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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/55673
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| Title: | | Trading off generations: Infinitely lived agent versus OLG  |
| Authors: | | Schneider, Maik T. Traeger, Christian Winkler, Ralph |
| Issue Date: | | 2012 |
| Series/Report no.: | | CESifo working paper: Public Choice 3743 |
| Abstract: | | The prevailing literature discusses intergenerational trade-offs in climate change predominantly in terms of the Ramsey equation relying on the infinitely lived agent model. We discuss these trade-offs in a continuous time OLG framework and relate our results to the infinitely lived agent setting. We identify three shortcomings of the latter: First, underlying normative assumptions about social preferences cannot be deduced unambiguously. Second, the distribution among generations living at the same time cannot be captured. Third, the optimal solution may not be implementable in overlapping generations market economies. |
| Subjects: | | climate change discounting infinitely lived agents intergenerational equity overlapping generations time preference |
| JEL: | | D63 H23 Q54 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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