Weitzman, Martin L. 1942-

The share economy : conquering stagflation by Martin L Weitzman ( Book )
10 editions published between 1984 and 1987 in 3 languages and held by 1,105 libraries worldwide

Income, wealth, and the maximum principle by Martin L Weitzman ( Book )
7 editions published between 2003 and 2007 in English and held by 281 libraries worldwide

A contribution to the theory of welfare comparisons by Martin L Weitzman ( Book )
9 editions published in 1999 in English and No Linguistic content and held by 97 libraries worldwide

Optimal search for the best alternative by Martin Lawrence Weitzman ( Book )
3 editions published in 1978 in English and Undetermined and held by 56 libraries worldwide

L'économie de partage : vaincre la stagflation by Martin L Weitzman ( Book )
2 editions published in 1986 in French and held by 51 libraries worldwide

Structural uncertainty and the value of statistical life in the economics of catastrophic climate change by Martin L Weitzman ( Book )
5 editions published in 2007 in English and held by 45 libraries worldwide
Using climate change as a prototype motivating example, this paper analyzes the implications of structural uncertainty for the economics of low-probability high-impact catastrophes. The paper shows that having an uncertain multiplicative parameter, which scales or amplifies exogenous shocks and is updated by Bayesian learning, induces a critical "tail fattening" of posterior-predictive distributions. These fattened tails can have strong implications for situations (like climate change) where a catastrophe is theoretically possible because prior knowledge cannot place sufficiently narrow bounds on overall damages. The essence of the problem is the difficulty of learning extreme-impact tail behavior from finite data alone. At least potentially, the influence on cost-benefit analysis of fat-tailed uncertainty about the scale of damages -- coupled with a high value of statistical life -- can outweigh the influence of discounting or anything else.

Bonuses and employment in Japan by Richard B Freeman ( Book )
3 editions published in 1986 in English and held by 36 libraries worldwide

Patterns of behavior in biodiversity preservation by Andrew Metrick ( Book )
4 editions published in 1994 in English and held by 35 libraries worldwide

Chinese township village enterprises as vaguely defined cooperatives by Martin L Weitzman ( Book )
6 editions published in 1993 in English and held by 24 libraries worldwide

Risk-adjusted gamma discounting by Martin L Weitzman ( Book )
4 editions published in 2009 in English and held by 24 libraries worldwide
"It is widely recognized that the economics of distant-future events, like climate change, is critically dependent upon the choice of a discount rate. Unfortunately, it is unclear how to discount distant-future events when the future discount rate itself is unknown. In previous work, an analytically-tractable approach called "gamma discounting" was proposed, which gave a declining discount rate schedule as a simple closed-form function of time. This paper extends the previous gamma approach by using a Ramsey optimal growth model, combined with uncertainty about future productivity, in order to "risk adjust" all probabilities by marginal utility weights. Some basic numerical examples are given, which suggest that the overall effect of risk-adjusted gamma discounting on lowering distant-future discount rates may be significant. The driving force is a "fear factor" from risk aversion to permanent productivity shocks representing catastrophic future states of the world"--National Bureau of Economic Research web site.