. "Understanding Risk and Return," Harvard Institute of Economic Research Working Papers 1711, Harvard - Institute of Economic Research.
- Robert S. Pindyck, 2011.
"Modeling the Impact of Warming in Climate Change Economics,"
NBER Chapters, in: The Economics of Climate Change: Adaptations Past and Present, pages 47-71,
National Bureau of Economic Research, Inc.
- Robert S. Pindyck, 2010. "Modeling the Impact of Warming in Climate Change Economics," NBER Working Papers 15692, National Bureau of Economic Research, Inc.
- Robert S. Pindyck, 2010. "Modeling the Impact of Warming in Climate Change Economics," Working Papers 1001, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
- Traeger, Christian P., 2011. "Discounting and confidence," CUDARE Working Papers 120418, University of California, Berkeley, Department of Agricultural and Resource Economics.
- Graciela Chichilnisky, 2012. "Economic theory and the global environment," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 49(2), pages 217-225, February.
- Karp, Larry, 2005.
"Global warming and hyperbolic discounting,"
Journal of Public Economics, Elsevier, vol. 89(2-3), pages 261-282, February.
- Karp, Larry, 2004. "Global Warming and Hyperbolic Discounting," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt5zh730nc, Department of Agricultural & Resource Economics, UC Berkeley.
- Karp, Larry, 2005. "Global warming and hyperbolic discounting," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt1n62c5cc, Department of Agricultural & Resource Economics, UC Berkeley.
- Karp, Larry S., 2004. "Global Warming and Hyperbolic Discounting," CUDARE Working Papers 25069, University of California, Berkeley, Department of Agricultural and Resource Economics.
- Klibanoff, Peter & Marinacci, Massimo & Mukerji, Sujoy, 2009.
"Recursive smooth ambiguity preferences,"
Journal of Economic Theory, Elsevier, vol. 144(3), pages 930-976, May.
- Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2006. "Recursive Smooth Ambiguity Preferences," Carlo Alberto Notebooks 17, Collegio Carlo Alberto, revised 2008.
- Hayne E. Leland, 1968. "Saving and Uncertainty: The Precautionary Demand for Saving," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 82(3), pages 465-473.
- Philippe Weil, 1990.
"Nonexpected Utility in Macroeconomics,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 105(1), pages 29-42.
- Philippe Weil, 1990. "Non-Expected Utility in Macroeconomics," Post-Print hal-03393362, HAL.
- Philippe Weil, 1990. "Non-Expected Utility in Macroeconomics," SciencePo Working papers Main hal-03393362, HAL.
- Larry G. Epstein & Stanley E. Zin, 2013.
"Substitution, risk aversion and the temporal behavior of consumption and asset returns: A theoretical framework,"
World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 12, pages 207-239,
World Scientific Publishing Co. Pte. Ltd..
- Epstein, Larry G & Zin, Stanley E, 1989. "Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework," Econometrica, Econometric Society, vol. 57(4), pages 937-969, July.
- Larry G. Epstein & Stanley E. Zin, 1987. "Substitution, Risk Aversion and the Temporal Behaviour of Consumption and Asset Returns I: A Theoretical Framework," Working Paper 699, Economics Department, Queen's University.
- Garth Heutel, 2012.
"How Should Environmental Policy Respond to Business Cycles? Optimal Policy under Persistent Productivity Shocks,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(2), pages 244-264, April.
- Garth Heutel, 2011. "Online Appendix to "How Should Environmental Policy Respond to Business Cycles? Optimal Policy under Persistent Productivity Shocks"," Online Appendices 10-62, Review of Economic Dynamics.
- Heutel, Garth, 2011. "How Should Environmental Policy Respond to Business Cycles? Optimal Policy under Persistent Productivity Shocks," UNCG Economics Working Papers 11-8, University of North Carolina at Greensboro, Department of Economics.
- Garth Heutel, 2011. "Code and data files for "How Should Environmental Policy Respond to Business Cycles? Optimal Policy under Persistent Productivity Shocks"," Computer Codes 10-62, Review of Economic Dynamics.
- Stern,Nicholas, 2007. "The Economics of Climate Change," Cambridge Books, Cambridge University Press, number 9780521700801.
- Nengjiu Ju & Jianjun Miao, 2012.
"Ambiguity, Learning, and Asset Returns,"
Econometrica, Econometric Society, vol. 80(2), pages 559-591, March.
