CINXE.COM

<!DOCTYPE html> <HTML lang="en"> <HEAD> <TITLE>Discounting the Future: on Climate Change, Ambiguity Aversion and Epstein-Zin Preferences</TITLE> <meta charset="utf-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/css/bootstrap.min.css" integrity="sha384-Gn5384xqQ1aoWXA+058RXPxPg6fy4IWvTNh0E263XmFcJlSAwiGgFAW/dAiS6JXm" crossorigin="anonymous"> <link rel="stylesheet" href="/css/font-awesome.min.css">   <link href="/css/normalnew.css" rel="stylesheet" type="text/css"/> <link href="/css/pushy.css" rel="stylesheet" type="text/css"/> <link rel="icon" type="image.jpg" href="/favicon.ico">  <script type='text/javascript'> var captchaContainer = null; var loadCaptcha = function() { captchaContainer = grecaptcha.render('captcha_container', { 'sitekey' : '6LdQebIaAAAAACSKxvbloyrkQ_q-MqhOAGgD5PQV', 'callback' : function(response) { console.log(response); } }); }; </script> <META NAME="handle" CONTENT="RePEc:tin:wpaper:20190030"><META NAME="description" CONTENT="Downloadable! We focus on the effect of preference specifications on the current day valuation of future outcomes. Specifically, we analyze the effect of risk aversion, ambiguity aversion and the elasticity of intertemporal substitution on the willingness to pay to avoid climate change risk. The first part of the paper analyzes a general disaster (jump) risk model with a constant arrival rate of disasters. This provides useful intuition in how preferences influence valuation of long-term risk. The second part of the paper extends this model with a climate model and a temperature dependent arrival rate. Since the model yields closed form solutions up to solving an integral, our model does not suffer from the curse of dimensionality of numerical IAMs with several state variables. Introducing Epstein-Zin preferences with an elasticity of substitution higher than one and ambiguity aversion leads to much larger estimates of the social cost of carbon than obtained under power utility. The dominant parameters are the risk aversion coefficient and the elasticity of intertemporal substitution. Ambiguity aversion is of second order importance."> <META NAME="keywords" CONTENT="Social Cost of Carbon; Ambiguity Aversion; Epstein-Zin preferences; Stochastic Differential Utility; Climate Change"> <META NAME="jel_code" CONTENT="Q51; Q54; G12; G13"> <META NAME="author" CONTENT="Stan Olijslagers & Sweder van Wijnbergen"> <META NAME="author_shortid" CONTENT="pol298; pva412"> <META NAME="title" CONTENT="Discounting the Future: on Climate Change, Ambiguity Aversion and Epstein-Zin Preferences"> <META NAME="download" CONTENT="1"> <META NAME="freedownload" CONTENT="1"> <META NAME="date" CONTENT="2019-02-02"> <META NAME="citation_publication_date" CONTENT="2019/04/24"> <META NAME="citation_authors" content="Stan Olijslagers; Sweder van Wijnbergen"> <META NAME="citation_title" content="Discounting the Future: on Climate Change, Ambiguity Aversion and Epstein-Zin Preferences"> <META NAME="citation_abstract" content="We focus on the effect of preference specifications on the current day valuation of future outcomes. Specifically, we analyze the effect of risk aversion, ambiguity aversion and the elasticity of intertemporal substitution on the willingness to pay to avoid climate change risk. The first part of the paper analyzes a general disaster (jump) risk model with a constant arrival rate of disasters. This provides useful intuition in how preferences influence valuation of long-term risk. The second part of the paper extends this model with a climate model and a temperature dependent arrival rate. Since the model yields closed form solutions up to solving an integral, our model does not suffer from the curse of dimensionality of numerical IAMs with several state variables. Introducing Epstein-Zin preferences with an elasticity of substitution higher than one and ambiguity aversion leads to much larger estimates of the social cost of carbon than obtained under power utility. The dominant parameters are the risk aversion coefficient and the elasticity of intertemporal substitution. Ambiguity aversion is of second order importance."> <META NAME="citation_publisher" content="Tinbergen Institute"> <META NAME="citation_journal_title" content="Tinbergen Institute Discussion Papers"> <META NAME="citation_keywords" content="Social Cost of Carbon; Ambiguity Aversion; Epstein-Zin preferences; Stochastic Differential Utility; Climate Change"> <META NAME="citation_abstract_html_url" content="https://ideas.repec.org/p/tin/wpaper/20190030.html"> <META NAME="citation_abstract_pdf_url" content="https://ideas.repec.org/p/tin/wpaper/20190030.html"> <META NAME="redif-type" content="paper"> <META NAME="citation_type" content="redif-paper"> <META NAME="citation_technical_report_number" content="19-030/VI"> <META NAME="citation_year" content="2019"> <META NAME="twitter:card" content="summary_large_image"> <META NAME="twitter:site" content="@repec_org"> <META NAME="twitter:title" content="Discounting the Future: on Climate Change, Ambiguity Aversion and Epst"> <META NAME="twitter:description" content="We focus on the effect of preference specifications on the current day valuation of future outcomes. Specifically, we analyze the effect of risk aversion, ambiguity aversion and the elasticity of inte"> <META NAME="twitter:image" content="https://ideas.repec.org/cgi-bin/twimage.cgi?p&tin:wpaper:20190030"> <META PROPERTY="og:type" content="article"> <META PROPERTY="og:title" content="Discounting the Future: on Climate Change, Ambiguity Aversio"> <META PROPERTY="og:description" content="We focus on the effect of preference specifications on the current day valuation of future outcomes. Specifically, we analyze the effect of risk aversion, ambiguity aversion and the elasticity of inte"> <META PROPERTY="og:url" content="https://ideas.repec.org//p/tin/wpaper/20190030.html"> <META PROPERTY="og:image" content="https://ideas.repec.org/cgi-bin/twimage.cgi?p&tin:wpaper:20190030"> <script type="application/ld+json"> { "@context": "http://schema.org", "@graph": [ { "@id": "#periodical", "@type": "Periodical", "name": "Tinbergen Institute Discussion Papers", "publisher": "Tinbergen Institute", "url": "https://ideas.repec.org/s/tin/wpaper.html", "requiresSubscription": "false" }, { "@id": "#number", "@type": "PublicationIssue", "datePublished": "2019-04-24", "issueNumber": "19-030/VI" }, { "@id": "#article", "@type": "ScholarlyArticle", "name": "Discounting the Future: on Climate Change, Ambiguity Aversion and Epstein-Zin Preferences", "url": "https://ideas.repec.org//p/tin/wpaper/20190030.html", "description": "We focus on the effect of preference specifications on the current day valuation of future outcomes. Specifically, we analyze the effect of risk aversion, ambiguity aversion and the elasticity of intertemporal substitution on the willingness to pay to avoid climate change risk. The first part of the paper analyzes a general disaster (jump) risk model with a constant arrival rate of disasters. This provides useful intuition in how preferences influence valuation of long-term risk. The second part of the paper extends this model with a climate model and a temperature dependent arrival rate. Since the model yields closed form solutions up to solving an integral, our model does not suffer from the curse of dimensionality of numerical IAMs with several state variables. Introducing Epstein-Zin preferences with an elasticity of substitution higher than one and ambiguity aversion leads to much larger estimates of the social cost of carbon than obtained under power utility. The dominant parameters are the risk aversion coefficient and the elasticity of intertemporal substitution. Ambiguity aversion is of second order importance.", "keywords": "Social Cost of Carbon; Ambiguity Aversion; Epstein-Zin preferences; Stochastic Differential Utility; Climate Change", "author": "Stan Olijslagers & Sweder van Wijnbergen", "isPartOf": [ { "@id": "#periodical" }, { "@id": "#number" } ] } ] } </script> </HEAD><BODY> <script async src="https://www.googletagmanager.com/gtag/js?id=G-G63YGSJVZ7"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-G63YGSJVZ7'); </script> <div class="container"> <div id="header" class="row"> <nav class="navbar navbar-collapse navbar-expand-md" role="navigation"> <a class="navbar-brand" href="/"> <img width="125" src="/ideas4.jpg" border="0" alt="IDEAS home"> </a> <button class="navbar-toggler" type="button" data-toggle="collapse" data-target="#mobilesearch" aria-controls="mobilesearch" aria-expanded="false" aria-label="Toggle navigation"> <span class="navbar-toggler-icon"><i class="fa fa-search"></i></span> </button> <div class="collapse" id="mobilesearch"> <div class="form-inline"> <form method="GET" action="/cgi-bin/htsearch2" id="mobilesearch" role="search" class="card card-body"> <div class="input-group"> <input class="form-control" type="text" name="q" value="" placeholder="Search econ literature"> <span class="input-group-btn"> <input class="btn btn-default btn-lg fa" type="submit" value="" style="color:white;background-color:#2d4e8b;"> </span> </div> <a href="/search.html" class="advanced-search">Advanced search</a> </form> </div> </div> <button class="navbar-toggler" type="button" data-toggle="collapse" data-target="#mobilemenu" aria-controls="mobilemenu" aria-expanded="false" aria-label="Toggle navigation"> <span class="navbar-toggler-icon"><i class="fa fa-bars"></i></span> </button> <div class="collapse" id="mobilemenu"> <ul class="navbar-nav mr-auto"> <li class="nav-item"> <a class="nav-link" href="/">Economic literature:</a> <a href="/i/p.html">papers</A>, <a href="/i/a.html">articles</A>, <a href="/i/c.html">software</A>, <a href="/i/h.html">chapters</A>, <a href="/i/b.html">books</A>. </li> <li class="nav-item"> <a class="nav-link" href="/i/e.html">Authors</a> </li> <li class="nav-item"> <a