Arbeitspapier

Recursive intergenerational utility in global climate risk modeling

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This paper distinguishes relative risk aversion and resistance to intertemporal substitution in climate risk modelling. Stochastic recursive preferences are introduced in a stylised numeric climate-economy model using preliminary IPPC 1998 scenarios. It shows that higher risk aversion increases the optimal carbon tax. Higher resistance to intertemporal substitution alone has the same effect as increasing the discount rate, provided that the risk is not too large. We discuss implications of these findings for the debate upon discounting and sustainability under uncertainty.

Sprache
Englisch

Erschienen in
Series: Nota di Lavoro ; No. 92.1999

Klassifikation
Wirtschaft
Renewable Resources and Conservation: General
Criteria for Decision-Making under Risk and Uncertainty
Micro-Based Behavioral Economics: General‡
Project Evaluation; Social Discount Rate
Thema
Recursive utility
risk
discounting
sustainability
climate
Umweltbewertung
Klimawandel
Risikoaversion
Zeitpräferenz
Generationengerechtigkeit
Ökosteuer
Theorie

Ereignis
Geistige Schöpfung
(wer)
Minh, Ha-Duong
Treich, Nicolas
Ereignis
Veröffentlichung
(wer)
Fondazione Eni Enrico Mattei (FEEM)
(wo)
Milano
(wann)
1999

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.
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Objekttyp

  • Arbeitspapier

Beteiligte

  • Minh, Ha-Duong
  • Treich, Nicolas
  • Fondazione Eni Enrico Mattei (FEEM)

Entstanden

  • 1999

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