Geoffrey Heal

In this paper, the authors’ treatment of uncertainty in environmental applications is motivated by two leading examples: climate change and biodiversity loss. They argue that in these cases uncertainty is sufficiently far-reaching that standard decision-making tools such as expected utility theory may no longer capture important aspects of our uncertainty preferences. Richer models of decision-making, which allow us to express lack of confidence in our information, may be more desirable. Read more

We study collective choice when individuals have heterogeneous discounted utilitarian preferences. Two attractive properties of intertemporal preferences are indistinguishable for... Read more

Climate change is fundamentally an `out-of-sample’ problem – our available information does not tightly constrain predictions of the consequences of... Read more

Intertemporal conflicts occur when a group of agents with heterogeneous time preferences must make a collective decision about how to... Read more