This paper presents efficient CO2 abatement levels for 135 countries and identifies reasons for the absence of worldwide greenhouse gas emission reductions. Based on individual marginal cost and benefit functions for emission abatement we compare the Pareto-optimal Samuelson solution with the Nash equilibrium. We found that the Pareto-optimal solution would require status quo world emissions to...

The purpose of this article is to demonstrate the effect of investment time horizon on the choice of risky assets in a portfolio when the investor in question is optimizing a Safety-First (downside risk-aversion) utility function. It is shown, under standard assumptions, that although shortfall risk decreases exponentially with investment time horizon, the portfolio asset allocation proportions...

The paper analyzes one-sector models of general equilibrium over an infinite time horizon in which there are an infinite number of agents, these being the members of successive generations. It is argued that such models are more realistic than the customary equilibrium models with finitely many agents. Three aspects of these models are then examined including: (1) non-optimalities in the form o...

1 Trabalho de projecto apresentado como requisito parcial para a obtenção do grau de without whose help the data collection would have been impossible. I would especially like to thank all my friends, Catarina Rodrigues, my brother, my sister, my father and my mother for their support and inspiration. Abstract Keywords: market efficiency, random walk, fair game, liquidity P. Samuelson and later...

In this paper an ex-post measurable definition of globalization has been used, namely increasing trade openness and FDI. A general result is that the optimistic HeckscherOhlin/Stolper-Samuelson predictions do not apply, that is neither employment creation nor the decrease in within-country inequality are automatically assured by increasing trade and FDI. The other main findings of the paper are...