- Nengjiu Ju & Jianjun Miao, "undated". "Ambiguity, Learning, and Asset Returns," Boston University - Department of Economics - Working Papers Series wp2009-014, Boston University - Department of Economics.
- Nengjiu Ju & Jianjun Miao, 2010. "Ambiguity, Learning, and Asset Returns," CEMA Working Papers 438, China Economics and Management Academy, Central University of Finance and Economics.
- Jianjun Miao & NENGJIU JU, 2010. "Ambiguity, Learning, And Asset Returns," Boston University - Department of Economics - Working Papers Series WP2010-031, Boston University - Department of Economics.
- Ju, Nengjiu & Miao, Jianjun, 2009. "Ambiguity, Learning, and Asset Returns," MPRA Paper 14737, University Library of Munich, Germany, revised Apr 2009.
- Charles Figuières & Mabel Tidball, 2016.
"Sustainable Exploitation of a Natural Resource: A Satisfying Use of Chichilnisky’s Criterion,"
Studies in Economic Theory, in: Graciela Chichilnisky & Armon Rezai (ed.), The Economics of the Global Environment, pages 207-229,
Springer.
- Charles Figuières & Mabel Tidball, 2012. "Sustainable exploitation of a natural resource: a satisfying use of Chichilnisky’s criterion," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 49(2), pages 243-265, February.
- Charles Figuières & Mabel Tidball, 2006. "Sustainable exploitation of a natural resource: a satisfying use of Chichilnisky's criterion," Working Papers 06-03, LAMETA, Universtiy of Montpellier, revised Sep 2006.
- Kihlstrom, Richard E. & Mirman, Leonard J., 1974. "Risk aversion with many commodities," Journal of Economic Theory, Elsevier, vol. 8(3), pages 361-388, July.
- Hoel, Michael & Karp, Larry, 2002.
"Taxes versus quotas for a stock pollutant,"
Resource and Energy Economics, Elsevier, vol. 24(4), pages 367-384, November.
- Hoel, Michael & Karp, Larry, 2001. "Taxes versus Quotas for a Stock Pollutant," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt5fx9p7kf, Department of Agricultural & Resource Economics, UC Berkeley.
- Hoel, Michael & Karp, Larry S., 2001. "Taxes Versus Quotas for a Stock Pollutant," CUDARE Working Papers 25010, University of California, Berkeley, Department of Agricultural and Resource Economics.
- Gary D. Libecap & Richard H. Steckel, 2011. "The Economics of Climate Change: Adaptations Past and Present," NBER Books, National Bureau of Economic Research, Inc, number libe10-1.
- Michel Normandin & Pascal St-Amour, 1998.
"Substitution, risk aversion, taste shocks and equity premia,"
Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 13(3), pages 265-281.
- Normandin, Michel & St-Amour, Pascal, 1996. "Substitution, Risk Aversion, Taste Shocks and Equity Premia," Cahiers de recherche 9606, Université Laval - Département d'économique.
- Michel Normandin & Pascal St-Amour, 1996. "Substitution, Risk Aversion, Taste Shocks and Equity Premia," Cahiers de recherche CREFE / CREFE Working Papers 39, CREFE, Université du Québec à Montréal.
- Normandin, M. & St-Amour, P., 1996. "Substitution, Risk Aversion, Taste Shocks and Equity Premia," Papers 9606, Laval - Recherche en Politique Economique.
- Michel Normandin & Pascal St-Amour, 1996. "Substitution, Risk Aversion, Taste Shocks and Equity Premia," Finance 9607001, University Library of Munich, Germany.
- Plambeck, Erica L. & Hope, Chris & Anderson, John, 1997. "The model: Integrating the science and economics of global warming," Energy Economics, Elsevier, vol. 19(1), pages 77-101, March.
- repec:bla:jfinan:v:59:y:2004:i:4:p:1481-1509 is not listed on IDEAS
- William D. Nordhaus, 2009.
"An Analysis of the Dismal Theorem,"
Cowles Foundation Discussion Papers
1686, Cowles Foundation for Research in Economics, Yale University.
- William D. Nordhaus, 2009. "An Analysis of the Dismal Theorem," Levine's Working Paper Archive 814577000000000116, David K. Levine.
- Martin L. Weitzman, 2011.
