The purpose of this paper is to clarify the difference between the mainstream and Keynesian understandings of uncertainty which persists in spite of superficial similarities. It is argued that the difference stems from the mainstream habit of thinking in terms of a full-information benchmark,...

Large current account deficits, and the corresponding reliance on capital flows from abroad, can increase a country's vulnerability to periods of heightened risk and uncertainty. This paper develops a framework to evaluate such vulnerabilities. It highlights the central importance of two...

Using an economic model to assess welfare risk and resilience to disasters, this paper systematically tackles the questions: 1) How much asset and welfare risks does each region in the Philippines face from riverine flood disasters? 2) How resilient is each region to riverine flood disasters?...

In this paper, we study how the tax-and-transfer system reduces the inequality of lifetime income by redistributing lifetime earnings between individuals with different skill endowments and by providing individuals with insurance against lifetime earnings risk. Based on a dynamic life-cycle...

We develop a method to estimate domain-specific risk. We apply the method to sickness insurance by fitting a utility function at the individual level, using European survey data on life satisfaction. Three results stand out. First, relative risk aversion increases with income. Second, marginal...

Planungshandeln steht vor dem Hintergrund räumlicher Entwicklungsstrategien wie Innenentwicklung und Nachverdichtung in Bezug auf Nutzungskonflikte durch Lärmbelastung vor einer schwierigen Herausforderung. Lärm ist eine sehr gesundheitsrelevante Belastung, wirkt aber auch latent, schleichend...

Diffusion of low-energy houses is an important part of energy and climate policy in the European Union (EU) and in individual EU countries. Key barriers to the adoption of low-energy houses include additional construction costs and uncertainty surrounding actual energy and cost savings. In this...

This paper is a review of the timeliness range ecological in the world, including the Republic of Moldova. The authors present short landmarks of international projects for providing ecological system for Moldova, strategy and Government plan which enhances the timeliness and importance of the...

We characterize the optimal linear tax on capital in an Overlapping Generations model with two period lived households facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium feedback of private precautionary saving. For logarithmic utility...

Planungshandeln steht vor dem Hintergrund räumlicher Entwicklungsstrategien wie Innenentwicklung und Nachverdichtung in Bezug auf Nutzungskonflikte durch Lärmbelastung vor einer schwierigen Herausforderung. Lärm ist eine sehr gesundheitsrelevante Belastung, wirkt aber auch latent, schleichend...

We develop a method to estimate domain-specific risk. We apply the method to sickness insurance by fitting a utility function at the individual level, using European survey data on life satisfaction. Three results stand out. First, relative risk aversion increases with income. Second, marginal...

This paper contributes to the current literature dealing with the drivers of bank business model changes by analyzing the relationship between fee and commission income share and banks' performance in terms of profitability, risk and risk-adjusted profitability in the European Union. We apply...

Using an economic model to assess welfare risk and resilience to disasters, this paper systematically tackles the questions: 1) How much asset and welfare risks does each region in the Philippines face from riverine flood disasters? 2) How resilient is each region to riverine flood disasters?...

The measurement of health disparities is a key component for the assessment of health systems. One aspect of these disparities - which hitherto has received limited attention - is the risk people face about their future health. This paper integrates risk into the standard inequality measurement...

In this paper, we study how the tax-and-transfer system reduces the inequality of lifetime income by redistributing lifetime earnings between individuals with different skill endowments and by providing individuals with insurance against lifetime earnings risk. Based on a dynamic life-cycle...

The unique capital structure of commercial banking - funding production with demandable debt that participates in the economy's payments system - affects various aspects of banking. It shapes commercial banks' comparative advantage in providing financial products and services to informationally...

Time pressure is a central aspect of economic decision making nowadays. It is therefore natural to ask how time pressure affects decisions, and how to detect individual heterogeneity in the ability to successfully cope with time pressure. In the context of risky decisions, we ask whether a...

Diffusion of low-energy houses is an important part of energy and climate policy in the European Union (EU) and in individual EU countries. Key barriers to the adoption of low-energy houses include additional construction costs and uncertainty surrounding actual energy and cost savings. In this...

