We consider collective decisions under uncertainty, when agents have generalized Hurwicz preferences, a broad class …

's experience, a comprehensive definition of risk.Risk is not measurable uncertainty nor volatility. Risk is a three part concept … exposure while of pursuing objectives in an uncertain environment; (2) risk is ontological uncertainty, the unknown unknown …: (1) risk is the potential that events may have an unexpected and noteworthy impact on results, i.e. a consequence of …

Consider legal uncertainty as uncertainty about the legality of a specific action. In particular, suppose that the … threshold of legality is uncertain. I show that this legal uncertainty raises welfare. Legal uncertainty changes deterrence in … decreases for firms above the threshold. Hence, legal uncertainty acts as a welfare enhancing screen and increases welfare …

characterizations of utilitarian (that is, additively separable) social welfare functions in a setting where there is risk over both … novel characterizations extend classic axiomatizations of utilitarianism from settings with either social risk or variable …-population, considered alone. By considering both social risk and variable population together, we clarify the fundamental normative …

Pareto optimal allocations and optimal risk sharing for coherent or convex risk measures as well as for insurance … applying inf-convolution of risk measures and convex analysis.In the recent literature, an increasing interest has been devoted … to quasiconvex risk measures, that is risk measures where convexity is replaced by quasiconvexity and cash-additivity is …

How to evaluate and compare social prospects when there may be a risk on i) the actual allocation people will receive … on VNM utility functions even in absence of risk, we can construct expected utility social orderings that satisfy of some …

This paper examines the effects of liability sharing rules on social welfare and risk reduction when one firm (the … the activities to an agent that is a good risk, while the agents compete with one another for winning the contract … achieves the highest level of social welfare depends on the winning agents' asset levels and the costs of risk reduction …

population and social risk. Our contribution is to show that a previously unrecognized combination of weak assumptions yields … of weak dominance (over risk and individuals) characterize a social welfare function with two dimensions of additive …