Weitzman, Martin L. 1942
Overview
Works:  156 works in 417 publications in 9 languages and 3,594 library holdings 

Roles:  Author, Contributor, Editor, Speaker, Honoree 
Classifications:  HD5710, 339.5 
Publication Timeline
.
Most widely held works about
Martin L Weitzman
 Wirtschaftsordnungstheoretische Implikationen der WeitzmanRegel : ein Beitrag zur Diskussion über tariflich vereinbarte LohnBeschäftigtenzahlKombinationen by Axel Nitschke( Book )
 Weitzman's share economy : the answer to stagflation? by Doreen Bekker( Book )
 Beschäftigungsstabilisierung durch das Beteiligungssystem? : eine Auseinandersetzung mit dem WeitzmanPlan by Markus Eder( Book )
 An investigation of the assumptions contained in M. Weitzman's theory of profit sharing by Nicholas Simon Beck( )
Most widely held works by
Martin L Weitzman
The share economy : conquering stagflation by
Martin L Weitzman(
Book
)
27 editions published between 1984 and 1987 in 7 languages and held by 1,078 WorldCat member libraries worldwide
Argumenta que o trabalhador medio, bem como a economia como um todo, seriam beneficiados por um sistema participativo, vinculandose uma parcela significativa da remuneracao dos empregados a algum indicador do desempenho das empresas. Conclui que a remuneracao de mao de obra atraves de um sistema participativo, liberara forcas para a prosperidade economica e o progresso social
27 editions published between 1984 and 1987 in 7 languages and held by 1,078 WorldCat member libraries worldwide
Argumenta que o trabalhador medio, bem como a economia como um todo, seriam beneficiados por um sistema participativo, vinculandose uma parcela significativa da remuneracao dos empregados a algum indicador do desempenho das empresas. Conclui que a remuneracao de mao de obra atraves de um sistema participativo, liberara forcas para a prosperidade economica e o progresso social
Climate shock : the economic consequences of a hotter planet by
Gernot Wagner(
Book
)
13 editions published between 2015 and 2016 in English and held by 591 WorldCat member libraries worldwide
If you had a 10 percent chance of having a fatal car accident, you'd take necessary precautions. If your finances had a 10 percent chance of suffering a severe loss, you'd reevaluate your assets. So if we know the world is warming and there's a 10 percent chance this might eventually lead to a catastrophe beyond anything we could imagine, why aren't we doing more about climate change right now? We insure our lives against an uncertain futurewhy not our planet? In Climate Shock, Gernot Wagner and Martin Weitzman explore in lively, clear terms the likely repercussions of a hotter planet, dra
13 editions published between 2015 and 2016 in English and held by 591 WorldCat member libraries worldwide
If you had a 10 percent chance of having a fatal car accident, you'd take necessary precautions. If your finances had a 10 percent chance of suffering a severe loss, you'd reevaluate your assets. So if we know the world is warming and there's a 10 percent chance this might eventually lead to a catastrophe beyond anything we could imagine, why aren't we doing more about climate change right now? We insure our lives against an uncertain futurewhy not our planet? In Climate Shock, Gernot Wagner and Martin Weitzman explore in lively, clear terms the likely repercussions of a hotter planet, dra
Income, wealth, and the maximum principle by
Martin L Weitzman(
Book
)
17 editions published between 2003 and 2007 in English and Dutch and held by 296 WorldCat member libraries worldwide
"The book will be valuable to students who want to formulate and solve dynamic allocation problems. It will also be of interest to any economist who wants to understand the results of the latest research on the relationship between comprehensive income accounting and wealth or welfare."Jacket
17 editions published between 2003 and 2007 in English and Dutch and held by 296 WorldCat member libraries worldwide
"The book will be valuable to students who want to formulate and solve dynamic allocation problems. It will also be of interest to any economist who wants to understand the results of the latest research on the relationship between comprehensive income accounting and wealth or welfare."Jacket
A contribution to the theory of welfare comparisons by
Martin L Weitzman(
Book
)
18 editions published in 1999 in English and held by 82 WorldCat member libraries worldwide
Using only information based on current directlyobservable market behavior, the paper shows how to make rigorous dynamic welfare comparisons among economies or economic situations having arbitrarilydifferent endowments and technologies, but sharing a common dynamic preference ordering. The correct answers to seemingly complicated questions, which intrinsically involve comparing wealthlike measures of dynamic wellbeing, can be translated isomorphically into a simpleminded story told in the familiar language of oldfashioned static consumerwelfare theory
18 editions published in 1999 in English and held by 82 WorldCat member libraries worldwide
Using only information based on current directlyobservable market behavior, the paper shows how to make rigorous dynamic welfare comparisons among economies or economic situations having arbitrarilydifferent endowments and technologies, but sharing a common dynamic preference ordering. The correct answers to seemingly complicated questions, which intrinsically involve comparing wealthlike measures of dynamic wellbeing, can be translated isomorphically into a simpleminded story told in the familiar language of oldfashioned static consumerwelfare theory
