Time: May.29(Mon.), 13:30 - 15:00 (Beijing Time)

Title: Welfare Implications of Heatwaves

Venue: Zhonghui Building 106 

About the Speaker:

徐江旻现任北京大学光华管理学院金融学副教授。他在英国剑桥大学获得一等荣誉经济学学士学位，在美国普林斯顿大学获得经济学博士学位。博士期间师从普林斯顿金融中心创始人Yacine Ait-Sahalia 教授，2009年费希尔布莱克奖得主Harrison Hong教授，和2011年诺贝尔经济学奖得主Christopher Sims教授。

徐江旻的主要研究领域集中在气候经济学、气候金融学和金融经济学。他主持了国家社会科学基金青年项目并多次主笔撰写国家发展和改革委员会项目课题。

他的学术论文已多次被Journal of Financial Economics、Journal of Econometrics和《中国社会科学》等国际国内顶级经济金融期刊接收并发表。他曾获得中国金融国际年会（CICF）最佳论文奖。目前担任全球最顶级三大金融期刊的审稿人，包括Journal of Finance、Journal of Financial Economics及Review of Financial Studies.

Abstract:

Regional heatwaves are associated with lower productivity and economic growth. Implications of these damage estimates for the usefulness of cooling adaptations in a future of global warming remain unclear. To address these implications, we develop a q-theory where heatwaves lead to downward jumps in productivity but firm adaptation spending mitigates exposure to these shocks.  Output growth depends on standard productivity and capital accumulation channels and an endogenous growth channel arising from adaptation. Based on our calibration to country-level adaptation, willingness-to-pay—the difference in welfare with and without adaptation—is small and damage from heatwaves large because their frequencies have been historically low.  More frequent heatwaves with global warming quickly increase willingness-to-pay and adaptation spending as a share of output, resulting in lower damage per heatwave.