We study a growth model with an environmental asset which is a source of utility and an input to consumption and production. The stock of this asset follows its own ecological dynamics, which are affected by economic activity. We study the implications of an approach to ranking sequences of...

We review the optimal pattern of carbon emission abatements across countries in a simple multi-country world. We model explicitly the fact that the atmosphere is a public good. Within this framework we establish conditions for it to be necessary for optimality that the marginal cost of abatement...

What explains the persistence of the gender gap? The World Economic Forum Gender Gap Index documents the persistence of the gender gap and, more surprising yet, the data validates that in the last decade the gender gap has grown wider. Why? We provide here a rational market explanation of the...

Classic probability theory treats rare events as ‘outliers’ that are often disregarded and underestimated. Yet in a moment of change rare events can become frequent and frequent events rare. We therefore postulate new axioms for probability theory that require a balanced treatment for rare...