NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Niko Jaakkola

University of Bologna
Department of Economics
Piazza Scaravilli 2
40 126 Bologna
Italy

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Institutional Affiliation: University of Bologna

NBER Working Papers and Publications

June 2020Nondogmatic Climate Policy
with Antony Millner: w27413
Disagreements about normative aspects of social time preferences have led to estimates of the Social Cost of Carbon (SCC) that differ by orders of magnitude. We investigate how disagreements about the SCC change if planners are non-dogmatic, i.e., they admit the possibility of a change in their normative views, and internalise the preferences of future selves. Although non-dogmatic planners may disagree about all the contentious aspects of social time preferences, disagreements about the SCC reduce dramatically. Admitting the possibility of a change in views once every 40 years results in a 4.6-fold reduction in the range of recommended SCCs.
July 2016Finders, Keepers?
with Daniel Spiro, Arthur A. van Benthem: w22421
Natural-resource taxation and investment exhibit cycles in a vast number of countries, driving political turmoil and power shifts. Using a rational-expectations model, we show cycles result from governments' inability to commit to future taxes and firms' inability to credibly exit a country indefinitely. A government sets a low initial tax inducing high investments, which in turn prompts it to increase taxes next period. This induces low investment thus low future taxes, and so on. We investigate which factors reinforce cycles and present ways of avoiding them, and document cycles across many countries including detailed case studies of two Latin-American countries.

Published: Niko Jaakkola & Daniel Spiro & Arthur A. van Benthem, 2019. "Finders, keepers?," Journal of Public Economics, vol 169, pages 17-33. citation courtesy of

 
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