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  • Social time preference and the optimal carbon price

    Author(s)
    Guest, Ross
    Griffith University Author(s)
    Guest, Ross
    Year published
    2011
    Metadata
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    Abstract
    This article examines the implications of alternative social time preference assumptions for the optimal carbon price by numerical simulations of a simple Ramsey model. Three specifications of social time preferences are compared: a constant social time preference rate (stpr), decreasing social impatience or hyperbolic social preferences and increasing social impatience. The results show nontrivial effects on the optimal carbon price. The policy implication is that value judgements about intergenerational welfare, reflected in stpr, have implications for policies aimed at achieving a target carbon price. These value judgements ...
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    This article examines the implications of alternative social time preference assumptions for the optimal carbon price by numerical simulations of a simple Ramsey model. Three specifications of social time preferences are compared: a constant social time preference rate (stpr), decreasing social impatience or hyperbolic social preferences and increasing social impatience. The results show nontrivial effects on the optimal carbon price. The policy implication is that value judgements about intergenerational welfare, reflected in stpr, have implications for policies aimed at achieving a target carbon price. These value judgements therefore ought to be made explicit in setting target carbon prices over time.
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    Journal Title
    Applied Economics Letters
    Volume
    18
    Issue
    12
    DOI
    https://doi.org/10.1080/13504851.2010.528352
    Subject
    Applied economics
    Applied economics not elsewhere classified
    Banking, finance and investment
    Publication URI
    http://hdl.handle.net/10072/43774
    Collection
    • Journal articles

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