under uncertainty. Departing from the usual assumption of an aggregate good, the setting is a small open economy that faces … general, invalid when the vector of mean world prices is used. The rule in that form is valid when the coefficient of risk … aversion is 1. The error involved is small, however, even for values of that coefficient far from 1, including risk neutrality …

attention to the social discount rate and how to treat uncertainty at both the project and economy-wide levels. There follows an …

attention to the social discount rate and how to treat uncertainty at both the project and economy-wide levels. There follows an …

dominated by contributions from microeconomic theory. This paper gives macroeconomics a voice in the debate by investigating the …

-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 …

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 …

-form expressions of welfare loss from shocks and epistemological uncertainty identify the interaction of (intertemporal) risk attitude … 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 …

-form expressions of welfare loss from shocks and epistemological uncertainty. These expressions interact (intrinsic) risk attitude … models used in policy advising. Uncertainty surrounding climate change remains large, and the paper derives closed … from reducing uncertainty about temperature feedbacks are much higher than the gains from better measurements of carbon …

and with respect to non-risk uncertainty. The paper derives the resulting changes of the risk-free and the stochastic …Uncertainty has an almost negligible impact on project value in the economic standard model. I show that a … comprehensive evaluation of uncertainty and uncertainty attitude changes this picture fundamentally. The analysis relies on the …

. On one side, this finding opens terrain for a capital valuation theory yet to be developed; on the other side, it …