| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23591 |
| 来源ID | Working Paper 23591 |
| Even the Representative Agent Must Die: Using Demographics to Inform Long-Term Social Discount Rates | |
| Eli P. Fenichel; Matthew J. Kotchen; Ethan T. Addicott | |
| 发表日期 | 2017-07-17 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We develop a demographically-based approach for estimating the utility discount rate (UDR) portion of the Ramsey rule. We show how age-specific mortality rates and life expectancies imply a natural UDR for individuals at each age in a population, and these can be aggregated into a population-level social UDR. We then provide empirical estimates for nearly all countries and for the world as a whole. A striking part of the analysis is how the estimated UDRs fall within the range of those currently employed in the macroeconomics and climate change literatures. We use our results to derive heterogenous social discount rates across countries and explore the consequences for an integrated assessment model of climate change. We find that introducing regional heterogeneity of UDRs into the RICE model has little impact on the business-as-usual trajectory of global emissions. It does, however, change the trajectory of optimal emissions, the corresponding optimal carbon tax, and the distribution of emission reductions across countries. |
| 主题 | Public Economics ; Public Goods ; Development and Growth ; Environmental and Resource Economics ; Environment |
| URL | https://www.nber.org/papers/w23591 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581265 |
| 推荐引用方式 GB/T 7714 | Eli P. Fenichel,Matthew J. Kotchen,Ethan T. Addicott. Even the Representative Agent Must Die: Using Demographics to Inform Long-Term Social Discount Rates. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23591.pdf（1058KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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