Christian Gollier

University of Toulouse 1 - Industrial Economic Institute (IDEI)

Professor of Economics

Manufacture des Tabacs

21 Allee de Brienne bat. F

Toulouse Cedex, F-31000

France

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5

Munich, DE-81679

Germany

SCHOLARLY PAPERS

38

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Scholarly Papers (38)

1.

How Should Benefits and Costs Be Discounted in an Intergenerational Context? The Views of an Expert Panel

Resources for the Future Discussion Paper No. 12-53
Number of pages: 34 Posted: 12 Jan 2013
Stanford University - Department of Economics, University of Maryland - Department of Economics, University of Toulouse 1 - Industrial Economic Institute (IDEI), University of Oxford - Department of Economics, Columbia Business School - Finance and Economics, Duke University - Nicholas School of Environment, Yale University - Department of Economics, Massachusetts Institute of Technology (MIT) - Sloan School of Management, Duke University, University of Arizona - Eller College of Management, Göteborg University - Department of Economics, The Economic and Social Research Institute, Dublin and Harvard University - Department of Economics
Downloads 757 (32,118)
Citation 16

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discount rate, uncertainty, declining discount rate, benefit-cost analysis

2.

Some Aspects of the Economics of Catastrophe Risk Insurance

CESifo Working Paper Series No. 1409
Number of pages: 26 Posted: 17 Feb 2005
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 637 (40,557)

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3.

Optimal Portfolio Management for Individual Pension Plans

CESifo Working Paper Series No. 1394
Number of pages: 26 Posted: 04 Feb 2005
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 434 (66,019)

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dynamic portfolio choice, pension plan, retirement, time horizon

Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns

Number of pages: 33 Posted: 30 Mar 2007
Princeton University - Department of Economics, University of Toulouse 1 - Industrial Economic Institute (IDEI) and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 262 (115,933)
Citation 3

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portfolio choice, asset pricing, expectations, heterogeneous beliefs, optimal

Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns

NBER Working Paper No. w12940
Number of pages: 34 Posted: 24 Feb 2007
Princeton University - Department of Economics, University of Toulouse 1 - Industrial Economic Institute (IDEI) and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 28 (491,114)

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Optimal Beliefs, Asset Prices and the Preference for Skewed Returns

CEPR Discussion Paper No. DP6181
Number of pages: 36 Posted: 20 May 2008
Princeton University - Department of Economics, University of Toulouse 1 - Industrial Economic Institute (IDEI) and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 2 (671,050)
Citation 6
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Belief biases, heterogeneous beliefs, optimal expectations, skewness

5.

Time Horizon and the Discount Rate

FEEM Working Paper No. 88.99
Number of pages: 23 Posted: 10 Mar 2000
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 289 (105,091)
Citation 5

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Assets Returns Volatility and Investment Horizon: The French Case

Paris December 2007 Finance International Meeting AFFI-EUROFIDAI Paper
Number of pages: 22 Posted: 12 Dec 2007
Christian Gollier and Frederique Bec
University of Toulouse 1 - Industrial Economic Institute (IDEI) and National Institute of Statistics and Economic Studies (INSEE) - Center for Research in Economics and Statistics (CREST)
Downloads 149 (197,072)

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Asset return predictability, Investment horizon, Vector Autoregression

Assets Returns Volatility and Investment Horizon: The French Case

CESifo Working Paper Series No. 2622
Number of pages: 26 Posted: 22 Apr 2009
Frederique Bec and Christian Gollier
National Institute of Statistics and Economic Studies (INSEE) - Center for Research in Economics and Statistics (CREST) and University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 113 (244,871)

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asset return predictability, investment horizon, vector autoregression

7.

Changes in Risk and Asset Prices

CESifo Working Paper Series No. 443
Number of pages: 23 Posted: 14 May 2001
Christian Gollier and Harris Schlesinger
University of Toulouse 1 - Industrial Economic Institute (IDEI) and University of Alabama
Downloads 224 (136,454)

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Asset Pricing, Stochastic Dominance, Equity Premium Puzzle

8.

