WorldCat Identities

Weitzman, Martin L. 1942-

Works: 165 works in 485 publications in 9 languages and 4,553 library holdings
Roles: Author, Editor, Contributor, Other, Speaker, Honoree
Publication Timeline
Most widely held works by Martin L Weitzman
The share economy : conquering stagflation by Martin L Weitzman( Book )

35 editions published between 1984 and 1987 in 8 languages and held by 1,128 WorldCat member libraries worldwide

Climate shock : the economic consequences of a hotter planet by Gernot Wagner( Book )

22 editions published between 2015 and 2016 in English and held by 1,018 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 future--why not our planet? ... [the authors] explore in lively, clear terms the likely repercussions of a hotter planet, drawing on and expanding from work previously unavailable to general audiences. They show that the longer we wait to act, the more likely an extreme event will happen. A city might go underwater. A rogue nation might shoot particles into the Earth's atmosphere, geoengineering cooler temperatures. Zeroing in on the unknown extreme risks that may yet dwarf all else, the authors look at how economic forces that make sensible climate policies difficult to enact, make radical would-be fixes like geoengineering all the more probable. What we know about climate change is alarming enough. What we don't know about the extreme risks could be far more dangerous. Wagner and Weitzman help readers understand that we need to think about climate change in the same way that we think about insurance - as a risk management problem, only here, on a global scale"--Publisher's description
Income, wealth, and the maximum principle by Martin L Weitzman( )

21 editions published between 2003 and 2009 in English and Dutch and held by 837 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 )

19 editions published in 1999 in English and held by 128 WorldCat member libraries worldwide

Using only information based on current directly-observable market behavior, the paper shows how to make rigorous dynamic welfare comparisons among economies or economic situations having arbitrarily-different endowments and technologies, but sharing a common dynamic preference ordering. The correct answers to seemingly complicated questions, which intrinsically involve comparing wealth-like measures of dynamic well-being, can be translated isomorphically into a simple-minded story told in the familiar language of old-fashioned static consumer-welfare theory
Klimaschock die extremen wirtschaftlichen Konsequenzen des Klimawandels by Gernot Wagner( Book )

5 editions published in 2016 in German and held by 112 WorldCat member libraries worldwide

Angenommen, Sie hätten ein zehnprozentiges Risiko, bei einem Verkehrsunfall ums Leben zu kommen. Oder Sie hätten ein ebenso hohes Risiko, großen finanziellen Schaden zu erleiden. Wahrscheinlich würden Sie alles daransetzen, eine solche Katastrophe abzuwenden. Richtig? Warum unternehmen wir dann nicht viel mehr, um unseren Planeten vor dem Klimawandel zu schützen? Die Tatsachen, über die wir bereits Bescheid wissen, wie zum Beispiel der steigende Meeresspiegel, sind gefährlich genug. Aber viel schlimmer noch könnte sein, was wir nicht wissen - und auch gar nicht wissen können: was etwa das als kurzfristige Lösung des Klimaproblems angedachte Geo-Engineering, also die künstliche Beeinflussung des Klimas, tatsächlich anrichten könnte. Wollen wir uns dieses Risiko wirklich leisten? Die Autoren zeigen, dass es nicht um die Wahl zwischen "Wirtschaftswachstum" und "Klima" geht. Es geht vielmehr darum, unser tägliches Handeln mit dem Klimaschutz in Einklang zu bringen und diesen ähnlich zu betrachten wie eine persönliche Versicherung: als eine Frage des Risikomanagements in einem globalen, für die gesamte Menschheit existenziellen Ausmaß. Klimaschock (das englische Original) wurde von der Financial Times zu einem der besten Wirtschafsbücher 2015 gekürt
Structural uncertainty and the value of statistical life in the economics of catastrophic climate change by Martin L Weitzman( )

10 editions published in 2007 in English and held by 71 WorldCat member 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
Optimal search for the best alternative by Martin L Weitzman( Book )

5 editions published in 1978 in English and held by 66 WorldCat member libraries worldwide

GHG targets as insurance against catastrophic climate damages by Martin L Weitzman( )

8 editions published in 2010 in English and held by 62 WorldCat member libraries worldwide

A critical issue in climate-change economics is the specification of the so-called "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 thin-tailed probability distribution for extreme temperatures. The paper gives some numerical examples of the indirect value of various GHG concentration targets as insurance against catastrophic climate-change 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 thin-tailed temperature distribution. In these examples, the primary reason for keeping GHG levels down is to insure against high-temperature catastrophic climate risks
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

Bonuses and employment in Japan by Richard B Freeman( )

8 editions published between 1986 and 1989 in English and held by 59 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 pro-cyclical than Japanese base wages, but not as cyclically variable as profits. Bonuses can be interpreted as containing a quantitatively significant revenue or profit-sharing 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
The Ramsey discounting formula for a hidden-state stochastic growth process by Martin L Weitzman( )

