Uncertainty is prevalent in the context of climate change impacts. Moreover, the distribution across the globe is not … Models (IAMs), which assumes no risk sharing across region, we introduce global risk sharing via a market for state … across regions. We estimate that such risk sharing scheme of climate risks could lead to welfare gains reducing the global …

introduction of extra convexity and the separation between risk-aversion and time-preference implies that, independently of the …

exerted precedes the moment uncertainty realises, and b) the probabilities of future states of the world are not perfectly …

This paper studies the optimal extraction of a non-renewable resource under uncertainty using a discrete-time approach … risk aversion is sufficient. These results highlight the importance of the specification of the utility function and its …

We experimentally explore decision-making under uncertainty using a framework that decomposes uncertainty into three … distinct layers: (1) physical uncertainty, entailing inherent randomness within a given probability model, (2) model … uncertainty, entailing subjective uncertainty about the probability model to be used and (3) model misspecification, entailing …

data with a broad class of models of choice under risk and under uncertainty. Our method allows for risk loving and elation …