class="nav-link" href="http://edirc.repec.org/">Institutions</a> </li> <li class="nav-item"> <a class="nav-link" href="/top/">Rankings</a> </li> <li class="nav-item"> <a class="nav-link" href="/help.html" target="_blank">Help/FAQ <i class="fa fa-external-link"></i></a> </li> <li class="nav-item"> <a class="nav-link" href="/cgi-bin/myideas.cgi">MyIDEAS <I class="fa fa-lightbulb-o"></I></a> </li> <li class="nav-item"> <span class="nav-text">More options at page bottom</span> </li> </ul> </div> <div class="d-none d-md-inline"> <ul class="nav nav-fill" id="topnav"> <li class="nav-item"> <a class="nav-link" href="/">Economic literature</a> </li> <li class="nav-item"> <a class="nav-link" href="/i/e.html">Authors</a> </li> <li class="nav-item"> <a class="nav-link" href="http://edirc.repec.org/">Institutions</a> </li> <li class="nav-item"> <a class="nav-link" href="/top/">Rankings</a> </li> <li class="nav-item"> <a class="nav-link" href="/help.html" target="_blank">Help/FAQ <i class="fa fa-external-link"></i></a> </li> <li class="nav-item"> <a class="nav-link" href="/cgi-bin/myideas.cgi" style="color:blue;">MyIDEAS <I class="fa fa-lightbulb-o"></I> <small>(now with weekly email digests)</small></a> </li> </ul> </div> </nav> </div> <div class="row"> <div class="col-12" style="margin-top: -10px;"> <div id="sidebar" class="sidebar-nav-fixed pull-right d-none d-print-none d-md-inline col-md-3"> <div class="inline-form"> <form method="GET" action="/cgi-bin/htsearch2" id="topsearch" role="search" class="navbar-form navbar-right"> <div class="input-group"> <input class="form-control" type="text" name="q" value="" placeholder="Search econ literature"> <input class="btn fa" type="submit" value="" style="color:white;background-color:#2d4e8b;"> </div> <a href="/search.html" class="advanced-search">Advanced search</a> </form> </div> <div id="menu"> <h3>Browse Econ Literature</h3> <ul> <li><a href="/i/p.html">Working papers</a></li> <li><a href="/i/a.html">Journals</a></li> <li><a href="/i/c.html">Software components</a></li> <li><a href="/i/b.html">Books</a></li> <li><a href="/i/h.html">Book chapters</a></li> <li><a href="/j/">JEL classification</a></li> </ul> <h3>More features</h3> <ul> <li><a href="http://nep.repec.org/">Subscribe to new research</a></li> <li><a href="https://biblio.repec.org/">RePEc Biblio</a></li> <li><a href="https://authors.repec.org/">Author registration</a></li> <li><A href="/v/"><font color="red">Economics Virtual Seminar Calendar</font></a> NEW!</li> </ul> </div> </div> <div class="d-none d-print-block"> <img width="145" src="/ideas4.jpg" border="0" alt="IDEAS home"> Printed from https://ideas.repec.org/p/tin/wpaper/20190030.html </div> <div id="main" class="col-12 col-md-9"> <div class="site-overlay"></div> <div class="d-print-none"> <div id="messages" class="col-xs-12"> <span class="share-block"> <a class="share-twitter fa fa-twitter" href="#" title="Share on Twitter"></a>   <share-to-mastodon message="Found on RePEc/IDEAS:" url='https://ideas.repec.org/p/tin/wpaper/20190030.html'><img src="/images/mastodon.svg" height=15></share-to-mastodon> <a href="https://bsky.app/intent/compose?text=Found%20on%20RePEc/IDEAS:%20https://ideas.repec.org/p/tin/wpaper/20190030.html%20💡" target="_NEW"><img src="/images/bluesky.svg" height=15></a> <a class="share-facebook fa fa-facebook" href="#" title="Share on Facebook"></a> <a class="share-reddit fa fa-reddit" href="#" title="Share on Reddit"></a> <a class="share-linkedin fa fa-linkedin" href="#" title="Share on LinkedIn"></a>   <a class="share-email fa fa-envelope" href="#" title="Share by Email"></a> <a class="share-print fa fa-print" href="#" title="Print this page"></a> </span> <span id="myideas"> <a href="/cgi-bin/myideas.cgi" data-toggle="tooltip" title="MyIDEAS: not logged in"> <i class="fa fa-lightbulb-o"></i> <i class="fa fa-lock"></i> </a> <A HREF="/cgi-bin/myideas.cgi#myibiblio1unassigned"><I class="fa fa-archive"></I> My bibliography</A> <i class="fa fa-bookmark"></i> <span onclick="loadDoc('https://ideas.repec.org/cgi-bin/myiadd2.cgi',myFunction);return true;">Save this paper</span> </span> <script> function loadDoc(url,cfunc) { var xhttp = new XMLHttpRequest(); xhttp.onreadystatechange = function() { if (xhttp.readyState == 4 && xhttp.status == 200) { cfunc(xhttp); } }; xhttp.open("GET", url, true); xhttp.send(); } function myFunction(xhttp) { document.getElementById("response").innerHTML = xhttp.responseText; } </script><span id="response"></span> </div> </div> <div id="content-block"> <div id="title"> <h1>Discounting the Future: on Climate Change, Ambiguity Aversion and Epstein-Zin Preferences</h1></div> <div> <ul class="nav nav-pills" id="myTab" role="tablist"> <li class="nav-item"> <a class="nav-link active" id="author-abstract-tab" data-toggle="tab" href="#author-abstract" role="tab" aria-controls="author-abstract" aria-selected="true">Author & abstract</a> </li> <li class="nav-item"> <a class="nav-link download-tab" id="download-tab" data-toggle="tab" href="#download" role="tab" aria-controls="download" aria-selected="false">Download & other version</a> </li> <li class="nav-item"> <a class="nav-link" id="refs-tab" data-toggle="tab" href="#refs" role="tab" aria-controls="refs" aria-selected="false">51 References</a> </li> <li class="nav-item"> <a class="nav-link" id="cites-tab" data-toggle="tab" href="#cites" role="tab" aria-controls="cites" aria-selected="false">6 Citations</a> </li> <li class="nav-item"> <a class="nav-link" id="mrel-tab" data-toggle="tab" href="#mrel" role="tab" aria-controls="mrel" aria-selected="false">Most related</a> </li> <li class="nav-item"> <a class="nav-link" id="more-tab" data-toggle="tab" href="#more" role="tab" aria-controls="more" aria-selected="false">Related works & more</a> </li>  <li class="nav-item"> <a class="nav-link" id="correct-tab" data-toggle="tab" href="#correct" role="tab" aria-controls="correct" aria-selected="false">Corrections</a> </li> </ul> <div class="tab-content" id="myTabContent"> <div class="tab-pane fade show active" id="author-abstract" role="tabpanel" aria-labelledby="author-abstract-tab"> <h2>Author</h2> <div id="author-body"> <div id="authortable"> <div id="listed-authors">Listed: <ul id="authorlist"><li class="authorname">Stan Olijslagers<p class="authorcontact"> (University of Amsterdam)</p></li> <li class="authorname">Sweder van Wijnbergen<p class="authorcontact"> (University of Amsterdam)</p></li> </ul></div><div id="registered-authors"> <a href="https://authors.repec.org/">Registered:</a> <ul id="authorregistered"><li><a href="/f/pol298.html">Stan Olijslagers </A></li> <li><a href="/f/pva412.html">Sweder van Wijnbergen </A></li> </ul> </div> </div> </div> <h2 style="clear:left">Abstract</h2><div id="abstract-body">We focus on the effect of preference specifications on the current day valuation of future outcomes. Specifically, we analyze the effect of risk aversion, ambiguity aversion and the elasticity of intertemporal substitution on the willingness to pay to avoid climate change risk. The first part of the paper analyzes a general disaster (jump) risk model with a constant arrival rate of disasters. This provides useful intuition in how preferences influence valuation of long-term risk. The second part of the paper extends this model with a climate model and a temperature dependent arrival rate. Since the model yields closed form solutions up to solving an integral, our model does not suffer from the curse of dimensionality of numerical IAMs with several state variables. Introducing Epstein-Zin preferences with an elasticity of substitution higher than one and ambiguity aversion leads to much larger estimates of the social cost of carbon than obtained under power utility. The dominant parameters are the risk aversion coefficient and the elasticity of intertemporal substitution. Ambiguity aversion is of second order importance.</div> <h2>Suggested Citation</h2> <div id="biblio-body"> <LI class="list-group-item downfree"> Stan Olijslagers & Sweder van Wijnbergen, 2019. "<B><A HREF="/p/tin/wpaper/20190030.html">Discounting the Future: on Climate Change, Ambiguity Aversion and Epstein-Zin Preferences</A></B>," <A HREF="/s/tin/wpaper.html">Tinbergen Institute Discussion Papers</A> 19-030/VI, Tinbergen Institute. </li> Handle: <i style="word-break:break-all">RePEc:tin:wpaper:20190030</i> <form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="RePEc:tin:wpaper:20190030"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export reference "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form></div> </div> <div class="tab-pane fade" id="download" role="tabpanel" aria-labelledby="download-tab"> <h2>Download full text from publisher</h2><p></p> <FORM METHOD=GET ACTION="/cgi-bin/get_doc.pl" target="_blank"> <INPUT TYPE=HIDDEN NAME="urn" VALUE="RePEc:tin:wpaper:20190030"><INPUT TYPE="radio" NAME="url" VALUE="https://papers.tinbergen.nl/19030.pdf" checked><B>File URL:</B> <span style="word-break:break-all">https://papers.tinbergen.nl/19030.pdf</span><BR><B>Download Restriction:</B> no<BR> <font size="+2" color="red">---><INPUT TYPE="SUBMIT" class="btn fa" VALUE="Download the selected file " style="color:white;background-color:#2d4e8b;"><---</font></FORM><P><h2>Other versions of this item:</h2> <div class="otherversion"><UL><LI class="list-group-item downgate"> van Wijnbergen, Sweder & Olijslagers, Stan, 2019. "<B><A HREF="https://ideas.repec.org/p/cpr/ceprdp/13708.html">Discounting the Future: on Climate Change, Ambiguity Aversion and Epstein-Zin Preferences</A></B>," <A HREF="https://ideas.repec.org/s/cpr/ceprdp.html">CEPR Discussion Papers</A> 13708, C.E.P.R. Discussion Papers. </UL></div> </div> <div class="tab-pane fade" id="refs" role="tabpanel" aria-labelledby="refs-tab"><h2>References listed on IDEAS</h2><form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="repec:nbr:nberwo:17348#repec:cge:wacage:386#repec:nbr:nberwo:20926#repec:ces:ceswps:_7592#repec:roc:rocher:474#repec:ecm:emetrp:v:46:y:1978:i:1:p:185-200#repec:eee:jfinec:v:7:y:1979:i:3:p:265-296#repec:bos:wpaper:wp2013-002#repec:qsh:wpaper:8239#repec:nbr:nberwo:13690#repec:eee:eecrev:v:69:y:2014:i:c:p:104-125#repec:cdl:agrebk:qt2w614303#repec:aea:aejpol:v:5:y:2013:i:4:p:306-39#repec:oup:rfinst:v:17:y:2004:i:4:p:951-983#repec:eee:jetheo:v:177:y:2018:i:c:p:848-878#repec:ecm:emetrp:v:60:y:1992:i:2:p:353-94#repec:eee:jbfina:v:37:y:2013:i:12:p:5036-5047#repec:bla:jfinan:v:59:y:2004:i:4:p:1481-1509#repec:spr:climat:v:108:y:2011:i:3:p:519-541#repec:spr:joecth:v:56:y:2014:i:3:p:627-664#repec:eee:jetheo:v:113:y:2003:i:1:p:1-31#repec:cpr:ceprdp:7781#repec:nbr:nberwo:15373#repec:ehl:lserod:38586#repec:qsh:wpaper:106061#repec:mtp:titles:0262029189#repec:red:sed014:429#repec:nbr:nberwo:14386#repec:wrk:wcreta:43#repec:cla:levarc:1401#repec:icr:wpmath:11-2003#repec:ecm:emetrp:v:73:y:2005:i:6:p:1849-1892#repec:oup:qjecon:v:75:y:1961:i:4:p:643-669.