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Christoph Rheinberger, and Nicolas Treich
vol. 67, n. 3, July 2017, pp. 609–636
In light of climate change and other global threats, policy commentators sometimes urge that society should be more concerned about catastrophes. This paper reflects on what society’s attitude toward low-probability, high-impact events is, or should be. We first argue that catastrophe risk can be...
Emmanuelle Auriol, and Jean-Philippe Platteau
vol. 127, July 2017, pp. 395–412
The relationship between religion and politics is explored from a theoretical standpoint, assuming that religious clerics can be coopted by the ruler acting as an autocrat. The comparative effects of decentralized versus centralized religions on the optimal level of cooperation between the autocrat...
Yana Jin, Henrik Andersson, and Shiqiu Zhang
vol. 8, July 2017, pp. 147–186
China’s Cap on Coal Consumption (CCC) Policy serves as a key strategy to address the serious air pollution in China, and it helps to address coal’s climate, environment and health damages. Current implementation of it focuses on substituting coal used in power plants and boilers with natural gas,...
Denis Lanzanova, and Arnaud Reynaud
vol. 137, July 2017, pp. 184–194
This study presents the first meta-analysis on the economic value of ecosystem services delivered by lakes. A worldwide data set of 699 observations drawn from 133 studies combines information reported in primary studies with geospatial data. The meta-analysis explores antagonisms and synergies...
Ujjayant Chakravorty, Marie-Hélène Hubert, Michel Moreaux, and Linda Nøstbakken
vol. 119, n. 3, July 2017, pp. 733–767
About 40% of US corn is now used to produce biofuels, which are used as substitutes for gasoline in transportation. In this paper, we use a Ricardian model with differential land quality to show that world food prices rise by about 32% by 2022, about half of that from the biofuel mandate and the...
Jérôme Renault, Eilon Solan, and Nicolas Vieille
vol. 104, July 2017, pp. 329–349
We study a dynamic model of information provision. A state of nature evolves according to a Markov chain. An advisor with commitment power decides how much information to provide to an uninformed decision maker, so as to influence his short-term decisions. We deal with a stylized class of...
Caio Almeida, Kim Ardison, René Garcia, and Jose Vicente
vol. 15, n. 3, July 2017, pp. 418–426
The discussions focus on different aspects of the paper and are quite complementary. Dobrev and Schaumburg look closely at our implementation choices and analyse the sensitivity of the measure to these choices. Camponovo, Scaillet, and Trojani propose to use robust predictive regression methods to...
Augustin Landier, and Guillaume Plantin
vol. 84, n. 3, July 2017, pp. 1186–1209
Afluent households can respond to taxation with means that are not economically viable for the rest of the population, such as sophisticated tax plans and international tax arbitrage. This paper studies an economy in which an inequality-averse social planner faces agents who have access to a tax-...
vol. 15, n. 3, July 2017
Helmuth Cremer, Firouz Gahvari, and Pierre Pestieau
vol. 151, July 2017, pp. 12–24
When family assistance is uncertain, benefits cannot be conditioned on family aid. We study the role of private and public LTC insurance in this environment and compare the properties and optimality of the topping up versus opting out public insurance schemes. Under topping up, the required LTC is...
