Catastrophic risk is currently a hotly debated topic. This paper contributes to this debate by showing two results … finite time at almost any cost. The results are illustrated in a simple linear-quadratic fisheries model, but proven for a …

Decisions involving risk are usually taken in the presence of other insurable or non-insurable risks, the latter type … called background risk. We examine how changing background risk influences risk-taking based on panel data with monthly … observations from Senegalese fishermen. Fishing income is volatile and income risk depends on weather conditions and on …