#repec:qsh:wpaper:8366#repec:oxf:oxcrwp:203#repec:arx:papers:1504.06909#repec:eee:mateco:v:21:y:1992:i:6:p:577-606#repec:nbr:nberwo:21097#repec:oup:rfinst:v:5:y:1992:i:3:p:411-36#repec:red:sed008:944#repec:nbr:nberwo:15890#repec:cla:levarc:786969000000000126#repec:ecm:emetrp:v:46:y:1978:i:6:p:1429-45#repec:nbr:nberwo:19541#repec:ucp:jaerec:doi:10.1086/676035#repec:hrv:faseco:12967842#repec:tin:wpaper:20210046#repec:cup:cbooks:9780521700801#repec:kap:enreec:v:21:y:2002:i:1:p:47-73#repec:eee:ecolet:v:120:y:2013:i:3:p:552-558#repec:eee:moneco:v:43:y:1999:i:1:p:3-33#repec:hrv:faseco:3208215#repec:roc:rocher:485#repec:nbr:nberwo:6683#repec:cuf:wpaper:620#repec:kap:enreec:v:21:y:2002:i:2:p:135-160#repec:aea:aecrev:v:93:y:2003:i:2:p:383-391#repec:ecm:emetrp:v:70:y:2002:i:4:p:1403-1443#repec:pen:papers:10-011#repec:eee:moneco:v:59:y:2012:i:7:p:634-648#repec:eee:jbfina:v:37:y:2013:i:5:p:1397-1411#repec:cla:levarc:625018000000000009#repec:ecm:emetrp:v:79:y:2011:i:1:p:47-73#repec:eee:jfinec:v:101:y:2011:i:2:p:313-332#repec:anr:refeco:v:7:y:2015:p:219-252#repec:oup:renvpo:v:11:y:2017:i:1:p:100-114.#repec:mee:wpaper:0912#repec:wrk:warwec:1174#repec:qed:wpaper:699#repec:aea:jeclit:v:45:y:2007:i:3:p:686-702#repec:aea:jeclit:v:45:y:2007:i:3:p:703-724#repec:hrv:faseco:14397610#repec:bla:jfinan:v:68:y:2013:i:3:p:987-1035#repec:qsh:wpaper:136671#repec:ecm:emetrp:v:57:y:1989:i:4:p:937-69#repec:oup:rfinst:v:3:y:1990:i:4:p:493-521#repec:kap:enreec:v:87:y:2024:i:6:d:10.1007_s10640-023-00835-w#repec:wsi:wschap:9789814417358_0012#repec:aea:aecrev:v:99:y:2009:i:1:p:243-64#repec:eee:moneco:v:15:y:1985:i:2:p:145-161#repec:nbr:nberwo:24641#repec:aea:aecrev:v:111:y:2021:i:9:p:2782-2810#repec:eee:moneco:v:22:y:1988:i:1:p:117-131#repec:oup:qjecon:v:121:y:2006:i:3:p:823-866.#repec:ces:ceswps:_3727#repec:cpr:ceprdp:8527#repec:ucp:jpolec:doi:10.1086/701890#repec:wly:emetrp:v:82:y:2014:i:1:p:41-88#repec:eth:wpswif:18/2891#repec:aea:aecrev:v:104:y:2014:i:9:p:2680-97#repec:nbr:nberwo:22529#repec:oxf:wpaper:113"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export references "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form> <ol class="list-group"><LI class="list-group-item downnone"> Tomasz Strzalecki, 2011. "<B><A HREF="/a/ecm/emetrp/v79y2011i1p47-73.html">Axiomatic Foundations of Multiplier Preferences</A></B>," <A HREF="/s/ecm/emetrp.html">Econometrica</A>, Econometric Society, vol. 79(1), pages 47-73, January. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Tomasz Strzalecki, "undated". "<B><A HREF="/p/qsh/wpaper/8239.html">Axiomatic Foundations of Multiplier Preferences</A></B>," <A HREF="/s/qsh/wpaper.html">Working Paper</A> 8239, Harvard University OpenScholar. <LI class="list-group-item downfree"> Tomasz Strzalecki, 2011. "<B><A HREF="/p/cla/levarc/786969000000000126.html">Axiomatic Foundations of Multiplier Preferences</A></B>," <A HREF="/s/cla/levarc.html">Levine's Working Paper Archive</A> 786969000000000126, David K. Levine. <LI class="list-group-item downfree"> Strzalecki, Tomasz, 2011. "<B><A HREF="/p/hrv/faseco/14397610.html">Axiomatic Foundations of Multiplier Preferences</A></B>," <A HREF="/s/hrv/faseco.html">Scholarly Articles</A> 14397610, Harvard University Department of Economics. </UL></div> <LI class="list-group-item downgate"> Christian Traeger, 2014. "<B><A HREF="/a/spr/joecth/v56y2014i3p627-664.html">Why uncertainty matters: discounting under intertemporal risk aversion and ambiguity</A></B>," <A HREF="/s/spr/joecth.html">Economic Theory</A>, Springer;Society for the Advancement of Economic Theory (SAET), vol. 56(3), pages 627-664, August. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Christian Traeger, 2012. "<B><A HREF="/p/ces/ceswps/_3727.html">Why Uncertainty Matters - Discounting under Intertemporal Risk Aversion and Ambiguity</A></B>," <A HREF="/s/ces/ceswps.html">CESifo Working Paper Series</A> 3727, CESifo. <LI class="list-group-item downfree"> Traeger, Christian P., 2012. "<B><A HREF="/p/cdl/agrebk/qt2w614303.html">Why uncertainty matters - discounting under intertemporal risk aversion and ambiguity</A></B>," <A HREF="/s/cdl/agrebk.html">Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series</A> qt2w614303, Department of Agricultural & Resource Economics, UC Berkeley. </UL></div> <LI class="list-group-item downgate"> Simon Dietz, 2011. "<B><A HREF="/a/spr/climat/v108y2011i3p519-541.html">High impact, low probability? An empirical analysis of risk in the economics of climate change</A></B>," <A HREF="/s/spr/climat.html">Climatic Change</A>, Springer, vol. 108(3), pages 519-541, October. <LI class="list-group-item downfree"> Ton S. van den Bremer & Frederick van der Ploeg, 2021. "<B><A HREF="/a/aea/aecrev/v111y2021i9p2782-2810.html">The Risk-Adjusted Carbon Price</A></B>," <A HREF="/s/aea/aecrev.html">American Economic Review</A>, American Economic Association, vol. 111(9), pages 2782-2810, September. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Rick Van der Ploeg & Ton S. Van den Bremer, 2018. "<B><A HREF="/p/oxf/oxcrwp/203.html">The Risk-Adjusted Carbon Price</A></B>," <A HREF="/s/oxf/oxcrwp.html">OxCarre Working Papers</A> 203, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford. <LI class="list-group-item downfree"> Ton S. van den Bremer & Rick van der Ploeg, 2019. "<B><A HREF="/p/ces/ceswps/_7592.html">The risk-adjusted carbon price</A></B>," <A HREF="/s/ces/ceswps.html">CESifo Working Paper Series</A> 7592, CESifo. <LI class="list-group-item downfree"> Rick van der Ploeg & Ton van den Bremer, 2021. "<B><A HREF="/p/tin/wpaper/20210046.html">The risk-adjusted carbon price</A></B>," <A HREF="/s/tin/wpaper.html">Tinbergen Institute Discussion Papers</A> 21-046/VI, Tinbergen Institute. </UL></div> <LI class="list-group-item downgate"> Branger, Nicole & Larsen, Linda Sandris & Munk, Claus, 2013. "<B><A HREF="/a/eee/jbfina/v37y2013i5p1397-1411.html">Robust portfolio choice with ambiguity and learning about return predictability</A></B>," <A HREF="/s/eee/jbfina.html">Journal of Banking & Finance</A>, Elsevier, vol. 37(5), pages 1397-1411. <LI class="list-group-item downfree"> Larry G. Epstein & Emmanuel Farhi & Tomasz Strzalecki, 2014. "<B><A HREF="/a/aea/aecrev/v104y2014i9p2680-97.html">How Much Would You Pay to Resolve Long-Run Risk?</A></B>," <A HREF="/s/aea/aecrev.html">American Economic Review</A>, American Economic Association, vol. 104(9), pages 2680-2697, September. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Larry Epstein & Emmanuel Farhi & Tomasz Strzalecki, "undated". "<B><A HREF="/p/qsh/wpaper/8366.html">How Much Would You Pay to Resolve Long-Run Risk?</A></B>," <A HREF="/s/qsh/wpaper.html">Working Paper</A> 8366, Harvard University OpenScholar. <LI class="list-group-item downfree"> Epstein, Larry G. & Farhi, Emmanuel & Strzalecki, Tomasz, 2014. "<B><A HREF="/p/hrv/faseco/12967842.html">How Much Would You Pay to Resolve Long-Run Risk?</A></B>," <A HREF="/s/hrv/faseco.html">Scholarly Articles</A> 12967842, Harvard University Department of Economics. <LI class="list-group-item downfree"> Larry G. Epstein & Emmanuel Farhi & Tomasz Strzalecki, 2013. "<B><A HREF="/p/nbr/nberwo/19541.html">How Much Would You Pay to Resolve Long-Run Risk?</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 19541, National Bureau of Economic Research, Inc. <LI class="list-group-item downfree"> Larry G. Epstein & Emmanuel Farhi & Tomasz Strzaleck, 2013. "<B><A HREF="/p/bos/wpaper/wp2013-002.html">How Much Would You Pay to Resolve Long-Run Risk?</A></B>," <A HREF="/s/bos/wpaper.html">Boston University - Department of Economics - Working Papers Series</A> WP2013-002, Boston University - Department of Economics. <LI class="list-group-item downnone"> Tomasz Strzalecki & Emmanuel Farhi & Larry Epstein, 2014. "<B><A HREF="/p/red/sed014/429.html">How much would you pay to resolve long-run risk?</A></B>," <A HREF="/s/red/sed014.html">2014 Meeting Papers</A> 429, Society for Economic Dynamics. <LI class="list-group-item downfree"> Larry Epstein & Emmanuel Farhi & Tomasz Stralezcki, "undated". "<B><A HREF="/p/qsh/wpaper/136671.html">How Much Would You Pay To Resolve Long-Run Risk?</A></B>," <A HREF="/s/qsh/wpaper.html">Working Paper</A> 136671, Harvard University OpenScholar. <LI class="list-group-item downfree"> Larry Epstein & Emmanuel Farhi & Tomasz Stralezcki, 2013. "<B><A HREF="/p/qsh/wpaper/106061.html">How Much Would You Pay to Resolve Long-Run Risk?