All Publications
-
The timing and location of entry in growing markets: subgame perfection at work
RAND JOURNAL OF ECONOMICS
2024
View details for DOI 10.1111/1756-2171.12462
View details for Web of Science ID 001222984600001
-
A simple but powerful simulated certainty equivalent approximation method for dynamic stochastic problems
QUANTITATIVE ECONOMICS
2023; 14 (2): 651-687
View details for DOI 10.3982/QE1835
View details for Web of Science ID 000988108800007
-
Statistical approximation of high-dimensional climate models
JOURNAL OF ECONOMETRICS
2020; 214 (1): 67–80
View details for DOI 10.1016/j.jeconom.2019.05.005
View details for Web of Science ID 000503084600005
-
Dynamic stochastic games with random moves
QME-QUANTITATIVE MARKETING AND ECONOMICS
2019; 17 (1): 59–79
View details for DOI 10.1007/s11129-018-9200-x
View details for Web of Science ID 000459823100002
-
Solving an incomplete markets model with a large cross-section of agents
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
2018; 91: 349–68
View details for DOI 10.1016/j.jedc.2018.01.025
View details for Web of Science ID 000439401900018
-
Stabilized Optimization Via an NCL Algorithm
SPRINGER. 2018: 173–91
View details for DOI 10.1007/978-3-319-90026-1_8
View details for Web of Science ID 000448498900008
-
How to solve dynamic stochastic models computing expectations just once
QUANTITATIVE ECONOMICS
2017; 8 (3): 851–93
View details for DOI 10.3982/QE329
View details for Web of Science ID 000418421700007
-
A NONLINEAR PROGRAMMING METHOD FOR DYNAMIC PROGRAMMING
MACROECONOMIC DYNAMICS
2017; 21 (2): 336-361
View details for DOI 10.1017/S1365100515000528
View details for Web of Science ID 000395657800003
-
Computing Equilibria of Dynamic Games
OPERATIONS RESEARCH
2017; 65 (2): 337-356
View details for DOI 10.1287/opre.2016.1572
View details for Web of Science ID 000401729900003
-
A nonlinear certainty equivalent approximation method for dynamic stochastic problems
QUANTITATIVE ECONOMICS
2017; 8 (1): 117-147
View details for DOI 10.3982/QE533
View details for Web of Science ID 000399323900004
-
A NOTE ON DETERMINING VIABLE ECONOMIC STATES IN A DYNAMIC MODEL OF TAXATION
MACROECONOMIC DYNAMICS
2016; 20 (5): 1395-1412
View details for DOI 10.1017/S1365100514000868
View details for Web of Science ID 000379948200013
-
Dynamic programming with Hermite approximation
MATHEMATICAL METHODS OF OPERATIONS RESEARCH
2015; 81 (3): 245-267
View details for DOI 10.1007/s00186-015-0495-z
View details for Web of Science ID 000356049400001
-
Stochastic integrated assessment of climate tipping points indicates the need for strict climate policy
NATURE CLIMATE CHANGE
2015; 5 (5): 441-444
View details for DOI 10.1038/NCLIMATE2570
View details for Web of Science ID 000354891900020
-
Environmental tipping points significantly affect the cost-benefit assessment of climate policies
PROCEEDINGS OF THE NATIONAL ACADEMY OF SCIENCES OF THE UNITED STATES OF AMERICA
2015; 112 (15): 4606-4611
Abstract
Most current cost-benefit analyses of climate change policies suggest an optimal global climate policy that is significantly less stringent than the level required to meet the internationally agreed 2 °C target. This is partly because the sum of estimated economic damage of climate change across various sectors, such as energy use and changes in agricultural production, results in only a small economic loss or even a small economic gain in the gross world product under predicted levels of climate change. However, those cost-benefit analyses rarely take account of environmental tipping points leading to abrupt and irreversible impacts on market and nonmarket goods and services, including those provided by the climate and by ecosystems. Here we show that including environmental tipping point impacts in a stochastic dynamic integrated assessment model profoundly alters cost-benefit assessment of global climate policy. The risk of a tipping point, even if it only has nonmarket impacts, could substantially increase the present optimal carbon tax. For example, a risk of only 5% loss in nonmarket goods that occurs with a 5% annual probability at 4 °C increase of the global surface temperature causes an immediate two-thirds increase in optimal carbon tax. If the tipping point also has a 5% impact on market goods, the optimal carbon tax increases by more than a factor of 3. Hence existing cost-benefit assessments of global climate policy may be significantly underestimating the needs for controlling climate change.
