Martin L Weitzman
Datos Biográficos
| ID | 980755 |
|---|---|
| NOMBRE | Martin L Weitzman |
| NOMBRES | Martin L |
| APELLIDO | Weitzman |
| FIRMA | WEITZMAN M L |
| AFILIACIONES | Massachusetts Institute of Technology |
| VERIFICADO | No |
| TOTAL DE OBRAS | 25 |
| TOTAL DE CITAS | 177 |
| TOTAL COMO AUTOR | 25 |
| TOTAL COMO EDITOR | 0 |
| PRIMER AÑO DE PUBLICACIÓN | 1965 |
| AÑO MÁS RECIENTE DE PUBLICACIÓN | 2017 |
| ÍNDICE H | 7 |
On a World Climate Assembly and the Social Cost of Carbon
This paper argues that a uniform global tax‐like price on carbon emissions, whose revenues each country retains, can provide a focal point for a reciprocal common climate commitment, whereas quantity targets, which do not nearly so readily present such a single focal point, tend to rely ultimately on individual quantity commitments. The paper postulates the conceptually useful allegory of a futuristic ‘World Climate Assembly’ (WCA) that votes for…
Fat-Tailed Uncertainty in the Economics of Catastrophic Climate Change
In this article, I revisit some basic issues concerning structural uncertainty and catastrophic climate change. My target audience here are general economists, so this article could also be viewed as a somewhat less technical exposition that supplements my previous work. Using empirical examples, I argue that it is implausible that low-probability, high-negative impact events would not much influence an economic analysis of climate change. I then…
On Modeling and Interpreting the Economics of Catastrophic Climate Change
With climate change as prototype example, this paper analyzes the implications of structural uncertainty for the economics of low-probability, high-impact catastrophes. Even when updated by Bayesian learning, uncertain structural parameters induce a critical “tail fattening” of posterior-predictive distributions. Such fattened tails have strong implications for situations, like climate change, where a catastrophe is theoretically possible because…
A Review of the Stern Review on the Economics of Climate Change
The Stern Review calls for immediate decisive action to stabilize greenhouse gases because “the benefits of strong, early action on climate change outweighs the costs.” The economic analysis supporting this conclusion consists mostly of two basic strands. The first strand is a formal aggregative model that relies for its conclusions primarily upon imposing a very low discount rate. Concerning this discount-rate aspect, I am skeptical of the Revie…
Income, Wealth, and the Maximum Principle
This compact and original exposition of optimal control theory and applications is designed for graduate and advanced undergraduate students in economics. It presents a new elementary yet rigorous proof of the maximum principle and a new way of applying the principle that will enable students to solve any one-dimensional problem routinely
Gamma Discounting
By incorporating the probability distribution directly into the analysis, this paper proposes a new theoretical approach to resolving the perennial dilemma of being uncertain about what discount rate to use in cost-benefit analysis. A numerical example is constructed from the results of a survey based on the opinions of 2,160 economists. The main finding is that even if every individual believes in a constant discount rate, the wide spread of opi…
The Noah's Ark Problem
This paper is about the economic theory of biodiversity preservation. A cost-effectiveness methodology is constructed, which results in a ranking criterion sufficiently operational to be useful in suggesting what to look at when determining actual conservation priorities. The formula is firmly rooted in a mathematically rigorous optimization framework, so that its theoretical underpinnings are clear. The underlying model, called the 'Noah's Ark P…
Why the Far-Distant Future Should Be Discounted at Its Lowest Possible Rate
Conflicts and Choices in Biodiversity Preservation
The purpose of this article is to examine the preservation of biodiversity as an economic problem. Using a very simple prototype model, the authors discuss how to include diversity in the objective function and how to develop a simple cost-benefit ranking criterion for ordering priorities. Then they analyze data on endangered species preservation decisions in the United States to shed light on the conformity of theory with practice. A basic theme…
The Unofficial Economy in Transition
THE ECONOMIES of eastern Europe and the former Soviet Union (FSU) escaped communism with a heavy burden.When central planning collapsed, they continued to suffer from widespread political control of economic activity.Such politicization had to be reduced significantly for small business formation and growth to begin.In recent years, some of these countries have succeeded much better than others in replacing political control with functioning mark…
Chinese Township-Village Enterprises as Vaguely Defined Cooperatives
On Diversity
An oft-repeated goal in many contexts is the “preservation of diversity.” But what is the diversity function to be optimized? This paper shows how a reasonable measure of the “value of diversity” of a collection of objects can be recursively generated from more fundamental information about the dissimilarity-distance between any pair of objects in the set. The diversity function is shown to satisfy a basic dynamic programming equation, which in a…
Increasing Returns and the Foundations of Unemployment Theory
Journal Article Increasing Returns and the Foundations of Unemployment Theory: Rejoinder Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 98, Issue 389, 1 March 1988, Pages 172–174, https://doi.org/10.2307/2233519 Published: 01 March 1988
Alternative Systems of Business Organization and of Workers' Remuneration
Steady State Unemployment Under Profit Sharing
Journal Article Steady State Unemployment Under Profit Sharing Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 97, Issue 385, 1 March 1987, Pages 86–105, https://doi.org/10.2307/2233324 Published: 01 March 1987
The Share Economy
The Share Economy
The Share Economy
Some Macroeconomic Implications of Alternative Compensation Systems
Journal Article Some Macroeconomic Implications of Alternative Compensation Systems Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 93, Issue 372, 1 December 1983, Pages 763–783, https://doi.org/10.2307/2232745 Published: 01 December 1983
Increasing Returns and the Foundations of Unemployment Theory
Journal Article Increasing Returns and the Foundations of Unemployment Theory Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 92, Issue 368, 1 December 1982, Pages 787–804, https://doi.org/10.2307/2232668 Published: 01 December 1982
On the Welfare Significance of National Product in a Dynamic Economy
I. Introduction, 156. — II. A formulation of the problem, 156. — III. What is net national product? 159. — IV. Proof of the main proposition, 160. — V. Unanticipated technological change: an application, 161.
