Pré-Publication, Document De Travail Année : 2015

Time-Stochastic Dominance and iso-elastic discounted utility functions

Résumé

Dietz and Matei (2015) introduce Time-Stochastic Dominance and apply it to evaluate climate-change mitigation. They compute several preferences classes for which mitigation policies are preferred to business-as-usual. The purpose of the present study is to investigate which standard utility functions (with constant time-discount rate and a constant risk aversion) belong to them. The major contribution is to map preferences classes studied by Dietz and Matei (2015) into the space of time-discount rate and elasticity of marginal utility of consumption, space in which the climate debate has been shaped so far.

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hal-01185848 , version 1 (21-08-2015)

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  • HAL Id : hal-01185848 , version 1

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Antonin Pottier. Time-Stochastic Dominance and iso-elastic discounted utility functions. 2015. ⟨hal-01185848⟩
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