Optimal search for the best alternative by
Martin L Weitzman(
Book
)
4 editions published in 1978 in English and held by 62 WorldCat member libraries worldwide
4 editions published in 1978 in English and held by 62 WorldCat member libraries worldwide
L'économie de partage : vaincre la stagflation by
Martin L Weitzman(
Book
)
6 editions published in 1986 in French and held by 61 WorldCat member libraries worldwide
6 editions published in 1986 in French and held by 61 WorldCat member libraries worldwide
Das Beteiligungsmodell : Vollbeschäftigung durch flexible Löhne by
Martin L Weitzman(
Book
)
2 editions published in 1987 in German and held by 53 WorldCat member libraries worldwide
2 editions published in 1987 in German and held by 53 WorldCat member libraries worldwide
Patterns of behavior in biodiversity preservation by
Andrew Metrick(
Book
)
9 editions published in 1994 in English and held by 37 WorldCat member libraries worldwide
9 editions published in 1994 in English and held by 37 WorldCat member libraries worldwide
Chinese township village enterprises as vaguely defined cooperatives by
Martin L Weitzman(
Book
)
10 editions published in 1993 in English and held by 30 WorldCat member libraries worldwide
Property rights, reform, economic, transition
10 editions published in 1993 in English and held by 30 WorldCat member libraries worldwide
Property rights, reform, economic, transition
The case for profitsharing by
Martin L Weitzman(
Book
)
3 editions published in 1986 in English and held by 27 WorldCat member libraries worldwide
3 editions published in 1986 in English and held by 27 WorldCat member libraries worldwide
L'economia della partecipazione : sconfiggere la stagflazione by
Martin L Weitzman(
Book
)
5 editions published between 1985 and 1986 in Italian and held by 26 WorldCat member libraries worldwide
5 editions published between 1985 and 1986 in Italian and held by 26 WorldCat member libraries worldwide
Bonuses and employment in Japan by
Richard B Freeman(
Book
)
8 editions published between 1986 and 1989 in English and held by 23 WorldCat member libraries worldwide
Japan has a relatively unique system of labor compensation. Most Japanese workers are paid large bonuses twice a year. This paper examines the cyclical movement of bonuses compared with wages and the relation of bonuses to employment in the context of the Weitzman "share economy." The paper makes three basic points:(1) The Japanese bonus is much more procyclical than Japanese base wages, but not as cyclically variable as profits. Bonuses can be interpreted as containing a quantitatively significant revenue or profitsharing component.(2) Bonuses have quite different employment consequences than do base wages. Even after controlling for other economic factors, bonuses are positively related to employment, whereas base wages are negatively related to employment.(3) The bonus system of paying workers, while far from explaining the whole macroeconomic story in Japan, seems to play a role in helping to stabilize Japanese unemployment at comparatively low levels
8 editions published between 1986 and 1989 in English and held by 23 WorldCat member libraries worldwide
Japan has a relatively unique system of labor compensation. Most Japanese workers are paid large bonuses twice a year. This paper examines the cyclical movement of bonuses compared with wages and the relation of bonuses to employment in the context of the Weitzman "share economy." The paper makes three basic points:(1) The Japanese bonus is much more procyclical than Japanese base wages, but not as cyclically variable as profits. Bonuses can be interpreted as containing a quantitatively significant revenue or profitsharing component.(2) Bonuses have quite different employment consequences than do base wages. Even after controlling for other economic factors, bonuses are positively related to employment, whereas base wages are negatively related to employment.(3) The bonus system of paying workers, while far from explaining the whole macroeconomic story in Japan, seems to play a role in helping to stabilize Japanese unemployment at comparatively low levels
Structural uncertainty and the value of statistical life in the economics of catastrophic climate change by
Martin L Weitzman(
Book
)
9 editions published in 2007 in English and held by 20 WorldCat member libraries worldwide
Using climate change as a prototype motivating example, this paper analyzes the implications of structural uncertainty for the economics of lowprobability highimpact 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 posteriorpredictive 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 extremeimpact tail behavior from finite data alone. At least potentially, the influence on costbenefit analysis of fattailed uncertainty about the scale of damages  coupled with a high value of statistical life  can outweigh the influence of discounting or anything else
9 editions published in 2007 in English and held by 20 WorldCat member libraries worldwide
