The positive relationship between real exchange rates and natural resource income is well understood and studied. However, climate change and the transition to a lower-carbon economy now challenges this relationship. We document this by proposing a novel news media-based measure of climate...

This paper reconsiders the theory of existence of efficient allocations and equilibria when consumption sets are unbounded below under the assumption that agents have incomplete preferences. Our model is motivated by an example in the theory of assets with short-selling where there is risk and...

The theory of existence of equilibrium with short-selling is reconsidered under risk and ambiguity modelled by risk averse variational preferences. A sufficient condition for existence of efficient allocations is that the relative interiors of the risk adjusted sets of expectations overlap. This...

This paper uses cross-country data compiled immediately after the Fukushima nuclear accident to investigate how the experience of such disasters affects the perception of the risk of nuclear accidents. Estimation results show that the perceived risk of a nuclear accident is positively associated...

This paper uses cross-country data compiled immediately after the Fukushima nuclear accident to investigate how the experience of such disasters affects the perception of the risk of nuclear accidents. Estimation results show that the perceived risk of a nuclear accident is positively associated...

The experiment engaging 50 participants was performed to model and identify the determinants of the players’ risky behavior. Here, a questionnaire and a bimatrix game containing the negative/zero payoffs were used to identify the players’ motives to play risky strategies. Besides the...

This paper uses cross-country data compiled immediately after the Fukushima nuclear accident to investigate how the experience of such disasters affects the perception of the risk of nuclear accidents. Estimation results show that the perceived risk of a nuclear accident is positively associated...

The theory of existence of equilibrium with short-selling is reconsidered under risk and ambiguity modelled by risk averse variational preferences. No-arbitrage conditions are given in terms of risk adjusted priors. A sufficient condition for existence of efficient allocations is the overlapping...

This paper connects two branches of economics in a study of the price formation of industrial commodities. The first branch is the theory of irreversible investment under uncertainty, the second the theory of competitive speculation in stocks. A model which combines these two elements is...

How much do informational constraints impact economic outcomes? This paper applies a computational modeling strategy to inventory purchasing decisions. Known as the “newsvendor problem”, statistics theory has found optimal heuristics for firm behavior in conditions of unpredictable consumer...