"Additive Damages, Fat-Tailed Climate Dynamics, and Uncertain Discounting,"
NBER Chapters, in: The Economics of Climate Change: Adaptations Past and Present, pages 23-46,
National Bureau of Economic Research, Inc.
- Weitzman, Martin L., 2009. "Additive damages, fat-tailed climate dynamics, and uncertain discounting," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-29.
- Weitzman, Martin L., 2009. "Additive Damages, Fat-Tailed Climate Dynamics, and Uncertain Discounting," Scholarly Articles 9639963, Harvard University Department of Economics.
- Weitzman, Martin L., 2009. "Additive Damages, Fat-Tailed Climate Dynamics, and Uncertain Discounting," Economics Discussion Papers 2009-26, Kiel Institute for the World Economy (IfW Kiel).
- Hoel, Michael & Karp, Larry, 2001.
"Taxes and quotas for a stock pollutant with multiplicative uncertainty,"
Journal of Public Economics, Elsevier, vol. 82(1), pages 91-114, October.
- Michael Hoel & Larry Karp, 1999. "Taxes and Quotas for a Stock Pollutant with Multiplicative Uncertainty," Working Papers 1999.15, Fondazione Eni Enrico Mattei.
- Hoel, Michael & Karp, Larry S., 2000. "Taxes And Quotas For A Stock Pollutant With Multiplicative Uncertainty," CUDARE Working Papers 25030, University of California, Berkeley, Department of Agricultural and Resource Economics.
- Hoel, Michael & Karp, Larry, 2000. "Taxes and Quotas for a Stock Pollutant with Multiplicative Uncertainty," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt9v86p5s7, Department of Agricultural & Resource Economics, UC Berkeley.
- Gollier, Christian, 2002.
"Discounting an uncertain future,"
Journal of Public Economics, Elsevier, vol. 85(2), pages 149-166, August.
- Christian Gollier & Jean-Charles Rochet, 1998. "Discounting an Uncertain Future," CESifo Working Paper Series 168, CESifo.
- Millner, Antony, 2013. "On welfare frameworks and catastrophic climate risks," Journal of Environmental Economics and Management, Elsevier, vol. 65(2), pages 310-325.
- Ravi Bansal & Dana Kiku & Amir Yaron, 2010. "Long Run Risks, the Macroeconomy, and Asset Prices," American Economic Review, American Economic Association, vol. 100(2), pages 542-546, May.
- Kelly, David L. & Kolstad, Charles D., 2001.
"Malthus and Climate Change: Betting on a Stable Population,"
Journal of Environmental Economics and Management, Elsevier, vol. 41(2), pages 135-161, March.
- Kelly, David L. & Kolstad, Charles D., 1999. "Malthus and Climate Change: Betting on a Stable Population," University of California at Santa Barbara, Economics Working Paper Series qt9ks625sk, Department of Economics, UC Santa Barbara.
- Weitzman, Martin L., 1998. "Why the Far-Distant Future Should Be Discounted at Its Lowest Possible Rate," Journal of Environmental Economics and Management, Elsevier, vol. 36(3), pages 201-208, November.
- Traeger, Christian P., 2010. "Subjective Risk, Confidence, and Ambiguity," CUDARE Working Papers 90461, University of California, Berkeley, Department of Agricultural and Resource Economics.
- Traeger, Christian P., 2010. "Intertemporal risk aversion – or – wouldn’t it be nice to tell whether Robinson Crusoe is risk averse?," CUDARE Working Paper Series 1102, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
- Martin L. Weitzman, 2009.
"On Modeling and Interpreting the Economics of Catastrophic Climate Change,"
The Review of Economics and Statistics, MIT Press, vol. 91(1), pages 1-19, February.
- Weitzman, Martin L., 2009. "On Modeling and Interpreting the Economics of Catastrophic Climate Change," Scholarly Articles 3693423, Harvard University Department of Economics.
- Geoffrey Heal, 2009. "Climate Economics: A Meta-Review and Some Suggestions for Future Research," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 3(1), pages 4-21, Winter.
- Melissa Dell & Benjamin F. Jones & Benjamin A. Olken, 2012. "Temperature Shocks and Economic Growth: Evidence from the Last Half Century," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(3), pages 66-95, July.
- Maccheroni, Fabio & Marinacci, Massimo & Rustichini, Aldo, 2006.