Using climate change as a prototype motivating example, this paper analyzes the implications of structural uncertainty for the economics of lowprobability highimpact 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 posteriorpredictive 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 extremeimpact tail behavior from finite data alone. At least potentially, the influence on costbenefit analysis of fattailed uncertainty about the scale of damages  coupled with a high value of statistical life  can outweigh the influence of discounting or anything else
Riskadjusted gamma discounting by
Martin L Weitzman(
Book
)
9 editions published between 2009 and 2010 in English and held by 14 WorldCat member libraries worldwide
It is widely recognized that the economics of distantfuture events, like climate change, is critically dependent upon the choice of a discount rate. Unfortunately, it is unclear how to discount distantfuture events when the future discount rate itself is unknown. In previous work, an analyticallytractable approach called "gamma discounting" was proposed, which gave a declining discount rate schedule as a simple closedform 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 riskadjusted gamma discounting on lowering distantfuture 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
9 editions published between 2009 and 2010 in English and held by 14 WorldCat member libraries worldwide
It is widely recognized that the economics of distantfuture events, like climate change, is critically dependent upon the choice of a discount rate. Unfortunately, it is unclear how to discount distantfuture events when the future discount rate itself is unknown. In previous work, an analyticallytractable approach called "gamma discounting" was proposed, which gave a declining discount rate schedule as a simple closedform 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 riskadjusted gamma discounting on lowering distantfuture 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
The Ramsey discounting formula for a hiddenstate stochastic growth process by
Martin L Weitzman(
Book
)
6 editions published in 2012 in English and held by 7 WorldCat member libraries worldwide
The long term discount rate is critically dependent upon projections of future growth rates that are fuzzier in proportion to the remoteness of the time horizon. This paper models such increasing fuzziness as an evolving hiddenstate stochastic process. The underlying trend growth rate is an unobservable random walk hidden by noisy transitory shocks and recoverable only as a probability distribution via Bayesian updating. A simple expression is derived for the timedeclining Ramsey discount rate. The components of this hiddenstate Ramsey discounting formula are then analyzed, followed by a few remarks about possible implications and applications  National Bureau of Economic Research web site
6 editions published in 2012 in English and held by 7 WorldCat member libraries worldwide
The long term discount rate is critically dependent upon projections of future growth rates that are fuzzier in proportion to the remoteness of the time horizon. This paper models such increasing fuzziness as an evolving hiddenstate stochastic process. The underlying trend growth rate is an unobservable random walk hidden by noisy transitory shocks and recoverable only as a probability distribution via Bayesian updating. A simple expression is derived for the timedeclining Ramsey discount rate. The components of this hiddenstate Ramsey discounting formula are then analyzed, followed by a few remarks about possible implications and applications  National Bureau of Economic Research web site
A Precautionary Tale of Uncertain Tail Fattening by
Martin L Weitzman(
Book
)
6 editions published in 2012 in English and held by 6 WorldCat member libraries worldwide
Suppose that there is a probability density function for how bad things might get, but that the overall rate at which this probability density function slims down to approach zero in the tail is uncertain. The paper shows how a basic precautionary principle of tail fattening could then apply. The worse is the contemplated damage, the more should a decision maker consider the bad tail to be among the relatively fattertailed possibilities. A rough numerical example is applied to the uncertain tail distribution of climate sensitivity  National Bureau of Economic Research web site
6 editions published in 2012 in English and held by 6 WorldCat member libraries worldwide
Suppose that there is a probability density function for how bad things might get, but that the overall rate at which this probability density function slims down to approach zero in the tail is uncertain. The paper shows how a basic precautionary principle of tail fattening could then apply. The worse is the contemplated damage, the more should a decision maker consider the bad tail to be among the relatively fattertailed possibilities. A rough numerical example is applied to the uncertain tail distribution of climate sensitivity  National Bureau of Economic Research web site
GHG targets as insurance against catastrophic climate damages by
Martin L Weitzman(
Book
)
8 editions published in 2010 in English and held by 6 WorldCat member libraries worldwide