</A></B>," <A HREF="/s/qsh/wpaper.html">Working Paper</A> 106061, Harvard University OpenScholar. </UL></div> <LI class="list-group-item downgate"> Larry G. Epstein & Stanley E. Zin, 2013. "<B><A HREF="/h/wsi/wschap/9789814417358_0012.html">Substitution, risk aversion and the temporal behavior of consumption and asset returns: A theoretical framework</A></B>," <A HREF="/s/wsi/wschap.html">World Scientific Book Chapters</A>, in: Leonard C MacLean & William T Ziemba (ed.), <A HREF="/b/wsi/wsbook/8557.html">HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I</A>, chapter 12, pages 207-239, World Scientific Publishing Co. Pte. Ltd.. <div class="publishedas"><UL> <LI class="list-group-item downgate"> Epstein, Larry G & Zin, Stanley E, 1989. "<B><A HREF="/a/ecm/emetrp/v57y1989i4p937-69.html">Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework</A></B>," <A HREF="/s/ecm/emetrp.html">Econometrica</A>, Econometric Society, vol. 57(4), pages 937-969, July. </UL></div> <div class="otherversion"><UL> <LI class="list-group-item downnone"> Larry G. Epstein & Stanley E. Zin, 1987. "<B><A HREF="/p/qed/wpaper/699.html">Substitution, Risk Aversion and the Temporal Behaviour of Consumption and Asset Returns I: A Theoretical Framework</A></B>," <A HREF="/s/qed/wpaper.html">Working Paper</A> 699, Economics Department, Queen's University. </UL></div> <LI class="list-group-item downgate"> Duffie, Darrell & Epstein, Larry G, 1992. "<B><A HREF="/a/ecm/emetrp/v60y1992i2p353-94.html">Stochastic Differential Utility</A></B>," <A HREF="/s/ecm/emetrp.html">Econometrica</A>, Econometric Society, vol. 60(2), pages 353-394, March. <LI class="list-group-item downgate"> Yongyang Cai & Thomas S. Lontzek, 2019. "<B><A HREF="/a/ucp/jpolec/doi10.1086-701890.html">The Social Cost of Carbon with Economic and Climate Risks</A></B>," <A HREF="/s/ucp/jpolec.html">Journal of Political Economy</A>, University of Chicago Press, vol. 127(6), pages 2684-2734. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Yongyang Cai & Kenneth L. Judd & Thomas S. Lontzek, 2015. "<B><A HREF="/p/arx/papers/1504.06909.html">The Social Cost of Carbon with Economic and Climate Risks</A></B>," <A HREF="/s/arx/papers.html">Papers</A> 1504.06909, arXiv.org, revised Apr 2015. </UL></div> <LI class="list-group-item downfree"> Ravi Bansal & Dana Kiku & Marcelo Ochoa, 2016. "<B><A HREF="/p/nbr/nberwo/22529.html">Price of Long-Run Temperature Shifts in Capital Markets</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 22529, National Bureau of Economic Research, Inc. <LI class="list-group-item downgate"> Robert J. Barro, 2006. "<B><A HREF="/a/oup/qjecon/v121y2006i3p823-866..html">Rare Disasters and Asset Markets in the Twentieth Century</A></B>," <A HREF="/s/oup/qjecon.html">The Quarterly Journal of Economics</A>, President and Fellows of Harvard College, vol. 121(3), pages 823-866. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Barro, Robert, 2006. "<B><A HREF="/p/hrv/faseco/3208215.html">Rare Disasters and Asset Markets in the Twentieth Century</A></B>," <A HREF="/s/hrv/faseco.html">Scholarly Articles</A> 3208215, Harvard University Department of Economics. <LI class="list-group-item downfree"> Robert J. Barro, 2024. "<B><A HREF="/p/cuf/wpaper/620.html">Rare Disasters and Asset Markets in the Twentieth Century</A></B>," <A HREF="/s/cuf/wpaper.html">CEMA Working Papers</A> 620, China Economics and Management Academy, Central University of Finance and Economics. </UL></div> <LI class="list-group-item downgate"> Breeden, Douglas T., 1979. "<B><A HREF="/a/eee/jfinec/v7y1979i3p265-296.html">An intertemporal asset pricing model with stochastic consumption and investment opportunities</A></B>," <A HREF="/s/eee/jfinec.html">Journal of Financial Economics</A>, Elsevier, vol. 7(3), pages 265-296, September. <LI class="list-group-item downgate"> Crost, Benjamin & Traeger, Christian P., 2013. "<B><A HREF="/a/eee/ecolet/v120y2013i3p552-558.html">Optimal climate policy: Uncertainty versus Monte Carlo</A></B>," <A HREF="/s/eee/ecolet.html">Economics Letters</A>, Elsevier, vol. 120(3), pages 552-558. <LI class="list-group-item downnone"> Stern, Nicholas, 2015. "<B><A HREF="/b/mtp/titles/0262029189.html">Why Are We Waiting? The Logic, Urgency, and Promise of Tackling Climate Change</A></B>," <A HREF="/s/mtp/titles.html">MIT Press Books</A>, The MIT Press, edition 1, volume 1, number 0262029189, April. <LI class="list-group-item downgate"> Pascal J. Maenhout, 2004. "<B><A HREF="/a/oup/rfinst/v17y2004i4p951-983.html">Robust Portfolio Rules and Asset Pricing</A></B>," <A HREF="/s/oup/rfinst.html">The Review of Financial Studies</A>, Society for Financial Studies, vol. 17(4), pages 951-983. <LI class="list-group-item downgate"> Richard Tol, 2002. "<B><A HREF="/a/kap/enreec/v21y2002i1p47-73.html">Estimates of the Damage Costs of Climate Change. Part 1: Benchmark Estimates</A></B>," <A HREF="/s/kap/enreec.html">Environmental & Resource Economics</A>, Springer;European Association of Environmental and Resource Economists, vol. 21(1), pages 47-73, January. <LI class="list-group-item downgate"> Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2005. "<B><A HREF="/a/ecm/emetrp/v73y2005i6p1849-1892.html">A Smooth Model of Decision Making under Ambiguity</A></B>," <A HREF="/s/ecm/emetrp.html">Econometrica</A>, Econometric Society, vol. 73(6), pages 1849-1892, November. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2002. "<B><A HREF="/p/icr/wpmath/11-2003.html">A smooth model of decision making under ambiguity</A></B>," <A HREF="/s/icr/wpmath.html">ICER Working Papers - Applied Mathematics Series</A> 11-2003, ICER - International Centre for Economic Research, revised Apr 2003. <LI class="list-group-item downfree"> Sujoy Mukerji & Peter Klibanoff & Northwesern University Massimo Marinacci & Dip. di Satistic e Matematica Applicata & Universita di Torino and ICER, 2002. "<B><A HREF="/p/oxf/wpaper/113.html">A Smooth Model of Decision,Making Under Ambiguity</A></B>," <A HREF="/s/oxf/wpaper.html">Economics Series Working Papers</A> 113, University of Oxford, Department of Economics. </UL></div> <LI class="list-group-item downgate"> Naik, Vasanttilak & Lee, Moon, 1990. "<B><A HREF="/a/oup/rfinst/v3y1990i4p493-521.html">General Equilibrium Pricing of Options on the Market Portfolio with Discontinuous Returns</A></B>," <A HREF="/s/oup/rfinst.html">The Review of Financial Studies</A>, Society for Financial Studies, vol. 3(4), pages 493-521. <LI class="list-group-item downfree"> Mikhail Golosov & John Hassler & Per Krusell & Aleh Tsyvinski, 2014. "<B><A HREF="/a/wly/emetrp/v82y2014i1p41-88.html">Optimal Taxes on Fossil Fuel in General Equilibrium</A></B>," <A HREF="/s/wly/emetrp.html">Econometrica</A>, Econometric Society, vol. 82(1), pages 41-88, January. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Mikhail Golosov & John Hassler & Per Krusell & Aleh Tsyvinski, 2011. "<B><A HREF="/p/nbr/nberwo/17348.html">Optimal Taxes on Fossil Fuel in General Equilibrium</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 17348, National Bureau of Economic Research, Inc. <LI class="list-group-item downgate"> Hassler, John & Tsyvinski, Aleh & Golosov, Mikhail, 2011. "<B><A HREF="/p/cpr/ceprdp/8527.html">Optimal taxes on fossil fuel in general equilibrium</A></B>," <A HREF="/s/cpr/ceprdp.html">CEPR Discussion Papers</A> 8527, C.E.P.R. Discussion Papers. </UL></div> <LI class="list-group-item downgate"> Annette Vissing-Jørgensen & Orazio P. Attanasio, 2003. "<B><A HREF="/a/aea/aecrev/v93y2003i2p383-391.html">Stock-Market Participation, Intertemporal Substitution, and Risk-Aversion</A></B>," <A HREF="/s/aea/aecrev.html">American Economic Review</A>, American Economic Association, vol. 93(2), pages 383-391, May. <LI class="list-group-item downfree"> Robert S. Pindyck & Neng Wang, 2013. "<B><A HREF="/a/aea/aejpol/v5y2013i4p306-39.html">The Economic and Policy Consequences of Catastrophes</A></B>," <A HREF="/s/aea/aejpol.html">American Economic Journal: Economic Policy</A>, American Economic Association, vol. 5(4), pages 306-339, November. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Robert S. Pindyck, 2009. "<B><A HREF="/p/mee/wpaper/0912.html">The Economic and Policy Consequences of Catastrophes</A></B>," <A HREF="/s/mee/wpaper.html">Working Papers</A> 0912, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research. <LI class="list-group-item downfree"> Robert S. Pindyck & Neng Wang, 2009. "<B><A HREF="/p/nbr/nberwo/15373.html">The Economic and Policy Consequences of Catastrophes</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 15373, National Bureau of Economic Research, Inc. </UL></div> <LI class="list-group-item downgate"> Martin L. Weitzman, 2007. "<B><A HREF="/a/aea/jeclit/v45y2007i3p703-724.html">A Review of the Stern Review on the Economics of Climate Change</A></B>," <A HREF="/s/aea/jeclit.html">Journal of Economic Literature</A>, American Economic Association, vol. 45(3), pages 703-724, September. <LI class="list-group-item downfree"> Jerry Tsai & Jessica A. Wachter, 2018. "<B><A HREF="/p/nbr/nberwo/24641.html">Pricing Long-Lived Securities in Dynamic Endowment Economies</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 24641, National Bureau of Economic Research, Inc. <LI class="list-group-item downgate"> Mehra, Rajnish & Prescott, Edward C., 1985. "<B><A HREF="/a/eee/moneco/v15y1985i2p145-161.html">The equity premium: A puzzle</A></B>," <A HREF="/s/eee/moneco.html">Journal of Monetary Economics</A>, Elsevier, vol. 15(2), pages 145-161, March. <div class="otherversion"><UL> <LI class="list-group-item downfree"> R. Mehra & E. Prescott, 2010. "<B><A HREF="/p/cla/levarc/1401.html">The equity premium: a puzzle</A></B>," <A HREF="/s/cla/levarc.html">Levine's Working Paper Archive</A> 1401, David K. Levine. </UL></div> <LI class="list-group-item downgate"> Abel, Andrew B., 1999. "<B><A HREF="/a/eee/moneco/v43y1999i1p3-33.html">Risk premia and term premia in general equilibrium</A></B>," <A HREF="/s/eee/moneco.html">Journal of Monetary Economics</A>, Elsevier, vol. 43(1), pages 3-33, February. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Andrew B. Abel, 1998. "<B><A HREF="/p/nbr/nberwo/6683.html">Risk Premia and Term Premia in General Equilibrium</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 6683, National Bureau of Economic Research, Inc. </UL></div> <LI class="list-group-item downgate"> Robert S. Pindyck, 2017. "<B><A HREF="/a/oup/renvpo/v11y2017i1p100-114..html">The Use and Misuse of Models for Climate Policy</A></B>," <A HREF="/s/oup/renvpo.html">Review of Environmental Economics and Policy</A>, Association of Environmental and Resource Economists, vol. 11(1), pages 100-114. