We test for sustainability of Turkey's current account position between 1992 and 2007 using the intertemporal solvency model of Hakkio and Rush (1991) and Husted (1992). This approach examines the relationship between exports and imports+ (which include imports, net interest and unilateral...

Das vorliegende Gutachten liefert eine umfassende Analyse der Vor- und Nachteile revolvierender Fonds als Instrument zur Neuausrichtung der Förderpolitik. Dabei ist zwischen zwei Fragen zu trennen: Zum einen bieten Fonds die Möglichkeit der intertemporalen Optimierung von...

We develop a general theory of intertemporal choice: the reference-time theory, RT. RT is a synthesis of ideas from the generalized hyperbolic model (Loewenstein and Prelec 1992), the quasi-hyperbolic model (Phelps and Pollak 1968, Laibson 1997) and subadditivity of time discounting (Roelofsma...

Some externalities, such as global warming, involve complex and uncertain relationships between emissions and the environment, with effects acting over lags the lengths of which are themselves subject to uncertainty. Optimal pricing rules can be derived in principle, but application is often...

Many countries are implementing or at least considering policies to counter increasingly certain negative impacts from climate change. An increasing amount of research has been devoted to the analysis of the costs of climate change and its mitigation, as well as to the design of policies, such...