This paper shows that a seemingly simple assumption, regarding the time horizon of economic agents, can reconcile the puzzling long run price dynamics of exhaustible resources such as oil, gas and metals. It does so by exploring the possibility that economic agents use a rolling planning...

Climate change is predicted to substantially alter forest growth. Optimally, forest owners should take these future changes into account when making rotation decisions today. However, the fundamental uncertainty surrounding climate change makes predicting these shifts hard. Hence, this paper...

Aumann–Serrano (J Polit Econ 116:810–836, <CitationRef CitationID="CR6">2008</CitationRef>) and Foster–Hart (J Polit Econ 117:785–814, <CitationRef CitationID="CR15">2009</CitationRef>) suggest two new riskiness measures, each of which enables one to elicit a complete and objective ranking of gambles according to their riskiness. These riskiness measures were created with a...</citationref></citationref>