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Applied Welfare Economics

Chris Jones

Published in print:
2005
Published Online:
July 2005
ISBN:
9780199281978
eISBN:
9780191602535
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199281971.001.0001
Subject:
Economics and Finance, Public and Welfare

Important results in the applied welfare literature are used to extend a conventional Harberger cost-benefit analysis. A conventional welfare equation is obtained for marginal policy changes in a ... More


 How Long Is Forever

George J. Mailath and Larry Samuelson

in Repeated Games and Reputations: Long-Run Relationships

Published in print:
2006
Published Online:
January 2007
ISBN:
9780195300796
eISBN:
9780199783700
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195300796.003.0004
Subject:
Economics and Finance, Behavioural Economics

This chapter explores the meaning and interpretation of an infinitely repeated game. It examines finitely repeated games and infinitely repeated games with declining discount factors, and the ... More


Between Scylla and Charybdis: Improving the Cost Effectiveness of Public Pension Retirement Plans

M. Barton Waring

in The Future of Public Employee Retirement Systems

Published in print:
2009
Published Online:
February 2010
ISBN:
9780199573349
eISBN:
9780191721946
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199573349.003.0004
Subject:
Business and Management, Public Management, Pensions and Pension Management

Unless defined benefit pension plans are managed much better and more cost-effectively, they will be replaced by defined contribution plans. Benefit and contribution policies need to be carefully ... More


Global Conclusion

Christian Gollier

in Pricing the Planet's Future: The Economics of Discounting in an Uncertain World

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0015
Subject:
Economics and Finance, Development, Growth, and Environmental

This concluding chapter summarizes the principles set forth in this volume. It argues that the discount rate is a key parameter in economics because it determines how our societies value their ... More


How Marketing Policy Affects Consumer Well-Being and Social Welfare

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

Published in print:
2008
Published Online:
September 2008
ISBN:
9780195371055
eISBN:
9780199870745
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195371055.003.0020
Subject:
Business and Management, Marketing

This chapter analyzes how the firm's marketing strategies affect consumers and society. The topics covered include the effects of: the firm's pricing policy for durables; volume-based pricing (e.g., ... More


Should the Multiproduct Firm Use the Market Share Metric?

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

Published in print:
2008
Published Online:
September 2008
ISBN:
9780195371055
eISBN:
9780199870745
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195371055.003.0005
Subject:
Business and Management, Marketing

This chapter examines the conditions under which the multiproduct firm should use market share as a metric for resource allocation. It distinguishes short- and long-run effects, analyze the effects ... More


Estimating State and Local Government Pension and Retiree Health Care Liabilities

Stephen T. McElhaney

in The Future of Public Employee Retirement Systems

Published in print:
2009
Published Online:
February 2010
ISBN:
9780199573349
eISBN:
9780191721946
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199573349.003.0002
Subject:
Business and Management, Public Management, Pensions and Pension Management

Liabilities for pension and retiree health-care benefits provided by US state and local governments are causing concerns for taxpayers and for those holding government bonds. Many question whether ... More


Reforming the German Civil Servant Pension Plan

Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

in The Future of Public Employee Retirement Systems

Published in print:
2009
Published Online:
February 2010
ISBN:
9780199573349
eISBN:
9780191721946
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199573349.003.0009
Subject:
Business and Management, Public Management, Pensions and Pension Management

This chapter analyzes the risks and rewards of moving from an unfunded defined benefit pension system to a funded plan for civil servants in Germany, allowing for alternative portfolio mixes using a ... More


Teleological Behaviorism and the Problem of Self-Control

Howard Rachlin

in Self Control in Society, Mind, and Brain

Published in print:
2010
Published Online:
May 2010
ISBN:
9780195391381
eISBN:
9780199776894
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195391381.003.0027
Subject:
Psychology, Cognitive Neuroscience, Social Psychology

