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dc.contributor.authorDavis, Leilaen
dc.contributor.authorSkott, Peteren
dc.date.accessioned2011-11-11-
dc.date.accessioned2012-09-25T07:18:49Z-
dc.date.available2012-09-25T07:18:49Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/64205-
dc.description.abstractThe economic analysis of global warming is dominated by models based on optimal growth theory. This approach can generate biases in the presence of positional goods and status effects. We show that by ignoring these direct consumption externalities, integrated assessment models overestimate the social return to conventional investment and underestimate the optimal amount of investment in mitigation. Empirical evidence on the influence of relative consumption on utility suggests that the bias could be quantitatively significant. Our results from a simple survey support this conclusion.en
dc.language.isoengen
dc.publisher|aUniversity of Massachusetts, Department of Economics |cAmherst, MAen
dc.relation.ispartofseries|aWorking Paper |x2011-24en
dc.subject.jelQ13en
dc.subject.jelI3en
dc.subject.jelE1en
dc.subject.ddc330en
dc.subject.keywordrepresentative agenten
dc.subject.keywordconsumption externalitiesen
dc.subject.keywordpositional goodsen
dc.subject.keywordrelative consumptionen
dc.subject.keywordwelfareen
dc.subject.keywordglobal warmingen
dc.subject.keyworddiscount ratesen
dc.titlePositional goods, climate change and the social returns to investment-
dc.typeWorking Paperen
dc.identifier.ppn672021870en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:ums:papers:2011-24en

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