View details for DOI 10.1073/pnas.1503890112
View details for Web of Science ID 000352856800041
View details for PubMedID 25825719
View details for PubMedCentralID PMC4403162
-
Solving Dynamic Programming Problems on a Computational Grid
COMPUTATIONAL ECONOMICS
2015; 45 (2): 261-284
View details for DOI 10.1007/s10614-014-9419-x
View details for Web of Science ID 000348416500005
-
Smolyak method for solving dynamic economic models: Lagrange interpolation, anisotropic grid and adaptive domain
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
2014; 44: 92-123
View details for DOI 10.1016/j.jedc.2014.03.003
View details for Web of Science ID 000338614400006
-
Shape-preserving dynamic programming
MATHEMATICAL METHODS OF OPERATIONS RESEARCH
2013; 77 (3): 407-421
View details for DOI 10.1007/s00186-012-0406-5
View details for Web of Science ID 000321392700010
-
Dynamic programming with shape-preserving rational spline Hermite interpolation
ECONOMICS LETTERS
2012; 117 (1): 161-164
View details for DOI 10.1016/j.econlet.2012.05.004
View details for Web of Science ID 000309434600043
-
Constrained Optimization Approaches to Estimation of Structural Models
ECONOMETRICA
2012; 80 (5): 2213-2230
View details for DOI 10.3982/ECTA7925
View details for Web of Science ID 000309181900011
-
Finding all pure-strategy equilibria in games with continuous strategies
QUANTITATIVE ECONOMICS
2012; 3 (2): 289-331
View details for DOI 10.3982/QE165
View details for Web of Science ID 000316853300004
-
Avoiding the curse of dimensionality in dynamic stochastic games
QUANTITATIVE ECONOMICS
2012; 3 (1): 53-93
View details for DOI 10.3982/QE153
View details for Web of Science ID 000316852700003
-
OPTIMAL RULES FOR PATENT RACES
INTERNATIONAL ECONOMIC REVIEW
2012; 53 (1): 23-52
View details for DOI 10.1111/j.1468-2354.2011.00670.x
View details for Web of Science ID 000300693800002
-
Bond Ladders and Optimal Portfolios
REVIEW OF FINANCIAL STUDIES
2011; 24 (12): 4123-4166
View details for DOI 10.1093/rfs/hhr074
View details for Web of Science ID 000297041100007
-
The Importance of Asymmetric Tax Policy and Dangers of Aggregation
JOURNAL OF MONEY CREDIT AND BANKING
2011; 43: 175-205
View details for DOI 10.1111/j.1538-4616.2011.00414.x
View details for Web of Science ID 000292935700008
-
Numerically stable and accurate stochastic simulation approaches for solving dynamic economic models
QUANTITATIVE ECONOMICS
2011; 2 (2): 173-210
View details for DOI 10.3982/QE14
View details for Web of Science ID 000208681700002
-
Solving the multi-country real business cycle model using ergodic set methods
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
2011; 35 (2): 207-228
View details for DOI 10.1016/j.jedc.2010.09.014
View details for Web of Science ID 000286539100005
-
Computational suite of models with heterogeneous agents II: Multi-country real business cycle models
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
2011; 35 (2): 175-177
View details for DOI 10.1016/j.jedc.2010.09.010
View details for Web of Science ID 000286539100001
-
Equilibrium open interest
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
2010; 34 (12): 2578-2600
View details for DOI 10.1016/j.jedc.2010.07.006
View details for Web of Science ID 000284386800012
-
Harnessing parallelism in multicore clusters with the All-Pairs, Wavefront, and Makeflow abstractions
CLUSTER COMPUTING-THE JOURNAL OF NETWORKS SOFTWARE TOOLS AND APPLICATIONS
2010; 13 (3): 243-256
View details for DOI 10.1007/s10586-010-0134-7
View details for Web of Science ID 000280552800002
-
STABLE AND EFFICIENT COMPUTATIONAL METHODS FOR DYNAMIC PROGRAMMING
24th Annual Congress of the European-Economic-Association
WILEY-BLACKWELL. 2010: 626–34
View details for Web of Science ID 000276460500029
-
