کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
958956 929100 2008 19 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Numerical analysis of non-constant pure rate of time preference: A model of climate policy
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Numerical analysis of non-constant pure rate of time preference: A model of climate policy
چکیده انگلیسی

When current decisions affect welfare in the far-distant future, as with climate change, the use of a declining pure rate of time preference (PRTP) provides potentially important modeling flexibility. The difficulty of analyzing models with non-constant PRTP limits their application. We describe and provide software (available online) to implement an algorithm to numerically obtain a Markov perfect equilibrium for an optimal control problem with non-constant PRTP. We apply this software to a simplified version of the numerical climate change model used in the Stern Review. For our calibration, the policy recommendations are less sensitive to the PRTP than widely believed.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Environmental Economics and Management - Volume 56, Issue 1, July 2008, Pages 83–101
نویسندگان
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