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Registros recuperados: 10
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Discounting and confidence AgEcon
Traeger, Christian P..
Revision of CUDARE Working Paper 1117 issued June 2011
Tipo: Working Paper Palavras-chave: Uncertainty; Discounting; Climate change; Ambiguity; Confidence; Subjective beliefs; Prudence; Pessimism; Expected utility; Intertemporal substitutability; Intertemporal risk aversion; Risk and Uncertainty; D61; Q54; D81; D90.
Ano: 2011 URL: http://purl.umn.edu/120418
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Testing for Convergence Clubs in Income Per-Capita: A Predictive Density Approach AgEcon
Canova, Fabio.
The paper proposes a technique to jointly tests for groupings of unknown size in the cross sectional dimension of a panel and estimates the parameters of each group, and applies it to identifying convergence clubs in income per-capita. The approach uses the predictive density of the data, conditional on the parameters of the model. The steady state distribution of European regional data clusters around four poles of attraction with different economic features. The distribution of income per-capita of OECD countries has two poles of attraction and each group has clearly identifiable economics characteristics. In diesem Beitrag wird eine Methode vorgestellt, mit der es möglich ist, Gruppierungen von Querschnittsdaten von zunächst unbekanntem Umfang...
Tipo: Working or Discussion Paper Palavras-chave: Heterogeneities; Panel Data; Predictive Density; Income Inequality; International Development; C11; D90; 047.
Ano: 2001 URL: http://purl.umn.edu/26361
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Tipping Points and Ambiguity in the Economics of Climate Change AgEcon
Lemoine, Derek M.; Traeger, Christian P..
Replaced with revised version of paper Feb 13, 2012 available at http://purl.umn.edu/120349
Tipo: Report Palavras-chave: Threshold; Climate; Integrated assessment; Regime shift; Ambiguity; Uncertainty; Dynamic programming; Social cost of carbon; Tipping point; Carbon tax; Environmental Economics and Policy; Risk and Uncertainty; Q54; D90; D81.
Ano: 2010 URL: http://purl.umn.edu/98127
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Tipping points and ambiguity in the economics of climate change AgEcon
Lemoine, Derek M.; Traeger, Christian P..
Replaces CUDARE Working Paper no. 1111, with the title; Tipping Points and Ambiguity in the Integrated Assessment of Climate Change, issued 12-26-2010
Tipo: Working Paper Palavras-chave: Tipping point; Threshold; Regime shift; Ambiguity; Climate; Uncertainty; Integrated assessment; Dynamic programming; Social cost of carbon; Carbon tax; Political Economy; Resource /Energy Economics and Policy; Q54; D90; D81.
Ano: 2011 URL: http://purl.umn.edu/120349
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Risk and Aversion in the Integrated Assessment of Climate Change AgEcon
Crost, Benjamin; Traeger, Christian P..
Tipo: Working or Discussion Paper Palavras-chave: Climate change; Uncertainty; Integrated assessment; Risk aversion; Intertemporal substitution; Recursive utility; Dynamic programming; Risk and Uncertainty; Q54; Q00; D90; C63.
Ano: 2010 URL: http://purl.umn.edu/90935
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The Social Discount Rate under Intertemporal Risk Aversion and Ambiguity AgEcon
Traeger, Christian P..
The social discount rate crucially determines optimal mitigation policies. This paper examines two shortcomings of the recent debate and the models on climate change assessment. First, removing an implicit assumption of (intertemporal) risk neutrality reduces the growth effect in social discounting and significantly amplifies the importance of risk and correlation. Second, debate and models largely overlook the difference in attitude with respect to risk and with respect to non-risk uncertainty. The paper derives the resulting changes of the risk-free and the stochastic social discount rate and points out the importance of even thin tailed uncertainty for climate change evaluation.
Tipo: Working or Discussion Paper Palavras-chave: Ambiguity; Discounting; Expected utility; Intertemporal substitutability; Intertemporal risk aversion; Recursive utility; Risk aversion; Social discount rate; Uncertainty; Political Economy; Risk and Uncertainty; D61; D81; D90; H43; Q00; Q54.
Ano: 2009 URL: http://purl.umn.edu/55785
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Subjective Risk, Confidence, and Ambiguity AgEcon
Traeger, Christian P..
Tipo: Working or Discussion Paper Palavras-chave: Ambiguity; Subjective beliefs; Expected utility; Intertemporal substitutability; Intertemporal risk aversion; Recursive utility; Uncertainty; Climate change; Risk and Uncertainty; D81; Q54; D90; Q01.
Ano: 2010 URL: http://purl.umn.edu/90461
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Discounting the Distant Future: How Much Do Uncertain Rates Increase Valuations? AgEcon
Newell, Richard G.; Pizer, William A..
Costs and benefits in the distant future-such as those associated with global warming, long-lived infrastructure, hazardous and radioactive waste, and biodiversity-often have little value today when measured with conventional discount rates. We demonstrate that when the future path of this conventional rate is uncertain and persistent (i.e., highly correlated over time), the distant future should be discounted at lower rates than suggested by the current rate. We then use two centuries of data on U.S. interest rates to quantify this effect. Using both random walk and mean-reverting models, we compute the certainty-equivalent rate that is, the single discount rate that summarizes the effect of uncertainty and measures the appropriate forward rate of...
Tipo: Working or Discussion Paper Palavras-chave: Discounting; Uncertainty; Interest rate forecasting; Climate policy; Intergenerational equity; Risk and Uncertainty; D90; E47; C53; H43; Q28.
Ano: 2001 URL: http://purl.umn.edu/10743
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The Economics of Sustainability: A Review of Journal Articles AgEcon
Pezzey, John C.V.; Toman, Michael.
Concern about sustainability helped to launch a new agenda for development and environmental economics and challenged many of the fundamental goals and assumptions of the conventional, neoclassical economics of growth and development. We review 25 years' of refereed journal articles on the economics of sustainability, with emphasis on analyses that involve concern for intergenerational equity in the long-term decision-making of a society; recognition of the role of finite environmental resources in long-term decision-making; and recognizable, if perhaps unconventional, use of economic concepts, such as instantaneous utility, cost, or intertemporal welfare. Taken as a whole, the articles reviewed here indicate that several areas must be addressed in future...
Tipo: Working or Discussion Paper Palavras-chave: Economic efficiency; Intergenerational equity; Social optimality; Sustainable development; Environmental Economics and Policy; Q20; D60; D90.
Ano: 2002 URL: http://purl.umn.edu/10683
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Russlands Ratifikation des Kyoto-Protokolls - ein kritisches Pladoyer AgEcon
Schwerd, Joachim.
At the beginning of December 2003 the ninth conference of the parties (COP) of the UN framework convention on climate change (Rio declaration 1992) will take place. This meeting is crucial as it depends only on Russia's ratification to get the Kyoto protocol started soon. This paper reflects the current state of the protocol and highlights the particular features of COP 9, e.g. the double ratification hurdle, which - as a technical speciality of the protocol - was suitable to strengthen Russia's position in these negotiations up to now. It will be discussed, why Russia shall comply with the protocol for its own sake, too. Only one of the flexible Kyoto instruments is considered hereby: emissions trading. Two arguments are used for making the point, that it...
Tipo: Working or Discussion Paper Palavras-chave: Kyoto protocol; Emissions trading; Dynamic efficiency; Russia; Environmental Economics and Policy; B52; D78; D90; F18.
Ano: 2003 URL: http://purl.umn.edu/26184
Registros recuperados: 10
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