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Robert S. Pindyck, 2015. "<B><A HREF="/p/nbr/nberwo/21097.html">The Use and Misuse of Models for Climate Policy</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 21097, National Bureau of Economic Research, Inc. </UL></div> <LI class="list-group-item downgate"> Tsai, Jerry & Wachter, Jessica A., 2018. "<B><A HREF="/a/eee/jetheo/v177y2018icp848-878.html">Pricing long-lived securities in dynamic endowment economies</A></B>," <A HREF="/s/eee/jetheo.html">Journal of Economic Theory</A>, Elsevier, vol. 177(C), pages 848-878. <LI class="list-group-item downgate"> van Binsbergen, Jules H. & Fernández-Villaverde, Jesús & Koijen, Ralph S.J. & Rubio-Ramírez, Juan, 2012. "<B><A HREF="/a/eee/moneco/v59y2012i7p634-648.html">The term structure of interest rates in a DSGE model with recursive preferences</A></B>," <A HREF="/s/eee/moneco.html">Journal of Monetary Economics</A>, Elsevier, vol. 59(7), pages 634-648. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Jules H. van Binsbergen & JesÃºs FernÃ¡ndez-Villaverde & Ralph S.J. Koijen & Juan F. Rubio-RamÃrez, 2010. "<B><A HREF="/p/pen/papers/10-011.html">The Term Structure of Interest Rates in a DSGE Model with Recursive Preferences</A></B>," <A HREF="/s/pen/papers.html">PIER Working Paper Archive</A> 10-011, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania. <LI class="list-group-item downfree"> Jules van Binsbergen & Jesús Fernández-Villaverde & Ralph S.J. Koijen & Juan F. Rubio-Ramírez, 2010. "<B><A HREF="/p/nbr/nberwo/15890.html">The Term Structure of Interest Rates in a DSGE Model with Recursive Preferences</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 15890, National Bureau of Economic Research, Inc. <LI class="list-group-item downgate"> Rubio-RamÃrez, Juan Francisco & FernÃ¡ndez-Villaverde, JesÃºs & Koijen, Ralph & van Binsbergen, Jules, 2010. "<B><A HREF="/p/cpr/ceprdp/7781.html">The Term Structure of Interest Rates in a DSGE Model with Recursive Preferences</A></B>," <A HREF="/s/cpr/ceprdp.html">CEPR Discussion Papers</A> 7781, C.E.P.R. Discussion Papers. </UL></div> <LI class="list-group-item downnone"> Zengjing Chen & Larry Epstein, 2002. "<B><A HREF="/a/ecm/emetrp/v70y2002i4p1403-1443.html">Ambiguity, Risk, and Asset Returns in Continuous Time</A></B>," <A HREF="/s/ecm/emetrp.html">Econometrica</A>, Econometric Society, vol. 70(4), pages 1403-1443, July. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Zengjing Chen & Larry G. Epstein, 2000. "<B><A HREF="/p/roc/rocher/474.html">Ambiguity, risk and asset returns in continuous time</A></B>," <A HREF="/s/roc/rocher.html">RCER Working Papers</A> 474, University of Rochester - Center for Economic Research (RCER). </UL></div> <LI class="list-group-item downnone"> Stern,Nicholas, 2007. "<B><A HREF="/b/cup/cbooks/9780521700801.html">The Economics of Climate Change</A></B>," <A HREF="/s/cup/cbooks.html">Cambridge Books</A>, Cambridge University Press, number 9780521700801, September. <LI class="list-group-item downfree"> Jerry Tsai & Jessica A. Wachter, 2015. "<B><A HREF="/p/nbr/nberwo/20926.html">Disaster Risk and its Implications for Asset Pricing</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 20926, National Bureau of Economic Research, Inc. <LI class="list-group-item downgate"> Richard Tol, 2002. "<B><A HREF="/a/kap/enreec/v21y2002i2p135-160.html">Estimates of the Damage Costs of Climate Change, Part II. Dynamic Estimates</A></B>," <A HREF="/s/kap/enreec.html">Environmental & Resource Economics</A>, Springer;European Association of Environmental and Resource Economists, vol. 21(2), pages 135-160, February. <LI class="list-group-item downfree"> Chichilnisky, Graciela & Hammond, Peter J & Stern, Nicholas, 2018. "<B><A HREF="/p/wrk/wcreta/43.html">Should We Discount the Welfare of Future Generations? Ramsey and Suppes versus Koopmans and Arrow</A></B>," <A HREF="/s/wrk/wcreta.html">CRETA Online Discussion Paper Series</A> 43, Centre for Research in Economic Theory and its Applications CRETA. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Chichilnisky, Graciela & Hammond, Peter J. & Stern, Nicholas, 2018. "<B><A HREF="/p/wrk/warwec/1174.html">Should We Discount the Welfare of Future Generations? Ramsey and Suppes versus Koopmans and Arrow</A></B>," <A HREF="/s/wrk/warwec.html">The Warwick Economics Research Paper Series (TWERPS)</A> 1174, University of Warwick, Department of Economics. <LI class="list-group-item downfree"> Chichilnisky, Graciela & Hammond, Peter J. & Stern, Nicholas, 2018. "<B><A HREF="/p/cge/wacage/386.html">Should We Discount the Welfare of Future Generations? Ramsey and Suppes versus Koopmans and Arrow</A></B>," <A HREF="/s/cge/wacage.html">CAGE Online Working Paper Series</A> 386, Competitive Advantage in the Global Economy (CAGE). </UL></div> <LI class="list-group-item downgate"> William Nordhaus, 2014. "<B><A HREF="/a/ucp/jaerec/doi10.1086-676035.html">Estimates of the Social Cost of Carbon: Concepts and Results from the DICE-2013R Model and Alternative Approaches</A></B>," <A HREF="/s/ucp/jaerec.html">Journal of the Association of Environmental and Resource Economists</A>, University of Chicago Press, vol. 1(1), pages 000. <LI class="list-group-item downgate"> Jessica A. Wachter, 2013. "<B><A HREF="/a/bla/jfinan/v68y2013i3p987-1035.html">Can Time-Varying Risk of Rare Disasters Explain Aggregate Stock Market Volatility?</A></B>," <A HREF="/s/bla/jfinan.html">Journal of Finance</A>, American Finance Association, vol. 68(3), pages 987-1035, June. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Jessica Wachter, 2008. "<B><A HREF="/p/nbr/nberwo/14386.html">Can Time-Varying Risk of Rare Disasters Explain Aggregate Stock Market Volatility?</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 14386, National Bureau of Economic Research, Inc. <LI class="list-group-item downnone"> Jessica Wachter, 2008. "<B><A HREF="/p/red/sed008/944.html">Can time-varying risk of rare disasters explain aggregate stock market volatility?</A></B>," <A HREF="/s/red/sed008.html">2008 Meeting Papers</A> 944, Society for Economic Dynamics. </UL></div> <LI class="list-group-item downgate"> Duffie, Darrel & Lions, Pierre-Louis, 1992. "<B><A HREF="/a/eee/mateco/v21y1992i6p577-606.html">PDE solutions of stochastic differential utility</A></B>," <A HREF="/s/eee/mateco.html">Journal of Mathematical Economics</A>, Elsevier, vol. 21(6), pages 577-606. <LI class="list-group-item downgate"> Epstein, Larry G. & Schneider, Martin, 2003. "<B><A HREF="/a/eee/jetheo/v113y2003i1p1-31.html">Recursive multiple-priors</A></B>," <A HREF="/s/eee/jetheo.html">Journal of Economic Theory</A>, Elsevier, vol. 113(1), pages 1-31, November. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Larry G. Epstein & Martin Schneider, 2001. "<B><A HREF="/p/roc/rocher/485.html">Recursive Multiple-Priors</A></B>," <A HREF="/s/roc/rocher.html">RCER Working Papers</A> 485, University of Rochester - Center for Economic Research (RCER). </UL></div> <LI class="list-group-item downgate"> Rietz, Thomas A., 1988. "<B><A HREF="/a/eee/moneco/v22y1988i1p117-131.html">The equity risk premium a solution</A></B>," <A HREF="/s/eee/moneco.html">Journal of Monetary Economics</A>, Elsevier, vol. 22(1), pages 117-131, July. <LI class="list-group-item downgate"> Jerry Tsai & Jessica A. Wachter, 2015. "<B><A HREF="/a/anr/refeco/v7y2015p219-252.html">Disaster Risk and Its Implications for Asset Pricing</A></B>," <A HREF="/s/anr/refeco.html">Annual Review of Financial Economics</A>, Annual Reviews, vol. 7(1), pages 219-252, December. <LI class="list-group-item downfree"> Robert J. Barro, 2009. "<B><A HREF="/a/aea/aecrev/v99y2009i1p243-64.html">Rare Disasters, Asset Prices, and Welfare Costs</A></B>," <A HREF="/s/aea/aecrev.html">American Economic Review</A>, American Economic Association, vol. 99(1), pages 243-264, March. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Robert J. Barro, 2007. "<B><A HREF="/p/nbr/nberwo/13690.html">Rare Disasters, Asset Prices, and Welfare Costs</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 13690, National Bureau of Economic Research, Inc. </UL></div> <LI class="list-group-item downgate"> Berkman, Henk & Jacobsen, Ben & Lee, John B., 2011. "<B><A HREF="/a/eee/jfinec/v101y2011i2p313-332.html">Time-varying rare disaster risk and stock returns</A></B>," <A HREF="/s/eee/jfinec.html">Journal of Financial Economics</A>, Elsevier, vol. 101(2), pages 313-332, August. <LI class="list-group-item downfree"> Dietz, Simon, 2011. "<B><A HREF="/p/ehl/lserod/38586.html">High impact, low probability?: an empirical analysis of risk in the economics of climate change</A></B>," <A HREF="/s/ehl/lserod.html">LSE Research Online Documents on Economics</A> 38586, London School of Economics and Political Science, LSE Library. <LI class="list-group-item downgate"> Daniel Ellsberg, 1961. "<B><A HREF="/a/oup/qjecon/v75y1961i4p643-669..html">Risk, Ambiguity, and the Savage Axioms</A></B>," <A HREF="/s/oup/qjecon.html">The Quarterly Journal of Economics</A>, President and Fellows of Harvard College, vol. 75(4), pages 643-669. <LI class="list-group-item downgate"> Alexandra Brausmann & Lucas Bretschger, 2024. "<B><A HREF="/a/kap/enreec/v87y2024i6d10.1007_s10640-023-00835-w.html">Escaping Damocles’ Sword: Endogenous Climate Shocks in a Growing Economy</A></B>," <A HREF="/s/kap/enreec.html">Environmental & Resource Economics</A>, Springer;European Association of Environmental and Resource Economists, vol. 87(6), pages 1545-1592, June. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Lucas Bretschger & Alexandra Vinogradova, 2018. "<B><A HREF="/p/eth/wpswif/18-2891.html">Escaping Damocles' Sword: Endogenous Climate Shocks in a Growing Economy</A></B>," <A HREF="/s/eth/wpswif.html">CER-ETH Economics working paper series</A> 18/291, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. </UL></div> <LI class="list-group-item downgate"> Lucas, Robert E, Jr, 1978. "<B><A HREF="/a/ecm/emetrp/v46y1978i6p1429-45.html">Asset Prices in an Exchange Economy</A></B>," <A HREF="/s/ecm/emetrp.html">Econometrica</A>, Econometric Society, vol. 46(6), pages 1429-1445, November. <LI class="list-group-item">repec:bla:jfinan:v:59:y:2004:i:4:p:1481-1509 is not listed on IDEAS <LI class="list-group-item downgate"> Jensen, Svenn & Traeger, Christian P., 2014. "<B><A HREF="/a/eee/eecrev/v69y2014icp104-125.html">Optimal climate change mitigation under long-term growth uncertainty: Stochastic integrated assessment and analytic findings</A></B>," <A HREF="/s/eee/eecrev.html">European Economic Review</A>, Elsevier, vol. 69(C), pages 104-125. <LI class="list-group-item downgate"> Branger, Nicole & Larsen, Linda Sandris, 2013. "<B><A HREF="/a/eee/jbfina/v37y2013i12p5036-5047.html">Robust portfolio choice with uncertainty about jump and diffusion risk</A></B>," <A HREF="/s/eee/jbfina.html">Journal of Banking & Finance</A>, Elsevier, vol. 37(12), pages 5036-5047. <LI class="list-group-item downgate"> William D. Nordhaus, 2007. "<B><A HREF="/a/aea/jeclit/v45y2007i3p686-702.html">A Review of the Stern Review on the Economics of Climate Change</A></B>," <A HREF="/s/aea/jeclit.html">Journal of Economic Literature</A>, American Economic Association, vol. 45(3), pages 686-702, September. <LI class="list-group-item downgate"> Kreps, David M & Porteus, Evan L, 1978. "<B><A HREF="/a/ecm/emetrp/v46y1978i1p185-200.html">Temporal Resolution of Uncertainty and Dynamic Choice Theory</A></B>," <A HREF="/s/ecm/emetrp.html">Econometrica</A>, Econometric Society, vol. 46(1), pages 185-200, January. <div class="otherversion"><UL> <LI class="list-group-item downfree"> David M Kreps & Evan L Porteus, 1978. "<B><A HREF="/p/cla/levarc/625018000000000009.html">Temporal Resolution of Uncertainty and Dynamic Choice Theory</A></B>," <A HREF="/s/cla/levarc.html">Levine's Working Paper Archive</A> 625018000000000009, David K. Levine. </UL></div> <LI class="list-group-item downgate"> Duffie, Darrell & Epstein, Larry G, 1992. "<B><A HREF="/a/oup/rfinst/v5y1992i3p411-36.html">Asset Pricing with Stochastic Differential Utility</A></B>," <A HREF="/s/oup/rfinst.html">The Review of Financial Studies</A>, Society for Financial Studies, vol. 5(3), pages 411-436. </ol> <A TARGET="_blank" HREF="http://citec.repec.org/cgi-bin/get_data.pl?h=RePEc:tin:wpaper:20190030&o=all"><B>Full references</B> <i class="fa fa-external-link"></i></A> (including those not matched with items on IDEAS)<P> </div> <div class="tab-pane fade" id="cites" role="tabpanel" aria-labelledby="cites-tab"> <H2>Citations</H2> Citations are extracted by the <A HREF="http://citec.repec.org/">CitEc Project</A>, subscribe to its <A HREF="http://citec.repec.org/cgi-bin/rss.pl?h=RePEc:tin:wpaper:20190030">RSS feed</A> for this item. <form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="repec:tin:wpaper:20210045#repec:zbw:vfsc21:242592#repec:tin:wpaper:20230032#repec:hal:pseptp:halshs-02973075#repec:eee:ecolec:v:188:y:2021:i:c:s0921800921001737#repec:zbw:bubdps:012022#repec:zbw:esrepo:253548#repec:fae:wpaper:2019.05#repec:red:issued:18-396#repec:eee:dyncon:v:146:y:2023:i:c:s016518892200272x#repec:eee:finsta:v:54:y:2021:i:c:s1572308921000279#repec:hal:journl:halshs-02973075#repec:ces:ceswps:_9092#repec:cpr:ceprdp:18210"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export citations "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form><P> <BR><B>Cited by:</B><ol class="list-group"><LI class="list-group-item downgate"> Olijslagers, Stan & van der Ploeg, Frederick & van Wijnbergen, Sweder, 2023. "<B><A HREF="/a/eee/dyncon/v146y2023ics016518892200272x.html">On current and future carbon prices in a risky world</A></B>," <A HREF="/s/eee/dyncon.html">Journal of Economic Dynamics and Control</A>, Elsevier, vol. 146(C). <div class="otherversion"><UL> <LI class="list-group-item downfree"> Stan Olijslagers & Rick van der Ploeg & Sweder van Wijnbergen, 2021. "<B><A HREF="/p/tin/wpaper/20210045.html">On current and future carbon prices in a risky world</A></B>," <A HREF="/s/tin/wpaper.html">Tinbergen Institute Discussion Papers</A> 21-045/VI, Tinbergen Institute. <LI class="list-group-item downfree"> Stan W.J. Olijslagers & Rick van der Ploeg & Sweder van Wijnbergen, 2021. "<B><A HREF="/p/ces/ceswps/_9092.html">On Current and Future Carbon Prices in a Risky World</A></B>," <A HREF="/s/ces/ceswps.html">CESifo Working Paper Series</A> 9092, CESifo. </UL></div> <LI class="list-group-item downfree"> Xu Lin & Sweder van Wijnbergen, "undated". "<B><A HREF="/p/tin/wpaper/20230032.html">The Social Cost of Carbon under Climate Volatility Risk</A></B>," <A HREF="/s/tin/wpaper.html">Tinbergen Institute Discussion Papers</A> 23-032/IV, Tinbergen Institute. <div class="otherversion"><UL> <LI class="list-group-item downgate"> Lin, Xu & van Wijnbergen, Sweder, 2023. "<B><A HREF="/p/cpr/ceprdp/18210.html">The Social Cost of Carbon under Climate Volatility Risk</A></B>," <A HREF="/s/cpr/ceprdp.html">CEPR Discussion Papers</A> 18210, C.E.P.R. Discussion Papers. </UL></div> <LI class="list-group-item downgate"> Thomas Douenne, 2020. "<B><A HREF="/a/red/issued/18-396.html">Disaster Risks, Disaster Strikes, and Economic Growth: the Role of Preferences</A></B>," <A HREF="/s/red/issued.html">Review of Economic Dynamics</A>, Elsevier for the Society for Economic Dynamics, vol. 38, pages 251-272, October. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Thomas Douenne, 2019. "<B><A HREF="/p/fae/wpaper/2019.05.html">Disaster risks, disaster strikes and economic growth: the role of preferences</A></B>," <A HREF="/s/fae/wpaper.html">Working Papers</A> 2019.05, FAERE - French Association of Environmental and Resource Economists. <LI class="list-group-item downfree"> Thomas Douenne, 2020. "<B><A HREF="/p/hal/journl/halshs-02973075.html">Disaster risks, disaster strikes, and economic growth: The role of preferences</A></B>," <A HREF="/s/hal/journl.html">Post-Print</A> halshs-02973075, HAL. <LI class="list-group-item downfree"> Thomas Douenne, 2020. "<B><A HREF="/p/hal/pseptp/halshs-02973075.html">Disaster risks, disaster strikes, and economic growth: The role of preferences</A></B>," <A HREF="/s/hal/pseptp.html">PSE-Ecole d'économie de Paris (Postprint)</A> halshs-02973075, HAL. </UL></div> <LI class="list-group-item downfree"> Bernard, René & Tzamourani, Panagiota & Weber, Michael, 2022. "<B><A HREF="/p/zbw/bubdps/012022.html">Climate change and individual behavior</A></B>," <A HREF="/s/zbw/bubdps.html">Discussion Papers</A> 01/2022, Deutsche Bundesbank. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Bernard, René & Tzamourani, Panagiota & Weber, Michael, 2022. "<B><A HREF="/p/zbw/esrepo/253548.html">Climate Change and Individual Behavior</A></B>," <A HREF="/s/zbw/esrepo.html">EconStor Research Reports</A> 253548, ZBW - Leibniz Information Centre for Economics. <LI class="list-group-item downfree"> René Bernard & Panagiota Tzamourani & Michael Weber, 2022. "<B><A HREF="/p/zbw/vfsc21/242592.html">Climate change and individual behavior</A></B>," <A HREF="/s/zbw/vfsc21.html">VfS Annual Conference 2021 (Virtual Conference): Climate Economics</A> 242592, Verein für Socialpolitik / German Economic Association, revised 2022. </UL></div> <LI class="list-group-item downgate"> Agliardi, Elettra & Agliardi, Rossella, 2021. "<B><A HREF="/a/eee/finsta/v54y2021ics1572308921000279.html">Pricing climate-related risks in the bond market</A></B>," <A HREF="/s/eee/finsta.html">Journal of Financial Stability</A>, Elsevier, vol. 54(C). <LI class="list-group-item downgate"> Falco, Chiara & Rotondi, Valentina & Kong, Douch & Spelta, Valeria, 2021. "<B><A HREF="/a/eee/ecolec/v188y2021ics0921800921001737.html">Investment, insurance and weather shocks: Evidence from Cambodia</A></B>," <A HREF="/s/eee/ecolec.html">Ecological Economics</A>, Elsevier, vol. 188(C). </ol> </ol> </div> <div class="tab-pane fade" id="mrel" role="tabpanel" aria-labelledby="mrel-tab"> <h2>Most related items</H2> These are the items that most often cite the same works as this one and are cited by the same works as this one. <ol class="list-group"><LI class="list-group-item downgate"> Olijslagers, Stan & van der Ploeg, Frederick & van Wijnbergen, Sweder, 2023. "<B><A HREF="/a/eee/dyncon/v146y2023ics016518892200272x.html">On current and future carbon prices in a risky world</A></B>," <A HREF="/s/eee/dyncon.html">Journal of Economic Dynamics and Control</A>, Elsevier, vol. 146(C). <div class="otherversion"><UL> <LI class="list-group-item downfree"> Stan Olijslagers & Rick van der Ploeg & Sweder van Wijnbergen, 2021. "<B><A HREF="/p/tin/wpaper/20210045.html">On current and future carbon prices in a risky world</A></B>," <A HREF="/s/tin/wpaper.html">Tinbergen Institute Discussion Papers</A> 21-045/VI, Tinbergen Institute. <LI class="list-group-item downfree"> Stan W.J. Olijslagers & Rick van der Ploeg & Sweder van Wijnbergen, 2021. "<B><A HREF="/p/ces/ceswps/_9092.html">On Current and Future Carbon Prices in a Risky World</A></B>," <A HREF="/s/ces/ceswps.html">CESifo Working Paper Series</A> 9092, CESifo. </UL></div> <LI class="list-group-item downgate"> Karydas, Christos & Xepapadeas, Anastasios, 2022. "<B><A HREF="/a/eee/finsta/v63y2022ics1572308922000833.html">Climate change financial risks: Implications for asset pricing and interest rates</A></B>," <A HREF="/s/eee/finsta.html">Journal of Financial Stability</A>, Elsevier, vol. 63(C). <LI class="list-group-item downgate"> Thomas Douenne, 2020. "<B><A HREF="/a/red/issued/18-396.html">Disaster Risks, Disaster Strikes, and Economic Growth: the Role of Preferences</A></B>," <A HREF="/s/red/issued.html">Review of Economic Dynamics</A>, Elsevier for the Society for Economic Dynamics, vol. 38, pages 251-272, October. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Thomas Douenne, 2019. "<B><A HREF="/p/fae/wpaper/2019.05.html">Disaster risks, disaster strikes and economic growth: the role of preferences</A></B>," <A HREF="/s/fae/wpaper.html">Working Papers</A> 2019.05, FAERE - French Association of Environmental and Resource Economists. <LI class="list-group-item downfree"> Thomas Douenne, 2020. "<B><A HREF="/p/hal/pseptp/halshs-02973075.html">Disaster risks, disaster strikes, and economic growth: The role of preferences</A></B>," <A HREF="/s/hal/pseptp.html">PSE-Ecole d'économie de Paris (Postprint)</A> halshs-02973075, HAL. <LI class="list-group-item downfree"> Thomas Douenne, 2020. "<B><A HREF="/p/hal/journl/halshs-02973075.html">Disaster risks, disaster strikes, and economic growth: The role of preferences</A></B>," <A HREF="/s/hal/journl.html">Post-Print</A> halshs-02973075, HAL. <LI class="list-group-item downfree"> Thomas Douenne, 2020. "<B><A HREF="/c/red/ccodes/18-396.html">Code and data files for "Disaster Risks, Disaster Strikes, and Economic Growth: the Role of Preferences"</A></B>," <A HREF="/s/red/ccodes.html">Computer Codes</A> 18-396, Review of Economic Dynamics. </UL></div> <LI class="list-group-item downfree"> Christos Karydas & Anastasios Xepapadeas, 2019. "<B><A HREF="/p/eth/wpswif/19-327.html">Climate change risks: pricing and portfolio allocation</A></B>," <A HREF="/s/eth/wpswif.html">CER-ETH Economics working paper series</A> 19/327, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. <LI class="list-group-item downfree"> Christoph Hambel & Holger Kraft & Frederick van der Ploeg, 2024. "<B><A HREF="/a/wly/iecrev/v65y2024i3p1323-1355.html">Asset Diversification Versus Climate Action</A></B>," <A HREF="/s/wly/iecrev.html">International Economic Review</A>, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(3), pages 1323-1355, August. <div class="otherversion"><UL> <LI class="list-group-item downgate"> van der Ploeg, Frederick & Hambel, Christoph & Kraft, Holger, 2020. "<B><A HREF="/p/cpr/ceprdp/14863.html">Asset diversification versus climate action</A></B>," <A HREF="/s/cpr/ceprdp.html">CEPR Discussion Papers</A> 14863, C.E.P.R. Discussion Papers. <LI class="list-group-item downfree"> Christoph Hambel & Holger Kraft & Rick van der Ploeg, 2020. "<B><A HREF="/p/ces/ceswps/_8476.html">Asset Diversification versus Climate Action</A></B>," <A HREF="/s/ces/ceswps.html">CESifo Working Paper Series</A> 8476, CESifo. </UL></div> <LI class="list-group-item downfree"> Kent D. Daniel & Robert B. Litterman & Gernot Wagner, 2016. "<B><A HREF="/p/nbr/nberwo/22795.html">Applying Asset Pricing Theory to Calibrate the Price of Climate Risk</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 22795, National Bureau of Economic Research, Inc. <LI class="list-group-item downgate"> van der Ploeg, Frederick & ,, 2018. "<B><A HREF="/p/cpr/ceprdp/12642.html">Pricing Carbon Under Economic and Climactic Risks: Leading-Order Results from Asymptotic Analysis</A></B>," <A HREF="/s/cpr/ceprdp.html">CEPR Discussion Papers</A> 12642, C.E.P.R. Discussion Papers. <LI class="list-group-item downfree"> Sang Byung Seo & Jessica A. Wachter, 2019. "<B><A HREF="/a/inm/ormnsc/v65y2019i8p3449-3469.html">Option Prices in a Model with Stochastic Disaster Risk</A></B>," <A HREF="/s/inm/ormnsc.html">Management Science</A>, INFORMS, vol. 65(8), pages 3449-3469, August. <LI class="list-group-item downgate"> Stan Olijslagers & Sweder Wijnbergen, 2024. "<B><A HREF="/a/kap/enreec/v87y2024i3d10.1007_s10640-023-00832-z.html">Discounting the Future: On Climate Change, Ambiguity Aversion and Epstein–Zin Preferences</A></B>," <A HREF="/s/kap/enreec.html">Environmental & Resource Economics</A>, Springer;European Association of Environmental and Resource Economists, vol. 87(3), pages 683-730, March. <LI class="list-group-item downfree"> Xu Lin & Sweder van Wijnbergen, "undated". "<B><A HREF="/p/tin/wpaper/20230032.html">The Social Cost of Carbon under Climate Volatility Risk</A></B>," <A HREF="/s/tin/wpaper.html">Tinbergen Institute Discussion Papers</A> 23-032/IV, Tinbergen Institute. <div class="otherversion"><UL> <LI class="list-group-item downgate"> Lin, Xu & van Wijnbergen, Sweder, 2023. "<B><A HREF="/p/cpr/ceprdp/18210.html">The Social Cost of Carbon under Climate Volatility Risk</A></B>," <A HREF="/s/cpr/ceprdp.html">CEPR Discussion Papers</A> 18210, C.E.P.R. Discussion Papers. </UL></div> <LI class="list-group-item downfree"> Roberto Marfè & Julien Penasse, 2016. "<B><A HREF="/p/cca/wpaper/463.html">The Time-Varying Risk of Macroeconomic Disasters</A></B>," <A HREF="/s/cca/wpaper.html">Carlo Alberto Notebooks</A> 463, Collegio Carlo Alberto. <LI class="list-group-item downgate"> Massimo Guidolin & Francesca Rinaldi, 2013. "<B><A HREF="/a/kap/theord/v74y2013i2p183-217.html">Ambiguity in asset pricing and portfolio choice: a review of the literature</A></B>," <A HREF="/s/kap/theord.html">Theory and Decision</A>, Springer, vol. 74(2), pages 183-217, February. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Massimo Guidolin & Francesca Rinaldi, 2010. "<B><A HREF="/p/fip/fedlwp/2010-028.html">Ambiguity in asset pricing and portfolio choice: a review of the literature</A></B>," <A HREF="/s/fip/fedlwp.html">Working Papers</A> 2010-028, Federal Reserve Bank of St. Louis. <LI class="list-group-item downfree"> Massimo Guidolin & Francesca Rinaldi, 2011. "<B><A HREF="/p/igi/igierp/417.html">Ambiguity in Asset Pricing and Portfolio Choice: A Review of the Literature</A></B>," <A HREF="/s/igi/igierp.html">Working Papers</A> 417, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. </UL></div> <LI class="list-group-item downfree"> Sweder van Wijnbergen & Stan Olijslagers & Nander de Vette, 2020. "<B><A HREF="/p/tin/wpaper/20200079.html">Debt sustainability when r - g smaller than 0: no free lunch after all</A></B>," <A HREF="/s/tin/wpaper.html">Tinbergen Institute Discussion Papers</A> 20-079/VI, Tinbergen Institute. <LI class="list-group-item downfree"> Aase, Knut K., 2014. "<B><A HREF="/p/hhs/nhhfms/2014_009.html">Recursive utility and jump-diffusions</A></B>," <A HREF="/s/hhs/nhhfms.html">Discussion Papers</A> 2014/9, Norwegian School of Economics, Department of Business and Management Science. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Aase, Knut K., 2015. "<B><A HREF="/p/hhs/nhhfms/2015_006.html">Recursive utility and jump-diffusions</A></B>," <A HREF="/s/hhs/nhhfms.html">Discussion Papers</A> 2015/6, Norwegian School of Economics, Department of Business and Management Science. </UL></div> <LI class="list-group-item downgate"> van Wijnbergen, Sweder & Olijslagers, Stan & de Vette, Nander, 2020. "<B><A HREF="/p/cpr/ceprdp/15478.html">Debt sustainability when r - g</A></B>," <A HREF="/s/cpr/ceprdp.html">CEPR Discussion Papers</A> 15478, C.E.P.R. Discussion Papers. <LI class="list-group-item downgate"> Frederick Ploeg, 2021. "<B><A HREF="/a/kap/itaxpf/v28y2021i5d10.1007_s10797-021-09686-x.html">Carbon pricing under uncertainty</A></B>," <A HREF="/s/kap/itaxpf.html">International Tax and Public Finance</A>, Springer;International Institute of Public Finance, vol. 28(5), pages 1122-1142, October. <LI class="list-group-item downfree"> Knut K. Aase, 2016. "<B><A HREF="/a/wly/quante/v7y2016i3p859-887.html">Recursive utility using the stochastic maximum principle</A></B>," <A HREF="/s/wly/quante.html">Quantitative Economics</A>, Econometric Society, vol. 7(3), pages 859-887, November. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Aase, Knut K., 2014. "<B><A HREF="/p/hhs/nhhfms/2014_003.html">Recursive utility using the stochastic maximum principle</A></B>," <A HREF="/s/hhs/nhhfms.html">Discussion Papers</A> 2014/3, Norwegian School of Economics, Department of Business and Management Science, revised 25 Mar 2015. </UL></div> <LI class="list-group-item downgate"> Wang, Yuanping & Mu, Congming, 2019. "<B><A HREF="/a/eee/ecolet/v183y2019ic36.html">Can ambiguity about rare disasters explain equity premium puzzle?</A></B>," <A HREF="/s/eee/ecolet.html">Economics Letters</A>, Elsevier, vol. 183(C), pages 1-1. <LI class="list-group-item downgate"> Posch, Olaf, 2011. "<B><A HREF="/a/eee/dyncon/v35y2011i9p1557-1576.html">Risk premia in general equilibrium</A></B>," <A HREF="/s/eee/dyncon.html">Journal of Economic Dynamics and Control</A>, Elsevier, vol. 35(9), pages 1557-1576, September. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Olaf Posch, 2009. "<B><A HREF="/p/aah/create/2009-58.html">Risk premia in general equilibrium</A></B>," <A HREF="/s/aah/create.html">CREATES Research Papers</A> 2009-58, Department of Economics and Business Economics, Aarhus University. <LI class="list-group-item downfree"> Olaf Posch, 2010. "<B><A HREF="/p/ces/ceswps/_3131.html">Risk Premia in General Equilibrium</A></B>," <A HREF="/s/ces/ceswps.html">CESifo Working Paper Series</A> 3131, CESifo. <LI class="list-group-item downfree"> Olaf Posch, 2011. "<B><A HREF="/p/hal/journl/hal-00851860.html">Risk premia in general equilibrium</A></B>," <A HREF="/s/hal/journl.html">Post-Print</A> hal-00851860, HAL. </UL></div> <LI class="list-group-item downfree"> Rick Van der Ploeg & Christoph Hambel & Holger Kraft, 2020. "<B><A HREF="/p/oxf/wpaper/901.html">Asset Pricing and Decarbonization: Diversification versus Climate Action</A></B>," <A HREF="/s/oxf/wpaper.html">Economics Series Working Papers</A> 901, University of Oxford, Department of Economics. </ol> </div> <div class="tab-pane fade" id="more" role="tabpanel" aria-labelledby="more-tab"> <H2> More about this item</H2> <h3>Keywords</h3> <A HREF="/cgi-bin/htsearch2?q=%22Social+Cost+of+Carbon%22" rel="nofollow">Social Cost of Carbon</A>; <A HREF="/cgi-bin/htsearch2?q=%22Ambiguity+Aversion%22" rel="nofollow">Ambiguity Aversion</A>; <A HREF="/cgi-bin/htsearch2?q=%22Epstein-Zin+preferences%22" rel="nofollow">Epstein-Zin preferences</A>; <A HREF="/cgi-bin/htsearch2?q=%22Stochastic+Differential+Utility%22" rel="nofollow">Stochastic Differential Utility</A>; <A HREF="/cgi-bin/htsearch2?q=%22Climate+Change%22" rel="nofollow">Climate Change</A>; <BR><A HREF="/cgi-bin/htsearch2?q=%22Social+Cost+of+Carbon%22 %22Ambiguity+Aversion%22 %22Epstein-Zin+preferences%22 %22Stochastic+Differential+Utility%22 %22Climate+Change%22 " rel="nofollow">All these keywords</A>. <H3><A HREF="/j/">JEL</A> classification:</h3> <UL> <LI><A HREF="/j/Q51.html"><B>Q51</B></A> - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects</LI> <LI><A HREF="/j/Q54.html"><B>Q54</B></A> - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming</LI> <LI><A HREF="/j/G12.html"><B>G12</B></A> - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates</LI> <LI><A HREF="/j/G13.html"><B>G13</B></A> - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing</LI> </UL><P> <h3>NEP fields</h3> This paper has been announced in the following <A HREF="http://nep.repec.org/">NEP Reports</A>: <UL><LI><A HREF="/n/nep-dge/2019-05-27.html">NEP-DGE-2019-05-27</A> (Dynamic General Equilibrium)</LI> <LI><A HREF="/n/nep-ene/2019-05-27.html">NEP-ENE-2019-05-27</A> (Energy Economics)</LI> <LI><A HREF="/n/nep-env/2019-05-27.html">NEP-ENV-2019-05-27</A> (Environmental Economics)</LI> <LI><A HREF="/n/nep-res/2019-05-27.html">NEP-RES-2019-05-27</A> (Resource Economics)</LI> <LI><A HREF="/n/nep-upt/2019-05-27.html">NEP-UPT-2019-05-27</A> (Utility Models and Prospect Theory)</LI> </UL> <h3>Statistics</h3> <A HREF="http://logec.repec.org/scripts/paperstat.pl?h=RePEc:tin:wpaper:20190030">Access and download statistics</A> </div>  <div class="tab-pane fade" id="correct" role="tabpanel" aria-labelledby="correct-tab"> <h2>Corrections</H2> <P>All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: <I style="word-break:break-all;">RePEc:tin:wpaper:20190030</I>. See <A HREF="/corrections.html">general information</A> about how to correct material in RePEc. </P><P> If you have authored this item and are not yet registered with RePEc, we encourage you to do it <A HREF="https://authors.repec.org/new-user">here</A>. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about. </P><p>If <A HREF="http://citec.repec.org/" target ="_blank">CitEc <i class="fa fa-external-link"></i></a> recognized a bibliographic reference but did not link an item in RePEc to it, you can help with <A HREF="http://citec.repec.org/cgi-bin/get_data.pl?h=RePEc:tin:wpaper:20190030&o=all" target="_blank">this form <I class="fa fa-external-link"></I></A>.</p><P> If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your <a href="https://authors.repec.org/">RePEc Author Service</A> profile, as there may be some citations waiting for confirmation. </P><P> For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tinbergen Office +31 (0)10-4088900 (email available below). General contact details of provider: <A HREF="https://edirc.repec.org/data/tinbenl.html" target="_blank" style="word-break:break-all;">https://edirc.repec.org/data/tinbenl.html <i class="fa fa-external-link"></i></A>. <div id="viewemail"> <form id="emailForm" action="/cgi-bin/getemail.cgi" method="POST"> <input type="hidden" name="handle" value="repec:tin:wpaper:m"> <div id="captcha_container"></div> <input type="submit" value="View email address"> </form> <script src="https://www.google.com/recaptcha/api.js?onload=loadCaptcha&render=explicit" async defer></script> <div id="emailResponse"></div> </div> </p><p> Please note that corrections may take a couple of weeks to filter through the various RePEc services.</p> </div> </div> </div> <div id="footer" class="row d-print-none"> <div class="col-sm-6 more-services"> <h3 style="border-bottom: 1px solid #111; position: relative; right:0.9em;">More services and features</h3> <div class="row"> <div class="list-group col"> <a href="/cgi-bin/myideas.cgi" class="list-group-item"> <h4 class="list-group-item-heading">MyIDEAS</h4> <p class="list-group-item-text">Follow serials, authors, keywords & more</p> </a> <a href="http://authors.repec.org/" class="list-group-item"> <h4 class="list-group-item-heading">Author registration</h4> <p class="list-group-item-text">Public profiles for Economics researchers</p> </a> <a href="http://ideas.repec.org/top/" class="list-group-item"> <h4 class="list-group-item-heading">Rankings</h4> <p class="list-group-item-text">Various research rankings in Economics</p> </a> <a href="http://genealogy.repec.org/" class="list-group-item"> <h4 class="list-group-item-heading">RePEc Genealogy</h4> <p class="list-group-item-text">Who was a student of whom, using RePEc</p> </a> <a href="http://biblio.repec.org/" class="list-group-item"> <h4 class="list-group-item-heading">RePEc Biblio</h4> <p class="list-group-item-text">Curated articles & papers on economics topics</p> </a> </div> <div class="list-group col"> <a href="http://mpra.ub.uni-muenchen.de/" class="list-group-item" target="_blank"> <h4 class="list-group-item-heading">MPRA <i class="fa fa-external-link"></i></h4> <p class="list-group-item-text">Upload your paper to be listed on RePEc and IDEAS</p> </a> <a href="http://nep.repec.org/" class="list-group-item" target="_blank"> <h4 class="list-group-item-heading">New papers by email <i class="fa fa-external-link"></i></h4> <p class="list-group-item-text">Subscribe to new additions to RePEc</p> </a> <a href="http://www.econacademics.org/" class="list-group-item"> <h4 class="list-group-item-heading">EconAcademics</h4> <p class="list-group-item-text">Blog aggregator for economics research</p> </a> <a href="http://plagiarism.repec.org/" class="list-group-item"> <h4 class="list-group-item-heading">Plagiarism</h4> <p class="list-group-item-text">Cases of plagiarism in Economics</p> </a> </div> </div> </div> <div class="col-sm more-services"> <h3 style="border-bottom: 1px solid #111;">About RePEc</h3> <div class="list-group col"> <a href="http://repec.org/" class="list-group-item" target="_blank"> <h4 class="list-group-item-heading">RePEc home <i class="fa fa-external-link"></i></h4> <p class="list-group-item-text">Initiative for open bibliographies in Economics</p> </a> <a href="http://blog.repec.org/" class="list-group-item" target="_blank"> <h4 class="list-group-item-heading">Blog <i class="fa fa-external-link"></i></h4> <p class="list-group-item-text">News about RePEc</p> </a> <a href="/help.html" class="list-group-item" target="_blank"> <h4 class="list-group-item-heading">Help/FAQ <i class="fa fa-external-link"></i></h4> <p class="list-group-item-text">Questions about IDEAS and RePEc</p> </a> <a href="/team.html" class="list-group-item"> <h4 class="list-group-item-heading">RePEc team</h4> <p class="list-group-item-text">RePEc volunteers</p> </a> <a href="/archives.html" class="list-group-item"> <h4 class="list-group-item-heading">Participating archives</h4> <p class="list-group-item-text">Publishers indexing in RePEc</p> </a> <a href="https://ideas.repec.org/privacy.html" class="list-group-item" target="_blank"> <h4 class="list-group-item-heading">Privacy statement <i class="fa fa-external-link"></i></h4> </a> </div> </div> <div class="col-sm more-services"> <h3 style="border-bottom: 1px solid #111;">Help us</h3> <div class="list-group col"> <a href="/corrections.html" class="list-group-item"> <h4 class="list-group-item-heading">Corrections</h4> <p class="list-group-item-text">Found an error or omission?</p> </a> <a href="/volunteers.html" class="list-group-item"> <h4 class="list-group-item-heading">Volunteers</h4> <p class="list-group-item-text">Opportunities to help RePEc</p> </a> <a href="/participate.html" class="list-group-item"> <h4 class="list-group-item-heading">Get papers listed</h4> <p class="list-group-item-text">Have your research listed on RePEc</p> </a> <a href="/stepbystep.html" class="list-group-item"> <h4 class="list-group-item-heading">Open a RePEc archive</h4> <p class="list-group-item-text">Have your institution's/publisher's output listed on RePEc</p> </a> <a href="/getdata.html" class="list-group-item"> <h4 class="list-group-item-heading">Get RePEc data</h4> <p class="list-group-item-text">Use data assembled by RePEc</p> </a> </div> </div> </div> <div class="row"> <div class="col-12" style="text-align: center; padding-top: 10px;"> <div id="sidelogos"> <a href="https://ideas.repec.org/">IDEAS</a> is a <a href="http://repec.org/" target="_blank">RePEc <i class="fa fa-external-link"></i></a> service. RePEc uses bibliographic data supplied by the respective publishers. </div> </div> </div> </div> </div>  <script src="https://code.jquery.com/jquery-3.2.1.min.js"></script> <script src="https://cdnjs.cloudflare.com/ajax/libs/popper.js/1.12.9/umd/popper.min.js" integrity="sha384-ApNbgh9B+Y1QKtv3Rn7W3mgPxhU9K/ScQsAP7hUibX39j7fakFPskvXusvfa0b4Q" crossorigin="anonymous"></script> <script src="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/js/bootstrap.min.js" integrity="sha384-JZR6Spejh4U02d8jOt6vLEHfe/JQGiRRSQQxSfFWpi1MquVdAyjUar5+76PVCmYl" crossorigin="anonymous"></script> <script type="module" src="https://cdn.jsdelivr.net/npm/@justinribeiro/share-to-mastodon@0.2.0/dist/share-to-mastodon.js"> <script src="/css/ideas.js"></script> <script src="/css/pushy.js"></script> <script> $(document).ready(function() { // show active tab on reload if (location.hash !== '') $('a[href="' + location.hash + '"]').tab('show'); // remember the hash in the URL without jumping // $('a[data-toggle="tab"]').on('shown.bs.tab', function(e) { // if(history.pushState) { // history.pushState(null, null, '#'+$(e.target).attr('href').substr(1)); // } else { // location.hash = '#'+$(e.target).attr('href').substr(1); // } // }); }); </script> </BODY> </HTML>