Information and the Equity Premium

Number of pages: 27 Posted: 09 Sep 2002
Christian Gollier and Edward E. Schlee
University of Toulouse 1 - Industrial Economic Institute (IDEI) and Arizona State University
Downloads 222 (137,656)

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Information, Asset Prices, Risk-Free Rate, Equity Premium

9.

Optimal Illusions and Decisions Under Risk

CESifo Working Paper Series No. 1382
Number of pages: 32 Posted: 14 Jan 2005
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 194 (156,324)

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Anticipatory feelings, portfolio choice, overconfidence, positive thinking, endogenous beliefs

10.

Intergenerational Risk-Sharing and Risk-Taking of a Pension Fund

CESifo Working Paper Series No. 1969
Number of pages: 52 Posted: 10 May 2007
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 189 (160,142)
Citation 3

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dynamic portfolio choice, pension, retirement, intergenerational risk sharing, financial intermediation

11.

Expected Net Present Value, Expected Net Future Value, and the Ramsey Rule

CESifo Working Paper Series No. 2643
Number of pages: 14 Posted: 07 May 2009
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 185 (163,175)

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discount rate, asset price, Ramsey rule, cost-benefit analysis

12.

Collective Investment Decision Making with Heterogenous Time Preferences

CESifo Working Paper Series No. 915
Number of pages: 35 Posted: 19 Apr 2003
Christian Gollier and Richard J. Zeckhauser
University of Toulouse 1 - Industrial Economic Institute (IDEI) and Harvard University - Harvard Kennedy School (HKS)
Downloads 167 (178,712)

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Aggregation of Preferences, Hyperbolic Discounting, Impatience, Time Preference, Investment and Consumption

13.

Collective Risk-Taking Decisions with Heterogeneous Beliefs

CESifo Working Paper Series No. 909
Number of pages: 54 Posted: 18 Apr 2003
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 163 (182,394)
Citation 1

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Aggregation of Beliefs, State-dependent Utility, Efficient Risk Sharing, Pessimism, Disagreement, Asset Pricing, Portfolio Choices

14.

How Should the Distant Future Be Discounted When Discount Rates are Uncertain?

CESifo Working Paper Series No. 2863
Number of pages: 16 Posted: 08 Dec 2009
Christian Gollier and Martin Weitzman
University of Toulouse 1 - Industrial Economic Institute (IDEI) and Harvard University - Department of Economics
Downloads 148 (197,750)

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discount rate, term structure, climate change, cost-benefit analysis

15.

The Consumption-Based Determinants of the Term Structure of Discount Rates

CESifo Working Paper Series No. 1375
Number of pages: 37 Posted: 13 Jan 2005
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 143 (203,350)

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stochastic dominance, yield curve, far distant future, cost-benefit analysis, prudence, temperance, downside risk

16.

Term Structure and Cyclicity of Value-at-Risk: Consequences for the Solvency Capital Requirement

CESifo Working Paper Series No. 2596
Number of pages: 28 Posted: 26 Mar 2009
Frederique Bec and Christian Gollier
National Institute of Statistics and Economic Studies (INSEE) - Center for Research in Economics and Statistics (CREST) and University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 130 (219,501)

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expected equities returns, Value at Risk, investment horizon, vector auto-regression

17.

Evaluation of Long-Dated Investments Under Uncertain Growth Trend, Volatility and Catastrophes

CESifo Working Paper Series No. 4052
Number of pages: 40 Posted: 17 Jan 2013
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 85 (294,395)

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asset prices, term structure, risk premium, decreasing discount rates, uncertain growth, CO2 beta, rare events, macroeconomic catastrophes

18.

Asset Pricing with Uncertain Betas: A Long-Term Perspective

CESifo Working Paper Series No. 4072
Number of pages: 34 Posted: 30 Jan 2013
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 79 (307,632)

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asset prices, term structure, risk premium, certainty equivalent beta

Should We Discount the Far-Distant Future at its Lowest Possible Rate?

