Arbeitspapier
Positional goods, climate change and the social returns to investment
The economic analysis of global warming is dominated by models based on optimal growth theory. This approach can generate biases in the presence of positional goods and status effects. We show that by ignoring these direct consumption externalities, integrated assessment models overestimate the social return to conventional investment and underestimate the optimal amount of investment in mitigation. Empirical evidence on the influence of relative consumption on utility suggests that the bias could be quantitatively significant. Our results from a simple survey support this conclusion.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2011-24
- Klassifikation
-
Wirtschaft
Agricultural Markets and Marketing; Cooperatives; Agribusiness
- Thema
-
representative agent
consumption externalities
positional goods
relative consumption
welfare
global warming
discount rates
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Davis, Leila
Skott, Peter
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Massachusetts, Department of Economics
- (wo)
-
Amherst, MA
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Davis, Leila
- Skott, Peter
- University of Massachusetts, Department of Economics
Entstanden
- 2011
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