7 editions published in 2012 in English and held by 56 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 hidden-state 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 time-declining Ramsey discount rate. The components of this hidden-state Ramsey discounting formula are then analyzed, followed by a few remarks about possible implications and applications -- National Bureau of Economic Research web site
Rare disasters, tail-hedged investments, and risk-adjusted discount rates by Martin L Weitzman( )

7 editions published in 2012 in English and held by 56 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 beta-weighted average of the return on a safe investment and the mean return on an economy-wide representative risky investment. Suppose, though, that the project constitutes a tail-hedged 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 long-term public investments and calculating the social cost of carbon in climate change
Risk-adjusted gamma discounting by Martin L Weitzman( )

9 editions published between 2009 and 2010 in English and held by 56 WorldCat member 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
A precautionary tale of uncertain tail flattening by Martin L Weitzman( )

7 editions published in 2012 in English and held by 54 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 fatter-tailed possibilities. A rough numerical example is applied to the uncertain tail distribution of climate sensitivity -- National Bureau of Economic Research web site
A Voting Architecture for the Governance of Free-Driver Externalities, with Application to Geoengineering by Martin L Weitzman( )

5 editions published in 2012 in English and held by 50 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 type-I and type-II errors. I propose a social-choice 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
Shock climático : consecuencias económicas del calentamiento global by Gernot Wagner( )

5 editions published between 2015 and 2016 in Spanish and held by 47 WorldCat member libraries worldwide

En esta obra, Gernot Wagner y Martin L. Weitzman analizan las probables repercusiones del calentamiento global y ofrecen claves para afrontarlo, poniendo así sobre la mesa la cuestión medioambiental y de política pública más importante de nuestra época
Can Negotiating a Uniform Carbon Price Help to Internalize the Global Warming Externality? by Martin L Weitzman( )

5 editions published in 2013 in English and held by 46 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 post-Kyoto practice this n-dimensional coordination problem has proven intractable and has essentially devolved into sporadic regional volunteerism. By contrast, on the price side there is a natural one-dimensional 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 free-riding 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 counter-balanced 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 population-weighted 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)
Voting on prices vs. voting on quantities in a World Climate Assembly by Martin L Weitzman( )

5 editions published in 2015 in English and held by 42 WorldCat member libraries worldwide

This paper posits the conceptually useful allegory of a futuristic "World Climate Assembly" that votes on global carbon emissions via the basic principle of majority rule. Two variants are considered. One is to vote on a universal price (or tax) that is internationally harmonized, but the proceeds from which are domestically retained. The other is to vote on the overall quantity of total worldwide emissions, which are then distributed for free (via a pre-decided fractional subdivision formula) as individual allowance permits that are subsequently marketed in an international cap-and-trade system. The model of the paper suggests that the majority-voted price is likely to be less distortionary and easier to enact than the majority-voted total quantity of permits. While the study is centered on a formal model, the tone of the policy discussion resembles more an exploratory think piece
Patterns of behavior in biodiversity preservation by Andrew Metrick( Book )

12 editions published in 1994 in English and held by 40 WorldCat member libraries worldwide

Some theoretical connections among wealth, income, sustainability, and accounting by Martin L Weitzman( )

5 editions published in 2016 in English and held by 38 WorldCat member libraries worldwide

In theory, and under some quite strong assumptions, there exists an important rigorous quantitative relationship among the following four fundamental economic concepts: (1) "wealth"; (2) "income"; (3) "sustainability"; (4) "accounting". These four basic concepts are placed in quotation marks here because a necessary first step will be to carefully and rigorously define what exactly is meant by each concept. In this paper, I review what is known about this important four-fold quantitative relationship in an ultra-simplified setting. I identify some basic applications of this simplified economic theory of wealth and income (and sustainability and accounting). While the contents of this paper are expressed at a very high level of abstraction and require some restrictive assumptions, I believe that the fundamental four-fold relationship it sharply highlights is useful for understanding, at least in principle, what is "wealth" and what is its theoretical relationship to "income," "sustainability," and "accounting."
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The share economy : conquering stagflation
Income, wealth, and the maximum principle
Alternative Names
Martin Weitzman Amerikaans econoom

Martin Weitzman amerikansk ekonom

Martin Weitzman amerikansk økonom

Martin Weitzman economista estadounidense

Martin Weitzman économiste américain

Martin Weitzman US-amerikanischer Wirtschaftswissenschaftler

Vejcman, M. L. 1942-

Weitzman, M.

Weitzman, Martin.

Weitzman, Martin 1942-

Weitzman, Martin Lawrence 1942-

Вейцман, Мартин

ワイツマン, マーチン・L

ワイツマン, マーティン