Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Growth, Environment and Discounting Location: B128 Session Chair: Anastasios Xepapadeas, University of Bologna | |
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Being Human: Endogenous Growth, Pollution and Natural Resources under Time Inconsistent Preferences KU Leuven, Belgium How does present bias shape economic growth, the creation of ideas, natural resource extraction, and pollution? We develop an endogenous growth model with exhaustible resources and pollution, where households have tendencies to procrastinate. Relative to exponential discounting, which is time-consistent, outcomes depend on an EIS threshold. If the elasticity of intertemporal substitution (EIS) >1, present bias raises growth, shifts labor toward R&D, speeds technological innovation, and slows resource extraction; if the EIS <1, economic growth falls, but effects on R&D, innovation, extraction, and pollution are theoretically ambiguous. These results highlight the crucial role of time-inconsistent behavior in shaping both economic development and environmental dynamics. | |