Wetlands provide many important goods and services to human societies, and generate nonuse values as well. Wetlands are also very sensitive ecosystems that are subject to much stress from human activities. Reducing the stress on wetlands requires a spatial matching between physical planning,...

SFB 649 Discussion Paper 2005-051 Optimal Investments for Risk- and Ambiguity- Averse Preferences: A Duality Approach Alexander Schied* * Technische Universität Berlin, Germany This research was supported by the Deutsche Forschungsgemeinschaft through the...

Ambiguity, also called Knightian or model uncertainty, is a key feature in financial modeling. A recent paper by Maccheroni et al. (2004) characterizes investor preferences under aversion against both risk and ambiguity. Their result shows that these preferences can be numerically represented in...