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Portier, Franck ; Puch González, Luis A. | Instituto Complutense de Análisis Económico. Universidad Complutense de Madrid | 2005Lucas [1987] has shown that in a representative agent framework, the potential welfare gain from stabilizing consumption around its mean is small. We provide an example and some insight for why Lucas’ measure is an upper bound of the welfare cos[...]texto impreso
The risks associated with current and prospective costs of different energy technologies are crucial in assessing the efficiency of the energy mix. However, energy policy typically relies on the evolution of average costs, neglecting the covaria[...]texto impreso
Licandro, Omar ; Puch González, Luis A. ; Ruiz Tamarit, J. Ramón | Instituto Complutense de Análisis Económico. Universidad Complutense de Madrid | 2001This paper analyzes the equilibrium dynamics of an optimal growth model that incorporates endogenous depreciation, variable capital utilization, and expenditures on the maintenance of physical capital. Maintenance acts as a substitute for invest[...]
