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dc.contributor.authorVinokur, Leon
dc.date.accessioned2011-08-04T16:19:11Z
dc.date.available2011-08-04T16:19:11Z
dc.date.issued2010
dc.identifier.urihttp://qmro.qmul.ac.uk/xmlui/handle/123456789/1708
dc.descriptionPhDen_US
dc.description.abstractThe Prospect Theory proposes to assess outcomes relative to a reference point (or benchmark). Although the literature recognises the relevance of dynamic benchmarks, most of the applications of Prospect Theory employ static reference points (or a status quo). This paper aims to develop a Prospect Theory framework for investment under uncertainty subject to a dynamic reference point, within the context of environmental policy making, where the distinction between a dynamic and a static frameworks is crucial. I evince that, in contrast to the static framework, in a dynamic framework the investor measures not only the absolute but also the relative risk premium (Sharpe ratio) of the investment opportunity, incorporating the risks and returns of a reference portfolio. I propose that there exists a relation between static and dynamic frameworks. Using the dynamic framework, I argue that in the environmental context international co-operation is the key to a successful environmental policyen_US
dc.language.isoenen_US
dc.subjectEconomicsen_US
dc.titleEnvironmental Policy and Bounded Rationality.en_US
dc.typeThesisen_US
dc.rights.holderThe copyright of this thesis rests with the author and no quotation from it or information derived from it may be published without the prior written consent of the author


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    Theses Awarded by Queen Mary University of London

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