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Frontiers of Economics in China

ISSN 1673-3444

ISSN 1673-3568(Online)

CN 11-5744/F

邮发代号 80-978

Frontiers of Economics in China  2014, Vol. 9 Issue (1): 6-24   https://doi.org/10.3868/s060-003-014-0002-4
  本期目录
Overlapping Generations and Environmental Policy: An Introduction
Larry Karp()
Agricultural and Resource Economics Department, University of California, Berkeley. Berkeley, CA 94720-3310, USA
 全文: PDF(384 KB)  
Abstract

A small but growing body of literature uses overlapping generations (OLG) models to study environmental policy for long-lived problems such as climate change. An OLG model, unlike the infinitely lived representative agent model, distinguishes between impatience with respect to one’s own future utility, and attitudes toward successors’ utility. I discuss the problem of time inconsistency, the role of Markov perfection, and show that a class of OLG models can be studied using methods developed to analyze models of non-constant discounting. An example illustrates the techniques and determines the conditions underwhich, in equilibrium, there is under-investment or over-investment in natural capital.

Key wordsoverlapping generations    climate policy    time consistency    Markov perfection    under-investment
出版日期: 2014-05-16
 引用本文:   
. [J]. Frontiers of Economics in China, 2014, 9(1): 6-24.
Larry Karp. Overlapping Generations and Environmental Policy: An Introduction. Front. Econ. China, 2014, 9(1): 6-24.
 链接本文:  
https://academic.hep.com.cn/fec/CN/10.3868/s060-003-014-0002-4
https://academic.hep.com.cn/fec/CN/Y2014/V9/I1/6
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