Problems of self-control as well as social cooperation may be seen as conflicts not between internal spiritual or neurological entities, but between highly valued overt behavioral patterns of ... More


Weakness of Will

Joseph Heath

in Following the Rules: Practical Reasoning and Deontic Constraint

Published in print:
2008
Published Online:
January 2009
ISBN:
9780195370294
eISBN:
9780199871230
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195370294.003.0009
Subject:
Philosophy, Logic/Philosophy of Mathematics

The argument of the previous chapter suggests that, in general, people act in the way that they have best reason to act. This constitutes a tacit denial of the view that there is such a thing as ... More


Evaluation of Non-marginal Projects

Christian Gollier

in Pricing the Planet's Future: The Economics of Discounting in an Uncertain World

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0014
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter shows that the cost-benefit analysis can be used only if the actions under scrutiny are marginal, that is, if implementing them has no macroeconomic effects. Otherwise, one needs to go ... More


Inconsistent Intertemporal Choice

John P. Burkett

in Microeconomics: Optimization, Experiments, and Behavior

Published in print:
2006
Published Online:
October 2011
ISBN:
9780195189629
eISBN:
9780199850778
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195189629.003.0018
Subject:
Economics and Finance, Microeconomics

This chapter discusses the microeconomic concept of inconsistent intertemporal choice. It explains the intertemporal preferences are consistent if plans made at one moment are still attractive at all ... More


Climate Change and Common Sense: Essays in Honour of Tom Schelling

Robert W. Hahn and Alistair Ulph (eds)

Published in print:
2012
Published Online:
May 2012
ISBN:
9780199692873
eISBN:
9780191738371
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199692873.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

There is widespread agreement that climate change is a serious problem. If we fail to regulate greenhouse gases that contribute to global warming, or use alternative strategies for addressing the ... More


The Ramsey Rule

Christian Gollier

in Pricing the Planet's Future: The Economics of Discounting in an Uncertain World

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0002
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter presents the main argument in favor of a positive discount rate. In a growing economy, future generations will consume more goods and services than we do. In this context, investing for ... More


Random Walk and Mean-Reversion

Christian Gollier

in Pricing the Planet's Future: The Economics of Discounting in an Uncertain World

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter illustrates that the shape of the term structure of discount rates is determined by the way the wealth effect and the precautionary effects evolve with the time horizon. When the growth ... More


Markov Switches and Extreme Events

Christian Gollier

in Pricing the Planet's Future: The Economics of Discounting in an Uncertain World

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter examines the effects of a dramatic switch in the dynamics of economic growth for the term structure of the discount rate over the longer term. Economies undergo radical transformations. ... More


The Weitzman Argument

Christian Gollier

in Pricing the Planet's Future: The Economics of Discounting in an Uncertain World

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter examines a model in which the exogeneous rate of return of capital is constant but random. Safe investment projects must be evaluated and implemented before this uncertainty can be fully ... More


Discounting Non-monetary Benefits

Christian Gollier

in Pricing the Planet's Future: The Economics of Discounting in an Uncertain World

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0010
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter addresses issues regarding the use of cost-benefit analyses in shaping environmental policies. It defines an ecological discount rate compatible with social welfare when the ... More


Alternative Decision Criteria

Christian Gollier

in Pricing the Planet's Future: The Economics of Discounting in an Uncertain World

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0011
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter describes a sample of the alternative decision criteria that have features which are normatively attractive. A standard critique made to the discounted expected utility (DEU) model that ... More


Deontic Constraint

Joseph Heath

in Following the Rules: Practical Reasoning and Deontic Constraint

Published in print:
2008
Published Online:
January 2009
ISBN:
9780195370294
eISBN:
9780199871230
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195370294.003.0004
Subject:
Philosophy, Logic/Philosophy of Mathematics

This chapter begins with a summary of the classical sociological solution to the problem of order advanced by Talcott Parsons. The central flaw in the solution is simply that it lacks deliberative ... More


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