Abstract: A critical issue in climatechange economics is the specification of the socalled "damages function" and its interaction with the unknown uncertainty of catastrophic outcomes. This paper asks how much we might be misled by our economic assessment of climate change when we employ a conventional quadratic damages function and/or a thintailed probability distribution for extreme temperatures. The paper gives some numerical examples of the indirect value of various GHG concentration targets as insurance against catastrophic climatechange temperatures and damages. These numerical examples suggest that we might be underestimating considerably the welfare losses from uncertainty by using a quadratic damages function and/or a thintailed temperature distribution. In these examples, the primary reason for keeping GHG levels down is to insure against hightemperature catastrophic climate risks
8 editions published in 2010 in English and held by 6 WorldCat member libraries worldwide
Abstract: A critical issue in climatechange economics is the specification of the socalled "damages function" and its interaction with the unknown uncertainty of catastrophic outcomes. This paper asks how much we might be misled by our economic assessment of climate change when we employ a conventional quadratic damages function and/or a thintailed probability distribution for extreme temperatures. The paper gives some numerical examples of the indirect value of various GHG concentration targets as insurance against catastrophic climatechange temperatures and damages. These numerical examples suggest that we might be underestimating considerably the welfare losses from uncertainty by using a quadratic damages function and/or a thintailed temperature distribution. In these examples, the primary reason for keeping GHG levels down is to insure against hightemperature catastrophic climate risks
Rare disasters, tailhedged investments, and riskadjusted discount rates by
Martin L Weitzman(
Book
)
6 editions published in 2012 in English and held by 6 WorldCat member libraries worldwide
What is the best way to incorporate a risk premium into the discount rate schedule for a real investment project with uncertain payoffs? The standard CAPM formula suggests a betaweighted average of the return on a safe investment and the mean return on an economywide representative risky investment. Suppose, though, that the project constitutes a tailhedged investment, meaning that it is expected to yield positive payoffs in catastrophic states of nature. Then the model of this paper suggests that what should be combined in a weighted average are not the two discount rates, but rather the corresponding two discount factors. This implies an effective discount rate schedule that declines over time from the standard CAPM formula down to the riskfree rate alone. Some simple numerical examples are given. Implications are noted for discounting longterm public investments and calculating the social cost of carbon in climate change  National Bureau of Economic Research web site
6 editions published in 2012 in English and held by 6 WorldCat member libraries worldwide
What is the best way to incorporate a risk premium into the discount rate schedule for a real investment project with uncertain payoffs? The standard CAPM formula suggests a betaweighted average of the return on a safe investment and the mean return on an economywide representative risky investment. Suppose, though, that the project constitutes a tailhedged investment, meaning that it is expected to yield positive payoffs in catastrophic states of nature. Then the model of this paper suggests that what should be combined in a weighted average are not the two discount rates, but rather the corresponding two discount factors. This implies an effective discount rate schedule that declines over time from the standard CAPM formula down to the riskfree rate alone. Some simple numerical examples are given. Implications are noted for discounting longterm public investments and calculating the social cost of carbon in climate change  National Bureau of Economic Research web site
A Voting Architecture for the Governance of FreeDriver Externalities, with Application to Geoengineering by
Martin L Weitzman(
Book
)
5 editions published in 2012 in English and held by 5 WorldCat member libraries worldwide
Climate change is a global "free rider" problem because significant abatement of greenhouse gases is an expensive public good requiring international cooperation to apportion compliance among states. But it is also a global "free driver" problem because geoengineering the stratosphere with reflective particles to block incoming solar radiation is so cheap that it could essentially be undertaken unilaterally by one state perceiving itself to be in peril. This paper develops the main features of a "free driver" externality in a simple model based on the asymmetric consequences of typeI and typeII errors. I propose a socialchoice decision architecture based on the solution concept of a supermajority voting rule and derive its basic properties. In the model this supermajority voting rule attains the socially optimal cooperative solution, which is a new theoretical result around which the paper is built  National Bureau of Economic Research web site
5 editions published in 2012 in English and held by 5 WorldCat member libraries worldwide
