Uncertainty is part and parcel of the human condition. The need to manage climate risk has shaped human institutions …

Uncertainty is part and parcel of the human condition. The need to manage climate risk has shaped human institutions …

conditions under which individual default is propagated endogenously into a collective risk of widespread default in general …

; Chichilnisky, G., 2002. Catastrophical Risk. Encyclopedia of Environmetrics, Vol.1. John Wiley & Sons, Ltd., Chicester). In the … choice under uncertainty with Catastrophic risks. Resource and Energy Economics; Chichilnisky, G., 2002. Catastrophical Risk …

that the new axioms help resolve the Alla's paradox. Open questions about risk aversion, games under uncertainty and …

equilibrium with individual risks, and Arrow's [1] formulation of the role of securities in the optimal allocation of risk …] assume that all risk is known …

An economy faces an unknown individual risk, such as the health effects of a recently discovered environmental hazard …

This paper examines how, in the presence of individual risk, economic efficiency can be achieved without an … unrealistically large number of contingent claims. Market uncertainty is specified in such a way that general types of individual risk … and collective risk are properly accounted for and so that, specifically, market clearing is always satisfied ex post as …