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Accounting for Different Uncertainties: Implications for Climate Investments?

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  • Hector, Svenja

Abstract

The paper clarifies the link between changes in risk aversion and the effect on the consumption discount rate. In a general framework that can cope with various forms of uncertainty, it is shown that the response of the consumption discount rate to a change in risk aversion depends on some fundamental properties of the considered uncertainties. The application of this general result to specific forms of uncertainty extends existing results to more general forms of risk and yields a new result on preference uncertainty.

Suggested Citation

  • Hector, Svenja, 2013. "Accounting for Different Uncertainties: Implications for Climate Investments?," Climate Change and Sustainable Development 162562, Fondazione Eni Enrico Mattei (FEEM).
    • Handle: RePEc:ags:feemcl:162562
    DOI: 10.22004/ag.econ.162562
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    File URL: https://ageconsearch.umn.edu/record/162562/files/NDL2013-107.pdf
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    Cited by:

    1. Edilio Valentini & Paolo Vitale, 2019. "Optimal Climate Policy for a Pessimistic Social Planner," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 72(2), pages 411-443, February.

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    Keywords

    Environmental Economics and Policy;

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