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- W1581876775 abstract "The 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 policy." @default.
- W1581876775 created "2016-06-24" @default.
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- W1581876775 date "2009-10-01" @default.
- W1581876775 modified "2023-09-27" @default.
- W1581876775 title "Evaluation with Dynamic Reference: Sustainable Investment" @default.
- W1581876775 hasPublicationYear "2009" @default.
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