haku: @author Aronsson, T. / yhteensä: 16
viite: 15 / 16
| Tekijä: | Aronsson, T. Lofgren, K. |
| Otsikko: | National product related welfare measures in the Presence of technological change: externalities and uncertainty |
| Lehti: | Environmental and Resource Economics
1995 : JUN, VOL. 5:4, p. 321-332 |
| Asiasana: | ECONOMICS WELFARE UNCERTAINTY |
| Kieli: | eng |
| Tiivistelmä: | The purpose of this paper is to discuss under what conditions welfare can be measured by observables related to the national product. Under nonattributable technological or environmental change, welfare will depend on time itself, meaning that the Hamiltonian along the optimal trajectory will be a biased measure of welfare. This result will also hold if we make the time dependence of welfare endogenous, by replacing technological change with externalities that are not internalized during optimization. |
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