"Dynamic variational preferences,"
Journal of Economic Theory, Elsevier, vol. 128(1), pages 4-44, May.
- Fabio Maccheroni & Massimo Marinacci & Aldo Rustichini, 2006. "Dynamic Variational Preferences," Carlo Alberto Notebooks 1, Collegio Carlo Alberto.
- Newell, Richard G. & Pizer, William A., 2003.
"Regulating stock externalities under uncertainty,"
Journal of Environmental Economics and Management, Elsevier, vol. 45(2, Supple), pages 416-432, March.
- Pizer, William & Newell, Richard, 1998. "Regulating Stock Externalities Under Uncertainty," RFF Working Paper Series dp-99-10-rev, Resources for the Future.
- Newell, Richard G. & Pizer, William A., 2000. "Regulating Stock Externalities Under Uncertainty," Discussion Papers 10471, Resources for the Future.
- Karp, Larry & Zhang, Jiangfeng, 2006. "Regulation with anticipated learning about environmental damages," Journal of Environmental Economics and Management, Elsevier, vol. 51(3), pages 259-279, May.
- Christian Traeger, 2012. "Once Upon a Time Preference - How Rationality and Risk Aversion Change the Rationale for Discounting," CESifo Working Paper Series 3793, CESifo.
- William D. Nordhaus, 2007. "A Review of the Stern Review on the Economics of Climate Change," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 686-702, September.
- Armon Rezai & Duncan K. Foley & Lance Taylor, 2016.
"Global Warming and Economic Externalities,"
Studies in Economic Theory, in: Graciela Chichilnisky & Armon Rezai (ed.), The Economics of the Global Environment, pages 447-470,
Springer.
- Armon Rezai & Duncan Foley & Lance Taylor, 2012. "Global warming and economic externalities," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 49(2), pages 329-351, February.
- Azfar, Omar, 1999. "Rationalizing hyperbolic discounting," Journal of Economic Behavior & Organization, Elsevier, vol. 38(2), pages 245-252, February.
- Gilboa, Itzhak & Schmeidler, David, 1989.
"Maxmin expected utility with non-unique prior,"
Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
- Gilboa, Itzhak & Schmeidler, David, 1986. "Maxmin Expected Utility with a Non-Unique Prior," Foerder Institute for Economic Research Working Papers 275405, Tel-Aviv University > Foerder Institute for Economic Research.
- Itzhak Gilboa & David Schmeidler, 1989. "Maxmin Expected Utility with Non-Unique Prior," Post-Print hal-00753237, HAL.
- Libecap, Gary D. & Steckel, Richard H. (ed.), 2011. "The Economics of Climate Change," National Bureau of Economic Research Books, University of Chicago Press, number 9780226479880, September.
- Narayana R. Kocherlakota, 1996.
"The Equity Premium: It's Still a Puzzle,"
Journal of Economic Literature, American Economic Association, vol. 34(1), pages 42-71, March.
- Kocherlakota, N., 1995. "The Equity Premium: It's Still a Puzzle," Working Papers 95-05, University of Iowa, Department of Economics.
- Narayana R. Kocherlakota, 1995. "The equity premium: it's still a puzzle," Discussion Paper / Institute for Empirical Macroeconomics 102, Federal Reserve Bank of Minneapolis.
- Ghirardato, Paolo & Maccheroni, Fabio & Marinacci, Massimo, 2004. "Differentiating ambiguity and ambiguity attitude," Journal of Economic Theory, Elsevier, vol. 118(2), pages 133-173, October.
- Annette Vissing-Jørgensen & Orazio P. Attanasio, 2003. "Stock-Market Participation, Intertemporal Substitution, and Risk-Aversion," American Economic Review, American Economic Association, vol. 93(2), pages 383-391, May.
- Martin L. Weitzman, 2007. "A Review of the Stern Review on the Economics of Climate Change," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 703-724, September.
- Nicholas Stern, 2008. "The Economics of Climate Change," American Economic Review, American Economic Association, vol. 98(2), pages 1-37, May.
- Traeger, Christian P., 2011. "Discounting and confidence," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt61m836d1, Department of Agricultural & Resource Economics, UC Berkeley.
- Kreps, David M & Porteus, Evan L, 1978.
"Temporal Resolution of Uncertainty and Dynamic Choice Theory,"
Econometrica, Econometric Society, vol. 46(1), pages 185-200, January.