A Marxian model of enclosures
Prices vs. Quantities
Journal Article Prices vs. Quantities Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 41, Issue 4, October 1974, Pages 477–491, https://doi.org/10.2307/2296698 Published: 01 October 1974
The Controlled Economy
Journal Article The Controlled Economy Get access The Controlled Economy. By E. J. Meade. (Hemel Hempstead: George Allen & Unwin, 1972. Pp. 381. 7.00 hardback, £2.95 paperback.) Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 83, Issue 330, 1 June 1973, Pages 538–539, https://doi.org/10.2307/2231198 Published: 01 June …
Utility Analysis and Group Behavior
The Unofficial Economy in Transition
THE ECONOMIES of eastern Europe and the former Soviet Union (FSU) escaped communism with a heavy burden.When central planning collapsed, they continued to suffer from widespread political control of economic activity.Such politicization had to be reduced significantly for small business formation and growth to begin.In recent years, some of these countries have succeeded much better than others in replacing political control with functioning mark…
Increasing Returns and the Foundations of Unemployment Theory
Journal Article Increasing Returns and the Foundations of Unemployment Theory Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 92, Issue 368, 1 December 1982, Pages 787–804, https://doi.org/10.2307/2232668 Published: 01 December 1982
Utility Analysis and Group Behavior
Some Macroeconomic Implications of Alternative Compensation Systems
Journal Article Some Macroeconomic Implications of Alternative Compensation Systems Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 93, Issue 372, 1 December 1983, Pages 763–783, https://doi.org/10.2307/2232745 Published: 01 December 1983
Steady State Unemployment Under Profit Sharing
Journal Article Steady State Unemployment Under Profit Sharing Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 97, Issue 385, 1 March 1987, Pages 86–105, https://doi.org/10.2307/2233324 Published: 01 March 1987
Conflicts and Choices in Biodiversity Preservation
The purpose of this article is to examine the preservation of biodiversity as an economic problem. Using a very simple prototype model, the authors discuss how to include diversity in the objective function and how to develop a simple cost-benefit ranking criterion for ordering priorities. Then they analyze data on endangered species preservation decisions in the United States to shed light on the conformity of theory with practice. A basic theme…
A Marxian model of enclosures
On a World Climate Assembly and the Social Cost of Carbon
This paper argues that a uniform global tax‐like price on carbon emissions, whose revenues each country retains, can provide a focal point for a reciprocal common climate commitment, whereas quantity targets, which do not nearly so readily present such a single focal point, tend to rely ultimately on individual quantity commitments. The paper postulates the conceptually useful allegory of a futuristic ‘World Climate Assembly’ (WCA) that votes for…
Increasing Returns and the Foundations of Unemployment Theory
Journal Article Increasing Returns and the Foundations of Unemployment Theory: Rejoinder Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 98, Issue 389, 1 March 1988, Pages 172–174, https://doi.org/10.2307/2233519 Published: 01 March 1988
Utility Analysis and Group Behavior
The Controlled Economy
Journal Article The Controlled Economy Get access The Controlled Economy. By E. J. Meade. (Hemel Hempstead: George Allen & Unwin, 1972. Pp. 381. 7.00 hardback, £2.95 paperback.) Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 83, Issue 330, 1 June 1973, Pages 538–539, https://doi.org/10.2307/2231198 Published: 01 June …
Prices vs. Quantities
Journal Article Prices vs. Quantities Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 41, Issue 4, October 1974, Pages 477–491, https://doi.org/10.2307/2296698 Published: 01 October 1974
A Marxian model of enclosures
On the Welfare Significance of National Product in a Dynamic Economy
I. Introduction, 156. — II. A formulation of the problem, 156. — III. What is net national product? 159. — IV. Proof of the main proposition, 160. — V. Unanticipated technological change: an application, 161.