Economics: The Open-Access, Open-Assessment E-Journal, Vol. 3, 2009-25
Number of pages: 15 Posted: 18 Dec 2010
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 57 (371,492)
Citation 1

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Discount rate, term structure, certainty equivalent rate, Ramsey rule, sustainable development

Should We Discount the Far-Distant Future at its Lowest Possible Rate?

Economics Discussion Paper No. 2009-7
Number of pages: 17 Posted: 18 Dec 2010
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 19 (547,109)
Citation 1

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Discount rate, term structure, certainty equivalent rate, Ramsey rule, sustainable development

20.

Resource Allocation When Projects Have Ranges of Increasing Returns

HKS Working Paper No. RWP08-024
Number of pages: 44 Posted: 27 Jun 2008
University of Toulouse 1 - Toulouse School of Economics (TSE), University of Toulouse 1 - Industrial Economic Institute (IDEI) and Harvard University - Harvard Kennedy School (HKS)
Downloads 53 (378,785)

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capital allocation, increasing returns, probabilistic returns, egalitarian allocation, complete specialization

21.

Eliciting Ambiguity Aversion in Unknown and in Compound Lotteries: A KMM Experimental Approach

Ca’ Foscari University of Venice Department of Economics Working Paper No. 23/WP/2012
Number of pages: 48 Posted: 03 Oct 2012 Last Revised: 06 Dec 2012
Giuseppe Attanasi, Christian Gollier, Aldo Montesano and Noemi Pace
Université de Nice Sophia Antipolis - Groupe de Recherche en Droit, Economie et Gestion (GREDEG), University of Toulouse 1 - Industrial Economic Institute (IDEI), Bocconi University - Department of Economics and Ca Foscari University of Venice - Department of Economics
Downloads 52 (381,983)
Citation 1

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coherent-ambiguity aversion, value-ambiguity aversion, choice-ambiguity aversion, smooth ambiguity model, binomial distribution, uniform distribution, unknown urn

22.

Discounting, Inequalities and Economic Convergence

CESifo Working Paper Series No. 3262
Number of pages: 26 Posted: 04 Dec 2010
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 47 (398,936)

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prudence, temperance, concordance, discount rate

23.

On the Underestimation of the Precautionary Effect in Discounting

CESifo Working Paper Series No. 3536
Number of pages: 21 Posted: 04 Aug 2011
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 45 (406,077)

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discount rate, prudence, climate change

24.

Horizon Length and Portfolio Risk

NBER Working Paper No. t0216
Number of pages: 31 Posted: 06 Sep 2000 Last Revised: 06 Aug 2010
Christian Gollier and Richard J. Zeckhauser
University of Toulouse 1 - Industrial Economic Institute (IDEI) and Harvard University - Harvard Kennedy School (HKS)
Downloads 38 (432,977)
Citation 1

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25.

Collective Investment Decision Making with Heterogeneous Time Preferences

NBER Working Paper No. w9629
Number of pages: 31 Posted: 19 Apr 2003
Christian Gollier and Richard J. Zeckhauser
University of Toulouse 1 - Industrial Economic Institute (IDEI) and Harvard University - Harvard Kennedy School (HKS)
Downloads 28 (477,803)

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26.

Misery Loves Company: Equilibrium Portfolios with Heterogeneous Consumption Externalities

International Economic Review, Vol. 45, No. 4, pp. 1169-1192, November 2004
Number of pages: 24 Posted: 28 Oct 2004
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)
Downloads 14 (558,077)
Citation 2
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27.

Declining Discount Rates: Economic Justifications and Implications for Long-Run Policy

Economic Policy, Vol. 23, Issue 56, pp. 757-795, October 2008
Number of pages: 38 Posted: 02 Oct 2008
Christian Gollier, Phoebe Koundouri and Theologos Pantelidis
University of Toulouse 1 - Industrial Economic Institute (IDEI), Athens University of Economics and Business - Department of International and European Economic Studies and University of Kent
Downloads 4 (622,743)
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28.