- David M Kreps & Evan L Porteus, 1978. "Temporal Resolution of Uncertainty and Dynamic Choice Theory," Levine's Working Paper Archive 625018000000000009, David K. Levine.
- Melissa Dell & Benjamin F. Jones & Benjamin A. Olken, 2008. "Climate Change and Economic Growth: Evidence from the Last Half Century," NBER Working Papers 14132, National Bureau of Economic Research, Inc.
- Keller, Klaus & Bolker, Benjamin M. & Bradford, D.F.David F., 2004.
"Uncertain climate thresholds and optimal economic growth,"
Journal of Environmental Economics and Management, Elsevier, vol. 48(1), pages 723-741, July.
- Kelly, David L., 2005. "Price and quantity regulation in general equilibrium," Journal of Economic Theory, Elsevier, vol. 125(1), pages 36-60, November.
- William D. Nordhaus, 2011. "Estimates of the Social Cost of Carbon: Background and Results from the RICE-2011 Model," NBER Working Papers 17540, National Bureau of Economic Research, Inc.
- William D. Nordhaus, 2011. "Estimates of the Social Cost of Carbon: Background and Results from the RICE-2011 Model," Cowles Foundation Discussion Papers 1826, Cowles Foundation for Research in Economics, Yale University.
- Daniel Ellsberg, 1961. "Risk, Ambiguity, and the Savage Axioms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 75(4), pages 643-669. Full references (including those not matched with items on IDEAS)
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Jensen, Svenn & Traeger, Christian P., 2014. "Optimal climate change mitigation under long-term growth uncertainty: Stochastic integrated assessment and analytic findings," European Economic Review, Elsevier, vol. 69(C), pages 104-125.
- Traeger, Christian P., 2009. "The Social Discount Rate under Intertemporal Risk Aversion and Ambiguity," CUDARE Working Papers 55785, University of California, Berkeley, Department of Agricultural and Resource Economics.
- Antony Millner & Simon Dietz & Geoffrey Heal, 2013. "Scientific Ambiguity and Climate Policy," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 55(1), pages 21-46, May.
- Millner, Antony & Dietz, Simon & Heal, Geoffrey, 2010.
"Ambiguity and climate policy,"
LSE Research Online Documents on Economics
37595, London School of Economics and Political Science, LSE Library.
- Antony Millner & Simon Dietz & Geoffrey Heal, 2010. "Ambiguity and Climate Policy," NBER Working Papers 16050, National Bureau of Economic Research, Inc.
- Antony Millner & Simon Dietz & Geoffrey Heal, 2010. "Ambiguity and climate policy," GRI Working Papers 24, Grantham Research Institute on Climate Change and the Environment.
- W. Botzen & Jeroen Bergh, 2014. "Specifications of Social Welfare in Economic Studies of Climate Policy: Overview of Criteria and Related Policy Insights," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 58(1), pages 1-33, May.
- Loïc Berger & Johannes Emmerling & Massimo Tavoni, 2017.
"Managing Catastrophic Climate Risks Under Model Uncertainty Aversion,"
Post-Print
hal-03027150, HAL.
- Loïc Berger & Johannes Emmerling & Massimo Tavoni, 2017. "Managing Catastrophic Climate Risks Under Model Uncertainty Aversion," Post-Print hal-01744501, HAL.
- Christian Traeger, 2014.
"A 4-Stated DICE: Quantitatively Addressing Uncertainty Effects in Climate Change,"
Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 59(1), pages 1-37, September.
- Traeger, Christian, 2012. "A 4-stated DICE: quantitatively addressing uncertainty effects in climate change," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt6jx2p7fv, Department of Agricultural & Resource Economics, UC Berkeley.
- Traeger, Christian, 2013. "A 4-stated DICE: quantitatively addressing uncertainty effects in climate change," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt9034k05t, Department of Agricultural & Resource Economics, UC Berkeley.
- Loïc Berger & Johannes Emmerling & Massimo Tavoni, 2017.
"Managing Catastrophic Climate Risks Under Model Uncertainty Aversion,"
Management Science, INFORMS, vol. 63(3), pages 749-765, March.
- Loïc Berger & Johannes Emmerling & Massimo Tavoni, 2017. "Managing Catastrophic Climate Risks Under Model Uncertainty Aversion," Post-Print hal-03027150, HAL.
