全球智库信息集成服务系统(G2TT): Environmental Catastrophes under Time-Inconsistent Preferences

G2TT

来源类型	FEEM working papers "Note di lavoro" series
规范类型	论文
	Environmental Catastrophes under Time-Inconsistent Preferences
	Thomas Michielsen
发表日期	2013
出处	Climate Change and Sustainable Development
出版年	2013
语种	英语
摘要	I analyze optimal natural resource use in an intergenerational model with the risk of a catastrophe. Each generation maximizes a weighted sum of discounted utility (positive) and the probability that a catastrophe will occur at any point in the future (negative). The model generates time- inconsistency as generations disagree on the relative weights on utility and catastrophe prevention. As a consequence, future generations emit too much from the current generation’s perspective and a dynamic game ensues. I consider a sequence of models. When the environmental problem is related to a scarce exhaustible resource, early generations have an in-incentive to reduce emissions in Markov equilibrium in order to enhance the ecosystem’s resilience to future emissions. When the pollutant is expected to become obsolete in the near future, early generations may however in- crease their emissions if this reduces future emissions. When polluting inputs are abundant and expected to remain essential, the catastrophe becomes a self-fulfilling prophecy and the degree of concern for catastrophe prevention has limited or even no effect on equilibrium behaviour.
特色分类	C73;D83;Q54
关键词	Catastrophic Events Decision Theory Uncertainty Time Consistency
URL	https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/environmental-catastrophes-under-time-inconsistent-preferences/
来源智库	Fondazione Eni Enrico Mattei (Italy)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/118184
推荐引用方式 GB/T 7714	Thomas Michielsen. Environmental Catastrophes under Time-Inconsistent Preferences. 2013.

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20136131125571Nota_d（71KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
20136131126144NDL201（1132KB）	智库出版物		限制开放	CC BY-NC-SA	浏览