Anatomy Of A Market Crash - A Market Microstructure Analysis by Danielsson, Saltoglu

By Danielsson, Saltoglu

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In that case they would care about future environmental benefits, even though these benefits would occur long after they themselves were dead. If this type of intergenerational altruism is sufficiently strong, no weight should be attached to the popular argument that the government would be justified in overruling the preferences of present generations in the interests of the future. The welfare of future generations is adequately represented by the altruistic preferences of the generations who live now.

Consumer preferences are defined on their consumption of private goods and on the two public goods, so that we can write Public, Private and Environmental Goods 29 where x' is individual i's consumption vector. Utility is increasing in 3? and 2 and decreasing in e. Finally, there is an aggregate production constraint for the economy, reflecting an assumption of constant returns to scale, Note that since we have assumed that there are no externalities in production, the production constraint does not depend on e.

I shall abstract from research in the formal modelling below, but it deserves to be stressed that an important function of research is to diminish uncertainty and make the future more predictable, and this is not least important in the environmental area. From a formal theoretical point of view the most satisfactory way in which to introduce uncertainty would be to superimpose it on the intertemporal framework developed in the previous section. This could be done in the spirit of Arrow (1953) and Debreu (1959) by introducing the concept of state-contingent Public, Private and Environmental Goods 41 commodities.

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