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Abstract
The use of a constant discount rate to study long-lived environmental problems such as global warming has two disadvantages: the prescribed policy is sensitive to the discount rate, and with moderate discount rates, large future damages have almost no effect on current decisions. Time-consistent quasi-hyperbolic discounting alleviates both of these modeling problems, and is a plausible description of how people think about the future. We analyze the time-consistent Markov Perfect equilibrium in a general model with a stock pollutant. The solution to the linear-quadratic specialization illustrates the role of hyperbolic discounting in a model of global warming.
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Title:
Global Warming and Hyperbolic Discounting
Author:
Karp, Larry, University of California, Berkeley and Giannini Foundation
Publication Date:
07-09-2004
Series:
Permalink:
http://escholarship.org/uc/item/5zh730nc
Keywords:
stock pollutant, hyperbolic discounting, global warming, time consistency
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