Risk, inequality and time in the welfare economics of climate change: is the workhorse model underspecified?
In the workhorse model of welfare economics, the elasticity of marginal utility, often denoted as η, serves simultaneously to represent aversion to risk, aversion to spatial inequality, and preferences for intertemporal substitution. While Kreps-Porteus-Selden and Epstein-Zin preferenc...
| Main Authors: | , , , |
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| Format: | Working paper |
| Published: |
University of Oxford
2008
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