Regulating Nonlinear Environmental Systems under Knightian Uncertainty

نویسندگان

  • William Brock
  • Anastasios Xepapadeas
چکیده

برای دانلود رایگان متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Viability and Arbitrage under Knightian Uncertainty

We reconsider the microeconomic foundations of financial economics under Knightian Uncertainty. In a general framework, we discuss the absence of arbitrage, its relation to economic viability, and the existence of suitable nonlinear pricing expectations. Classical financial markets under risk and no ambiguity are contained as special cases, including various forms of the Efficient Market Hypoth...

متن کامل

Irreversibilities and the Optimal Timing of Environmental Policy under Knightian Uncertainty

In this paper, we consider a problem in environmental policy design by applying optimal stopping rules. The purpose of this paper is to analyze the optimal timings at which the government should adopt environmental policies to deal with increases in greenhouse gas concentrations and to reduce emissions of SO2 or CO2 under the continuous-time Knightian uncertainty. Furthermore, we analyze the ef...

متن کامل

Price-based vs. quantity-based environmental regulation under Knightian uncertainty: an info-gap robust satisficing perspective.

Conventional wisdom among environmental economists is that the relative slopes of the marginal social benefit and marginal social cost functions determine whether a price-based or quantity-based environmental regulation leads to higher expected social welfare. We revisit the choice between price-based vs. quantity-based environmental regulation under Knightian uncertainty; that is, when uncerta...

متن کامل

Recent Advancements in the Theory of Choice under Knightian Uncertainty and Their Applications in Economics

Knightian uncertainty differs from risk in that it describes situations where randomness of an uncertain event faced by a decision maker cannot be adequately described by a probability measure. This paper reviews the recent advancements in the theory of choice under Knightian uncertainty and their applications in economics and finance.

متن کامل

Consumption and Saving Under Knightian Uncertainty

This paper studies consumption/saving problem under Knightian uncertainty in a two period setting. The multiple-priors utility model is adopted. The effects of income uncertainty and capital uncertainty on optimal savings are analyzed by deriving closed form solutions.

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

عنوان ژورنال:

دوره   شماره 

صفحات  -

تاریخ انتشار 2002