Climate change is a global "free rider" problem because significant abatement of greenhouse gases is an expensive public good requiring international cooperation to apportion compliance among states. But it is also a global "free driver" problem because geoengineering the stratosphere with reflective particles to block incoming solar radiation is so cheap that it could essentially be undertaken unilaterally by one state perceiving itself to be in peril. This paper develops the main features of a "free driver" externality in a simple model based on the asymmetric consequences of typeI and typeII errors. I propose a socialchoice decision architecture based on the solution concept of a supermajority voting rule and derive its basic properties. In the model this supermajority voting rule attains the socially optimal cooperative solution, which is a new theoretical result around which the paper is built  National Bureau of Economic Research web site
Can Negotiating a Uniform Carbon Price Help to Internalize the Global Warming Externality? by
Martin L Weitzman(
Book
)
5 editions published in 2013 in English and held by 4 WorldCat member libraries worldwide
Thus far, most approaches to resolving the global warming externality have been quantity based. With n different national entities, a meaningful comprehensive treaty involves negotiating n different binding emissions quotas (whether tradeable or not). In postKyoto practice this ndimensional coordination problem has proven intractable and has essentially devolved into sporadic regional volunteerism. By contrast, on the price side there is a natural onedimensional focus on negotiating a single binding carbon price, the proceeds from which are domestically retained. Significantly (and unlike negotiated quantities) the negotiated uniform price on carbon emissions embodies an automatic "countervailing force" against freeriding self interest by incentivizing agents to internalize the externality. The model of this paper indicates an exact sense in which each agent's extra cost from a higher emissions price is counterbalanced by that agent's extra benefit from inducing (via the higher emissions price) all other agents to simultaneously lower their emissions. With some further restrictions, the theoretical model shows that populationweighted majority rule for a uniform price on carbon emissions can come as close to global efficiency as the median marginal benefit (per capita) is close to the mean marginal benefit (per capita)
5 editions published in 2013 in English and held by 4 WorldCat member libraries worldwide
Thus far, most approaches to resolving the global warming externality have been quantity based. With n different national entities, a meaningful comprehensive treaty involves negotiating n different binding emissions quotas (whether tradeable or not). In postKyoto practice this ndimensional coordination problem has proven intractable and has essentially devolved into sporadic regional volunteerism. By contrast, on the price side there is a natural onedimensional focus on negotiating a single binding carbon price, the proceeds from which are domestically retained. Significantly (and unlike negotiated quantities) the negotiated uniform price on carbon emissions embodies an automatic "countervailing force" against freeriding self interest by incentivizing agents to internalize the externality. The model of this paper indicates an exact sense in which each agent's extra cost from a higher emissions price is counterbalanced by that agent's extra benefit from inducing (via the higher emissions price) all other agents to simultaneously lower their emissions. With some further restrictions, the theoretical model shows that populationweighted majority rule for a uniform price on carbon emissions can come as close to global efficiency as the median marginal benefit (per capita) is close to the mean marginal benefit (per capita)
more
fewer
Audience Level
0 

1  
Kids  General  Special 
Related Identities
 Wagner, Gernot Author
 National Bureau of Economic Research
 Harvard Institute of Economic Research Editor
 Metrick, Andrew Author
 Freeman, Richard B. (Richard Barry) 1943 Author
 World Bank Policy Research Department Environment, Infrastructure, and Agriculture Division
 Ramsey, Frank Plumpton 19031930
 Employment Institute
 Xu, Chenggang Honoree
 Gylfason, Thorvaldur 1951 Author
Useful Links
Associated Subjects
Biodiversity conservation Bonuses (Employee fringe benefits)Mathematical models Business cycles China Climatic changesEconomic aspects Consumption (Economics)Econometric models DiscountEconometric models Economic developmentMathematical models Economic history Economics EconomicsMathematical models Employment stabilization Environmental protectionEconometric models Expenditures, Public Externalities (Economics)Econometric models Japan Management Mathematical optimization Maximum principles (Mathematics) National incomeAccounting National incomeAccountingEconometric models National incomeAccountingStatistical methods National incomeEconometric models Natural disastersEconomic aspects Producer cooperatives Profitsharing Ramsey, Frank Plumpton, Risk assessment Risk assessmentEconometric models Search theory Uncertainty Unemployment UnemploymentEffect of inflation on UnemploymentMathematical models United States WealthMathematical models Weitzman, Martin L.,
Alternative Names
Martin Weitzman Amerikaans econoom
Martin Weitzman amerikansk ekonom
Martin Weitzman amerikansk økonom
Martin Weitzman USamerikanischer Wirtschaftswissenschaftler
Vejcman, M. L. 1942
Weitzman, M.
Weitzman, Martin.
Weitzman, Martin 1942
Weitzman, Martin Lawrence 1942
ワイツマン, マーチン・L
马丁·韦茨曼
Languages
English
(153)
German (6)
French (6)
Italian (5)
Spanish (4)
Japanese (3)
Portuguese (3)
Chinese (2)
Dutch (1)
German (6)
French (6)
Italian (5)
Spanish (4)
Japanese (3)
Portuguese (3)
Chinese (2)
Dutch (1)
Covers