Toward a Systematic Approach to the Economic Effects of Risk: Characterizing Utility Functions

Journal of Risk and Insurance, Vol. 85, Issue 2, pp. 397-430, 2018
Number of pages: 34 Posted: 05 Jun 2018
Christian Gollier and Miles S. Kimball
University of Toulouse 1 - Industrial Economic Institute (IDEI) and University of Michigan at Ann Arbor - Department of Economics
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29.

The Long-Run Discount Rate Controversy

Annual Review of Resource Economics, Vol. 6, Issue 1, pp. 273-295, 2014
Posted: 08 Oct 2014
Christian Gollier and James K. Hammitt
University of Toulouse 1 - Industrial Economic Institute (IDEI) and Harvard University

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30.

The Effect of Ambiguity Aversion on Insurance and Self‐Protection

The Economic Journal, Vol. 123, Issue 573, pp. 1188-1202, 2013
Number of pages: 15 Posted: 15 Dec 2013
David Alary, Christian Gollier and Nicolas Treich
University of Toulouse 1 - Toulouse School of Economics (TSE), University of Toulouse 1 - Industrial Economic Institute (IDEI) and French National Institute for Agricultural Research (INRA)
Downloads 0 (670,601)
Citation 1
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31.

Increased Risk Bearing with Background Risk

Topics in Theoretical Economics, Vol. 6, No. 1, Article 3
Posted: 13 Sep 2006
Edward E. Schlee and Christian Gollier
Arizona State University and University of Toulouse 1 - Industrial Economic Institute (IDEI)

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comparative statics under uncertainty, risk taking, background risk, monotone likelihood ratio order, greater central riskiness, multivariate risk

32.

Aggregation and Heterogeneous Time Preferences

Journal of Political Economy, Vol. 113, pp. 878-896, August 2005
Posted: 10 Aug 2005
Christian Gollier and Richard J. Zeckhauser
University of Toulouse 1 - Industrial Economic Institute (IDEI) and Harvard University - Harvard Kennedy School (HKS)

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33.

Scientific Progress and Irreversibility: An Economic Interpretation of the 'Precautionary Principle'

Journal of Public Economics, Vol. 75, Issue 2, February 2000
Posted: 28 Feb 2001
Christian Gollier, Bruno Jullien and Nicolas Treich
University of Toulouse 1 - Industrial Economic Institute (IDEI), University of Toulouse 1 - Toulouse School of Economics (TSE) and French National Institute for Agricultural Research (INRA)

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irreversibility, comparison of experiments, precautionary principle, greenhouse effect, prudence

34.

Peer Group Formation in an Adverse Selection Model

Economic Journal, Vol. 110, Issue 465, July 2000
Posted: 20 Sep 2000
Beatriz Armendariz and Christian Gollier
University College London - Department of Economics and University of Toulouse 1 - Industrial Economic Institute (IDEI)

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35.

Discounting an Uncertain Future

University of Munich, Center for Economic Studies (CES), Working Paper No. 168
Posted: 08 Mar 1999
Christian Gollier and Jean-Charles Rochet
University of Toulouse 1 - Industrial Economic Institute (IDEI) and GFRI, University of Geneva

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36.

Risk-Taking Behavior with Limited Liability and Risk Aversion

WFIC 96-13
Posted: 26 Apr 1998
University of Toulouse 1 - Industrial Economic Institute (IDEI), CREST-ENSAE and GFRI, University of Geneva

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37.

On the Inefficiency of Bang-Bang and Stop-Loss Portfolio Strategies

J. OF RISK AND UNCERTAINTY, Vol. 14 No. 2
Posted: 13 Feb 1997
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)

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38.

Optimum Insurance of Approximate Losses

J. OF RISK AND INSURANCE, Vol. 63 No. 3, September 1996
Posted: 24 Oct 1996
Christian Gollier
University of Toulouse 1 - Industrial Economic Institute (IDEI)

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