Working paper
Risk, inequality and time in the welfare economics of climate change: is the workhorse model underspecified?
- Abstract:
-
In the workhorse model of welfare economics, the elasticity of marginal utility, often denoted as η, serves simultaneously to represent aversion to risk, aversion to spatial inequality, and preferences for intertemporal substitution. While Kreps-Porteus-Selden and Epstein-Zin preferences enable risk to be separated from intertemporal substitution, no model enables all tlhree concepts to be disentangled. This theoretical lacuna is important, particularly for the economics of climate...
Expand abstract
- Publication status:
- Published
Actions
Authors
Bibliographic Details
- Publisher:
- University of Oxford Publisher's website
- Series:
- Department of Economics Discussion Paper Series
- Publication date:
- 2008-07-01
- Paper number:
- 400
Item Description
- Keywords:
- Pubs id:
-
1144036
- Local pid:
- pubs:1144036
- Deposit date:
- 2020-12-15
Terms of use
- Copyright date:
- 2008
- Rights statement:
- Copyright 2008 The Author(s)
Metrics
If you are the owner of this record, you can report an update to it here: Report update to this record