Environmental Protection, Rare Disasters and Discount Rates
Datos Bibliográficos
| ID | 9723914 |
|---|---|
| Autores | Robert J Barros (0000-0003-3761-827X, Harvard University Press, autor de correspondencia), Robert J Barro (Harvard University) |
| Año | 2015 |
| Volumen | 82 |
| Número | 325 |
| Páginas | 1-23 |
| Fecha de publicación | 2015-01-01 |
| Peer Reviewed | Sí |
| Open Access | Sí |
| Tipo | ARTICLE |
| Revista | Economica (JOURNAL) |
| Identificadores de la revista | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Editorial | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/ecca.12117 |
| OpenAlex | W1977400581 |
| Idioma | EN |
| Citas recibidas | 10 |
| Referencias citadas | 21 |
The Stern Review 's evaluation of environmental protection stresses low discount rates and uncertainty about environmental effects. An appropriate model for analysing this uncertainty and the associated discount rates requires sufficient risk aversion and fat‐tailed uncertainty to account for the observed equity premium. Calibrations based on Epstein–Zin preferences and existing analyses of rare macroeconomic disasters suggest that optimal environmental investment can be a significant share of GDP even with reasonable rates of time preference. Optimal environmental investment increases with risk aversion and the probability and typical size of environmental disasters, but decreases with uncertainty about policy effectiveness
Actuarial science · Ambiguity aversion · Econometrics · Economics · Environmental disaster · Environmental protection · Equity (law) · Expected utility hypothesis · Financial economics · Intergenerational equity · Investment (military) · Microeconomics · Natural resource economics · Preference · Risk aversion (psychology) · Risk premium · Sustainability · Time preference · Climate Change Policy and Economics · Computer Science · Ecology · Economic and Environmental Valuation · Environmental Science · Market Dynamics and Volatility
Welfare Costs of Catastrophes
Disaster on the horizon
The Importance of Climate Risks for Institutional Investors
Climate Change Risk and Financial Stability
Analysis of trends in disaster risk
Pro-environmental behavior under risk and ambiguity
Volatility-reducing biodiversity conservation under strategic interactions
Macroeconomic outcomes in disaster-prone countries
Social Discounting and the Cost of Public Funds
Pooling Expert Opinion on Environmental Discounting
The Economics of Climate Change
A Review of the Stern Review on the Economics of Climate Change
Rare Disasters and Asset Markets in the Twentieth Century
A Review of the Stern Review on the Economics of Climate Change
Asset Prices in an Exchange Economy
Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns
A Question of Balance
On Modeling and Interpreting the Economics of Catastrophic Climate Change
A Mathematical Theory of Saving
| Obras citantes distintas | 10 |
|---|---|
| Citas por año | 1 |
| Intervalo de citas | 2016 - 2026 (11) |
| Velocidad de citación | current |
| Altamente citado | No |
| Tipos de cita | Neutras: 10 |