Arbeitspapier
A general equilibrium model of environmental option values
In this paper we consider the option value of the environment employing a general equilibrium growth model with a stochastic technology. In our model, as in existing studies, because of irreversibility, the environment has significant real option value. However, unlike the existing literature in which the uncertainty of the value of the environment is given exogenously, the value of the environment is endogenously determined. In our model, the elasticity of substitution between the environment and consumption plays a crucial role. We show that the option value, and hence, the optimal decision are both affected by not only quantitatively but also qualitatively.
- Sprache
-
Englisch
- Erschienen in
-
Series: School of Economics Discussion Papers ; No. 11,07
- Klassifikation
-
Wirtschaft
Contingent Pricing; Futures Pricing; option pricing
Nonrenewable Resources and Conservation: Demand and Supply; Prices
- Thema
-
real option values
environment
general equilibrium
elasticity of substitution
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Shibayama, Katsuyuki
Fraser, Iain
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Kent, School of Economics
- (wo)
-
Canterbury
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 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
- Shibayama, Katsuyuki
- Fraser, Iain
- University of Kent, School of Economics
Entstanden
- 2011
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