Increasing Returns and the Foundations of Unemployment Theory
Journal Article Increasing Returns and the Foundations of Unemployment Theory Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 92, Issue 368, 1 December 1982, Pages 787–804, https://doi.org/10.2307/2232668 Published: 01 December 1982
Some Macroeconomic Implications of Alternative Compensation Systems
Journal Article Some Macroeconomic Implications of Alternative Compensation Systems Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 93, Issue 372, 1 December 1983, Pages 763–783, https://doi.org/10.2307/2232745 Published: 01 December 1983
The Share Economy
The Share Economy
The Share Economy
Alternative Systems of Business Organization and of Workers' Remuneration
Steady State Unemployment Under Profit Sharing
Journal Article Steady State Unemployment Under Profit Sharing Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 97, Issue 385, 1 March 1987, Pages 86–105, https://doi.org/10.2307/2233324 Published: 01 March 1987
Increasing Returns and the Foundations of Unemployment Theory
Journal Article Increasing Returns and the Foundations of Unemployment Theory: Rejoinder Get access Martin L. Weitzman Martin L. Weitzman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 98, Issue 389, 1 March 1988, Pages 172–174, https://doi.org/10.2307/2233519 Published: 01 March 1988
On Diversity
An oft-repeated goal in many contexts is the “preservation of diversity.” But what is the diversity function to be optimized? This paper shows how a reasonable measure of the “value of diversity” of a collection of objects can be recursively generated from more fundamental information about the dissimilarity-distance between any pair of objects in the set. The diversity function is shown to satisfy a basic dynamic programming equation, which in a…
Chinese Township-Village Enterprises as Vaguely Defined Cooperatives
The Unofficial Economy in Transition
THE ECONOMIES of eastern Europe and the former Soviet Union (FSU) escaped communism with a heavy burden.When central planning collapsed, they continued to suffer from widespread political control of economic activity.Such politicization had to be reduced significantly for small business formation and growth to begin.In recent years, some of these countries have succeeded much better than others in replacing political control with functioning mark…
The Noah's Ark Problem
This paper is about the economic theory of biodiversity preservation. A cost-effectiveness methodology is constructed, which results in a ranking criterion sufficiently operational to be useful in suggesting what to look at when determining actual conservation priorities. The formula is firmly rooted in a mathematically rigorous optimization framework, so that its theoretical underpinnings are clear. The underlying model, called the 'Noah's Ark P…
Why the Far-Distant Future Should Be Discounted at Its Lowest Possible Rate
Conflicts and Choices in Biodiversity Preservation
The purpose of this article is to examine the preservation of biodiversity as an economic problem. Using a very simple prototype model, the authors discuss how to include diversity in the objective function and how to develop a simple cost-benefit ranking criterion for ordering priorities. Then they analyze data on endangered species preservation decisions in the United States to shed light on the conformity of theory with practice. A basic theme…
Gamma Discounting
By incorporating the probability distribution directly into the analysis, this paper proposes a new theoretical approach to resolving the perennial dilemma of being uncertain about what discount rate to use in cost-benefit analysis. A numerical example is constructed from the results of a survey based on the opinions of 2,160 economists. The main finding is that even if every individual believes in a constant discount rate, the wide spread of opi…
Income, Wealth, and the Maximum Principle
This compact and original exposition of optimal control theory and applications is designed for graduate and advanced undergraduate students in economics. It presents a new elementary yet rigorous proof of the maximum principle and a new way of applying the principle that will enable students to solve any one-dimensional problem routinely
A Review of the Stern Review on the Economics of Climate Change
The Stern Review calls for immediate decisive action to stabilize greenhouse gases because “the benefits of strong, early action on climate change outweighs the costs.” The economic analysis supporting this conclusion consists mostly of two basic strands. The first strand is a formal aggregative model that relies for its conclusions primarily upon imposing a very low discount rate. Concerning this discount-rate aspect, I am skeptical of the Revie…
On Modeling and Interpreting the Economics of Catastrophic Climate Change
With climate change as prototype example, this paper analyzes the implications of structural uncertainty for the economics of low-probability, high-impact catastrophes. Even when updated by Bayesian learning, uncertain structural parameters induce a critical “tail fattening” of posterior-predictive distributions. Such fattened tails have strong implications for situations, like climate change, where a catastrophe is theoretically possible because…
Fat-Tailed Uncertainty in the Economics of Catastrophic Climate Change
In this article, I revisit some basic issues concerning structural uncertainty and catastrophic climate change. My target audience here are general economists, so this article could also be viewed as a somewhat less technical exposition that supplements my previous work. Using empirical examples, I argue that it is implausible that low-probability, high-negative impact events would not much influence an economic analysis of climate change. I then…
On a World Climate Assembly and the Social Cost of Carbon
This paper argues that a uniform global tax‐like price on carbon emissions, whose revenues each country retains, can provide a focal point for a reciprocal common climate commitment, whereas quantity targets, which do not nearly so readily present such a single focal point, tend to rely ultimately on individual quantity commitments. The paper postulates the conceptually useful allegory of a futuristic ‘World Climate Assembly’ (WCA) that votes for…
Economics (22 obras) · Climate Change Policy and Economics (7 obras) · Computer Science (6 obras) · Political science (6 obras) · Positive economics (6 obras) · Epistemology (5 obras) · Mathematical economics (5 obras) · Mathematics (5 obras) · Philosophy (5 obras) · Climate change (4 obras)