Data/hora: 16/06/2024 09:14:31

Provedor de dados: 	31	
País: 	United States	
Título: 	CLIMATE POLICY WHEN THE DISTANT FUTURE MATTERS: CATASTROPHIC EVENTS WITH HYPERBOLIC DISCOUNTING	
Autores: 	Karp,   Larry S.; Tsur,   Yacov.	
Data: 	2008-02-28	
Ano: 	2007	
Palavras-chave: 	Abrupt climate change; Event uncertainty; Catastrophic risk; Hyperbolic discounting; Markov Perfect Equilibria; Environmental Economics and Policy; C61; C73; D63; D99; Q54.	
Resumo: 	Low probability catastrophic climate change can have a signifcant influence on policy under hyperbolic discounting. We compare the set of Markov Perfect Equilibria (MPE) to the optimal policy under time-consistent commitment. For some initial levels of risk there are multiple MPE; these may involve either excessive or insufficient stabilization effort. These results imply that even if the free-rider problem amongst contemporaneous decision-makers were solved, there may remain a coordination problem amongst successive generations of decision-makers. A numerical example shows that under plausible conditions society should respond vigorously to the threat of climate change.	
Tipo: 	Working or Discussion Paper	
Idioma: 	Inglês	
Identificador: 	27290

http://purl.umn.edu/7181	
Relação: 	Hebrew University of Jerusalem&gt;Department of Agricultural Economics and Management&gt;Discussion Papers

Discussion Paper

No. 5.07	
Formato: 	52