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Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Vinokur, Leon | en |
dc.date.accessioned | 2012-02-09T14:07:17Z | - |
dc.date.available | 2012-02-09T14:07:17Z | - |
dc.date.issued | 2009 | - |
dc.identifier.uri | http://hdl.handle.net/10419/55191 | - |
dc.description.abstract | The Prospect Theory proposes to assess outcomes relative to a reference point (or benchmark). Although the literature recognises the relevance of dynamic benchmarks, most of the applications of Prospect Theory employ static reference points (or a status quo). This paper aims to develop a Prospect Theory framework for investment under uncertainty subject to a dynamic reference point, within the context of environmental policy making, where the distinction between a dynamic and a static frameworks is crucial. I evince that, in contrast to the static framework, in a dynamic framework the investor measures not only the absolute but also the relative risk premium (Sharpe ratio) of the investment opportunity, incorporating the risks and returns of a reference portfolio. I propose that there exists a relation between static and dynamic frameworks. Using the dynamic framework, I argue that in the environmental context international co-operation is the key to a successful environmental policy. | en |
dc.language.iso | eng | en |
dc.publisher | |aQueen Mary University of London, Department of Economics |cLondon | en |
dc.relation.ispartofseries | |aWorking Paper |x651 | en |
dc.subject.jel | D46 | en |
dc.subject.jel | G18 | en |
dc.subject.jel | Q58 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | prospect theory | en |
dc.subject.keyword | dynamic reference | en |
dc.subject.keyword | sustainable development | en |
dc.subject.stw | Prospect Theory | en |
dc.subject.stw | Werttheorie | en |
dc.subject.stw | Nachhaltige Entwicklung | en |
dc.subject.stw | Internationale Umweltpolitik | en |
dc.subject.stw | Dynamisches Modell | en |
dc.subject.stw | Theorie | en |
dc.title | Evaluation with dynamic reference: Sustainable investment | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 614242967 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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