The purpose of this paper is to investigate the scope for international private standards to play a role in reducing business risk. Business risk is measured as variability in revenue, customer base, informal payments, and temporary firm closure. The results show lower levels of business risk...

We characterize the optimal linear tax on capital in an Overlapping Generations model with two period lived households facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium feedback of private precautionary saving. For logarithmic utility...

We employ a novel approach to investigate the reasons for a low demand for agricultural insurance. We confirm that farmers systematically undervalue agricultural insurance. First, we find that private transfers, mainly from family members, explain under-valuation of agricultural insurance....

The finance sector has a key role to play in allowing agriculture to contribute to economic growth and poverty reduction. A rapidly evolving technological landscape is opening up new possibilities to target and price credit, to share risk, and to harness information technology to expand...

This paper explores the impact of exposure to uninsured risks on the investment decisions of farmers. We distinguish between households' perceived exposure to uninsured risk, measured as past exposure to deviations in average rainfall levels, and the actual realization of shocks. We examine how...

Die vorliegende Studie geht der heiklen Frage nach, ob und wie der Nutzen einer öffentlichen Maßnahme gemessen werden kann, die ein Umweltrisiko vermindert. Dazu werden in einer wohlfahrtstheoretischen Analyse testbare Hypothesen über die Wertschätzung einer solchen Maßnahme abgeleitet. Mit...

Time pressure is a central aspect of economic decision making nowadays. It is therefore natural to ask how time pressure affects decisions, and how to detect individual heterogeneity in the ability to successfully cope with time pressure. In the context of risky decisions, we ask whether a...

This paper seeks to explain why Hollywood's dominant firms are narrowing the scope of creativity in the contemporary period (1980–2015). The largest distributors have sought to prevent the art of filmmaking and its related social relations from becoming financial risks in the pursuit of...

Time pressure is a central aspect of economic decision making nowadays. It is therefore natural to ask how time pressure affects decisions, and how to detect individual heterogeneity in the ability to successfully cope with time pressure. In the context of risky decisions, we ask whether a...

The first attempt in the human history to consciously create money ended in a collapse in 1720, well-known as the money mania. This unfortunate start raises doubt on money creation as a whole such that today there are still voices questioning created money even though it is now indispensible for...

This paper examines how the size of the rolling window, and the frequency used in moving average (MA) trading strategies, affects financial performance when risk is measured. We use the MA rule for market timing, that is, for when to buy stocks and when to shift to the risk-free rate. The...

The aim of this paper is to offer a theoretical analysis, inspired by research into social theories of risk, of the social and environmental accounting processes observed in an earlier empirical study on Scottish salmon farming. Social and environmental accounting and accountability processes in...

Poverty and inequality persist in many dimensions in the developing world. In order to understand the determinants of poverty and its distribution between and within countries, it is necessary to know its dimensions and the channels through which poverty and inequality affect human well-being....

This paper seeks to explain why Hollywood’s dominant firms are narrowing the scope of creativity in the contemporary period (1980–2015). The largest distributors have sought to prevent the art of filmmaking and its related social relations from becoming financial risks in the pursuit of...

Der Autor zeigt in seiner Arbeit, dass Märkte von einer Vielzahl von Unsicherheitslagen durchzogen sind. Dazu zählen Unsicherheiten in marktwirtschaftlichen Kontexten (z.B. ein ruinöser Preiswettbewerb) und Unsicherheit in der marktwirtschaftlichen Zusammenarbeit (etwa Unsicherheit bezüglich...

The reduction of poverty is at the heart of the development agenda both nationally and globally. This is reflected in the Philippine Development Plan, as well as in the worldwide commitment toward the Sustainable Development Goals. While the measurement of poverty is ex post and thus, public...

Time pressure is a central aspect of economic decision making nowadays. It is therefore natural to ask how time pressure affects decisions, and how to detect individual heterogeneity in the ability to successfully cope with time pressure. In the context of risky decisions, we ask whether a...