| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Uncertainty and Natural Resources - Prudence Facing Doomsday |
| Johannes Emmerling
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| 发表日期 | 2015
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| 出处 | Climate Change and Sustainable Development
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| 出版年 | 2015
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| 语种 | 英语
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| 摘要 | This paper studies the optimal extraction of a non-renewable resource under uncertainty using a discrete-time approach in the spirit of the literature on precautionary savings. We find that boundedness of the utility function, in particular the assumption about U(0), gives very different results in the two settings which are often considered as equivalent. For a bounded utility function, we show that in a standard two-period setting, prudence is no longer sufficient to ensure a more conservationist extraction policy than under certainty. If on the other hand we increase the number of periods to infinity, we find that prudence is not anymore not anymore necessary to induce a more conservationist extraction policy and risk aversion is sufficient. These results highlight the importance of the specification of the utility function and its behavior at the point of origin.
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Suggested citation: Emmerling, J., (2015), 'Uncertainty and Natural Resources - Prudence Facing Doomsday', Nota di Lavoro 49.2015, Milan, Italy: Fondazione Eni Enrico Mattei |
| 特色分类 | Q30;D81
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| 关键词 | Expected Utility
Non-Renewable Resource
Prudence
Uncertainty
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/uncertainty-and-natural-resources-prudence-facing-doomsday/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/118403
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推荐引用方式
GB/T 7714 |
Johannes Emmerling. Uncertainty and Natural Resources - Prudence Facing Doomsday. 2015.
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