Computational suite of models with heterogeneous agents: Incomplete markets and aggregate uncertainty
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
2010; 34 (1): 1-3
View details for DOI 10.1016/j.jedc.2009.07.001
View details for Web of Science ID 000272635200001
-
CIM-EARTH: Framework and Case Study
B E JOURNAL OF ECONOMIC ANALYSIS & POLICY
2010; 10 (2)
View details for Web of Science ID 000285831900001
-
Asset trading volume with dynamically complete markets and heterogeneous agents
JOURNAL OF FINANCE
2003; 58 (5): 2203-2217
View details for Web of Science ID 000185599400016
-
Computing supergame equilibria
ECONOMETRICA
2003; 71 (4): 1239-1254
View details for Web of Science ID 000184863300009
-
Closed-loop equilibrium in a multi-stage innovation race
Symposium held in Honor of Mordecai Kurz on Economic Theory
SPRINGER. 2003: 673–95
View details for Web of Science ID 000181426200024
-
The parametric path method: an alternative to Fair-Taylor and L-B-J for solving perfect foresight models
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
2002; 26 (9-10): 1557-1583
View details for Web of Science ID 000175641800012
-
Capital-income taxation with imperfect competition
114th Annual Meeting of the American-Economic-Association
AMER ECONOMIC ASSOC. 2002: 417–21
View details for Web of Science ID 000176395100078
-
Asymptotic methods for asset market equilibrium analysis
ECONOMIC THEORY
2001; 18 (1): 127-157
View details for Web of Science ID 000169297500006
-
Computing equilibria in infinite-horizon finance economies: The case of one asset
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
2000; 24 (5-7): 1047-1078
View details for Web of Science ID 000086000600017
-
Solving a savings allocation problem by numerical dynamic programming with shape-preserving interpolation
COMPUTERS & OPERATIONS RESEARCH
2000; 27 (5): 399-408
View details for Web of Science ID 000085784600001
-
Optimal taxation and spending in general competitive growth models
JOURNAL OF PUBLIC ECONOMICS
1999; 71 (1): 1-26
View details for Web of Science ID 000077882800001
-
Taxes, uncertainty, and human capital
110th Annual Meeting of the American-Economic-Association
AMER ECONOMIC ASSOC. 1998: 289–92
View details for Web of Science ID 000073658200054
-
Asymptotic methods for aggregate growth models
1st Meeting of the Society-of-Computational-Economics
ELSEVIER SCIENCE BV. 1997: 1025–42
View details for Web of Science ID A1997XE28000007
-
Computational economics and economic theory: Substitutes or complements?
1st Meeting of the Society-of-Computational-Economics
ELSEVIER SCIENCE BV. 1997: 907–42
View details for Web of Science ID A1997XE28000002
-
PRICE AND QUALITY IN A NEW PRODUCT MONOPOLY
REVIEW OF ECONOMIC STUDIES
1994; 61 (4): 773-789
View details for Web of Science ID A1994PK69800008
-
PROJECTION METHODS FOR SOLVING AGGREGATE GROWTH-MODELS
JOURNAL OF ECONOMIC THEORY
1992; 58 (2): 410-452
View details for Web of Science ID A1992KG38500012
-
OBSERVABLE CONTRACTS - STRATEGIC DELEGATION AND COOPERATION
INTERNATIONAL ECONOMIC REVIEW
1991; 32 (3): 551-559
View details for Web of Science ID A1991FZ02600002
-
A REVIEW OF RECURSIVE METHODS IN ECONOMIC-DYNAMICS
JOURNAL OF ECONOMIC LITERATURE
1991; 29 (1): 69-77
View details for Web of Science ID A1991FF69600004
-
TAXATION AND UNCERTAINTY
AMERICAN ECONOMIC REVIEW
1989; 79 (2): 331-336
View details for Web of Science ID A1989U464400061
-
SOCIAL-SECURITY AND INDIVIDUAL WELFARE - PRECAUTIONARY SAVING, BORROWING CONSTRAINTS, AND THE PAYROLL TAX
AMERICAN ECONOMIC REVIEW
1987; 77 (4): 630-646
View details for Web of Science ID A1987K111600009
-
EFFECTS OF CAPITAL GAINS TAXATION ON LIFE-CYCLE INVESTMENT AND PORTFOLIO MANAGEMENT
JOURNAL OF FINANCE
1987; 42 (3): 743-758
View details for Web of Science ID A1987H924400019