reference points in a Prospect Theory framework. In order to test this explanation, this article applies the method of … experiment in which they had to perform a task over fifteen stages grouped in three blocks or levels. In order to continue … through the experiment, a minimum level of success was required at the end of each level. Rewards were dependent on the final …

in tradable permits. This article proposes to give optimal risk sharing rules in order to respond to policy risk. We show … how banking of tradable permits can be used as a tool of policy risk control. …