Topic
Golden Rule (fiscal policy)
About: Golden Rule (fiscal policy) is a research topic. Over the lifetime, 661 publications have been published within this topic receiving 9789 citations.
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01 Aug 2015
TL;DR: In this article, the authors tried to review official investment performance model provided by taking rebound effect into account and found that before rebound effect was applied, 14% of the sample measures were not able to repay the investment, while the rebound effect would further extend the repayment period for the energy saving measures, 13%, 70% and 23.3% for "lighting", "building fabric" and "heating and cooling" cannot be repaid in 20 years after installation.
Abstract: To reduce carbon emission in domestic buildings, UK Government launched the Green Deal (GD) programme to incentivise the people to install energy efficient building system in their buildings by "ensuring" them the new installation's saving would cover the investment. However, only 1,787 measures were installed in the first year and some argue that the programme would cause financial risk to the households as the "golden rule" of the policy not always true even cost-benefit analysis was conducted before the launch of GD and assessments were conducted when joining the programme. It is observed that due to "rebound effect" and other uncertainties in the modelling, the traditional cost-benefit analysis may not be accurate. Therefore, this paper tries to review official the investment performance model provided by taking rebound effect into account. It is found that before rebound effect was applied, 14% of the sample measures were not able to repay the investment, while the rebound effect would further extend the repayment period for the energy saving measures, 13%, 70% and 23.3% for "lighting", "building fabric" and "heating and cooling" cannot be repaid in 20 years after installation. The prospect theory is also applied to explain why the households were reluctant to invest while the possibility of earning money is still high.
30 Dec 2010
TL;DR: The problem of an unconcerned investor and a system of institutional filters able to shift an equilibrium point, to secure some behavior patterns and to eject the other ones is considered.
Abstract: The paper is devoted to network effects and institutional filters following from the golden rule of investment (an equilibrium model for a one-product firm). We consider the problem of an unconcerned investor and a system of institutional filters able to shift an equilibrium point, to secure some behavior patterns and to eject the other ones.
Posted Content•
TL;DR: In this article, a Golden Formula, which does not depend on the specification of production and preference functions, is established to reveal that time-average of the growth rate of optimal capital accumulation will converge to a constant, which is endogenously determined by relevant parameters.
Abstract: In the paper, a Golden Formula, which does not depend on the specification of production and preference functions, is established to reveal that time-average of the growth rate of optimal capital accumulation will converge to a constant, which is endogenously determined by relevant parameters, almost surely. The Golden Formula naturally implies surprisingly interesting and also intrinsic economic relations between some important macroeconomic variables; for example, it serves as a direct bridge between the modified Golden Rule and the modified Ramsey Rule. Furthermore, it indeed subsumes and hence substantially extends the classical Golden Rule in deterministic theory.
01 Jan 1972
01 Jan 1980
TL;DR: The virtues that should guide our conduct, two have always been considered rational: prudence and justice as discussed by the authors, and they have been considered the virtues that guide all the virtues of our conduct.
Abstract: Of all the virtues that should guide our conduct, two have always been considered rational: prudence and justice.1