-form expressions of welfare loss from shocks and epistemological uncertainty identify the interaction of (intertemporal) risk attitude … is comparable to numeric models used in policy advising. Uncertainty surrounding climate change remains large. The closed …, distributional moments, and the climatic shadow values. Welfare gains from reducing uncertainty about temperature feedbacks are much …

making under uncertainty. It clarifies the distinct roles of risk aversion, prudence, characteristics of the damage … formulation, and future policy response. We show that an optimal response to uncertainty substantially reduces the risk premium. … the resulting warming over the next decades and centuries highly uncertain. We quantify how this uncertainty changes the …

and with respect to non-risk uncertainty. The paper derives the resulting changes of the risk-free and the stochastic … ; discounting ; intertemporal substitutability ; risk aversion ; uncertainty …Uncertainty has an almost negligible impact on project value in the economic standard model. I show that a …

. Second, the paper introduces aversion to non-risk uncertainty (ambiguity). I show a close formal similarity between the model …Uncertainty has an almost negligible impact on project value in the standard economic model. I show that a … comprehensive evaluation of uncertainty and uncertainty attitude changes this picture fundamentally. The illustration of this result …

We introduce a version of the DICE-2007 model designed for uncertainty analysis. DICE is a wide-spread deterministic … uncertain. The quantitative analysis of optimal mitigation policy under uncertainty requires a recursive dynamic programming … of the value or policy function approximations, and reductions of the uncertainty domain. The paper promotes a state …