全球智库信息集成服务系统(G2TT): Sustainability in a Risky World

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w28899
来源ID	Working Paper 28899
	Sustainability in a Risky World
	John Y. Campbell; Ian Martin
发表日期	2021-06-07
出版年	2021
语种	英语
摘要	How much consumption is “sustainable”? We view sustainability as a requirement that welfare should not be expected to decline over time. We impose this requirement as a constraint on the consumption-savings-investment problem, and study its implications for saving, risky investment, and the social rate of time preference. The constraint does not distort portfolio choice, but it imposes an upper bound on the sustainable rate of time preference and the sustainable consumption-wealth ratio, which we show must lie between the riskless interest rate and the expected return on optimally invested wealth. For plausible parameter values, the sustainable consumption-wealth ratio is considerably higher than both the riskless interest rate and the consumption-wealth ratio permitted by the Ramsey rule of zero social time preference.
主题	Financial Economics ; Portfolio Selection and Asset Pricing ; Environmental and Resource Economics
URL	https://www.nber.org/papers/w28899
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/586573
推荐引用方式 GB/T 7714	John Y. Campbell,Ian Martin. Sustainability in a Risky World. 2021.