Integrated assessment models of climate change typically analyze the case of a doubling of atmospheric CO2.over the pre-industrial concentration of about 270 ppm. This is a serious shortcoming since under a scenario in which all accessible fossil fuels are burned, atmospheric CO2 concentrations will more than quadruple. We introduce an analytical framework that endogenously accounts for potenti...

This paper argues that life satisfaction data can be used to value natural disasters. We discuss the strengths of this approach, compare it to traditional methods and apply it to estimate and monetize utility losses caused by floods in 17 OECD countries between 1973 and 2004. Using combined cross-section and time-series data, we find a negative impact of floods on life satisfaction that is size...

We consider random assignment of multiple indivisible objects. When each agent receives one object, Bogomolnaia and Moulin (2001) show that the probabilistic serial mechanism is ordinally efficient, envy-free and weakly strategy-proof. When each agent receives more than one object, we propose a generalized probabilistic serial mechanism that is ordinally efficient and envy-free but not weakly s...

The Efficient and Fair Approval of “Multiple-Cost – Single-Benefit” Projects under Unilateral Information This paper focuses on indivisible multiple-cost–single-benefit projects that must be approved by the government. A simple mechanism is proposed that ensures an efficient and fair implementation of such projects. The proposed mechanism is appropriate for a unilateral information structure: t...