- Loïc Berger & Johannes Emmerling & Massimo Tavoni, 2017. "Managing Catastrophic Climate Risks Under Model Uncertainty Aversion," Post-Print hal-01744501, HAL.
- Melissa Dell & Benjamin F. Jones & Benjamin A. Olken, 2014.
"What Do We Learn from the Weather? The New Climate-Economy Literature,"
Journal of Economic Literature, American Economic Association, vol. 52(3), pages 740-798, September.
- Melissa Dell & Benjamin F. Jones & Benjamin A. Olken, 2013. "What Do We Learn from the Weather? The New Climate-Economy Literature," NBER Working Papers 19578, National Bureau of Economic Research, Inc.
- Pindyck, Robert S., 2012.
"Uncertain outcomes and climate change policy,"
Journal of Environmental Economics and Management, Elsevier, vol. 63(3), pages 289-303.
- Robert S. Pindyck, 2009. "Uncertain Outcomes and Climate Change Policy," NBER Working Papers 15259, National Bureau of Economic Research, Inc.
- Robert S. Pindyck, 2009. "Uncertain Outcomes and Climate Change Policy," Working Papers 0907, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
- Olijslagers, Stan & van der Ploeg, Frederick & van Wijnbergen, Sweder, 2023.
"On current and future carbon prices in a risky world,"
Journal of Economic Dynamics and Control, Elsevier, vol. 146(C).
- Stan W.J. Olijslagers & Rick van der Ploeg & Sweder van Wijnbergen, 2021. "On Current and Future Carbon Prices in a Risky World," CESifo Working Paper Series 9092, CESifo.
- Stan Olijslagers & Rick van der Ploeg & Sweder van Wijnbergen, 2021. "On current and future carbon prices in a risky world," Tinbergen Institute Discussion Papers 21-045/VI, Tinbergen Institute.
- Samuel Jovan Okullo, 2020. "Determining the Social Cost of Carbon: Under Damage and Climate Sensitivity Uncertainty," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 75(1), pages 79-103, January.
- Traeger, Christian P., 2011. "Discounting and confidence," CUDARE Working Papers 120418, University of California, Berkeley, Department of Agricultural and Resource Economics.
- Peter von zur Muehlen, 2022. "Prices and Taxes in a Ramsey Climate Policy Model under Heterogeneous Beliefs and Ambiguity," Economies, MDPI, vol. 10(10), pages 1-56, October.
- Echazu Luciana & Nocetti Diego & Smith William T., 2012. "A New Look into the Determinants of the Ecological Discount Rate: Disentangling Social Preferences," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 12(1), pages 1-44, April.
- Millner, Antony, 2013. "On welfare frameworks and catastrophic climate risks," Journal of Environmental Economics and Management, Elsevier, vol. 65(2), pages 310-325.
- Traeger, Christian, 2021. "ACE - Analytic Climate Economy," CEPR Discussion Papers 15968, C.E.P.R. Discussion Papers.
- Mason, Charles F. & Polasky, Stephen & Tarui, Nori, 2017.
"Cooperation on climate-change mitigation,"
European Economic Review, Elsevier, vol. 99(C), pages 43-55.
- Charles F. Mason & Stephen Polasky & Nori Tarui, 2016. "Cooperation on Climate-Change Mitigation," CESifo Working Paper Series 5698, CESifo.
- Piacquadio, Paolo G., 2020.
"The ethics of intergenerational risk,"
Journal of Economic Theory, Elsevier, vol. 186(C).
- Piacquadio, Paolo G., 2015. "The Ethics of Intergenerational Risk," Memorandum 15/2015, Oslo University, Department of Economics.
- Paolo G. Piacquadio, 2017. "The Ethics of Intergenerational Risk," RIEEM Discussion Paper Series 1701, Research Institute for Environmental Economics and Management, Waseda University.
- Lemoine, Derek & Traeger, Christian P., 2016. "Ambiguous tipping points," Journal of Economic Behavior & Organization, Elsevier, vol. 132(PB), pages 5-18.
More about this item
Keywords
Climate change; Discounting; Risk aversion; Ambiguity; Cost-benefit analysis; Intertemporal substitutability; Uncertainty; D61; D81; D90; H43; Q00; Q54;
All these keywords.JEL classification:
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
- H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
- Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:joecth:v:56:y:2014:i:3:p:627-664. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.