between risk and uncertainty is implemented by applying the Gilboa-Schmeidler maxmin with multiple priors framework to lenders …, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood … include: (i) An unanticipated increase in bailout uncertainty raises interest rates, the volume of defaults in both the real …

their growth. Economic theory suggests uncertainty can cause firms to delay investments until uncertainty is resolved. We …Firms in many developing countries cite macroeconomic instability and political uncertainty as major constraints to … conduct a randomized experiment in post-revolution Egypt to measure the impact of insuring microenterprises against …

intertemporal decisions. The theory has applications in areas as diverse as labour supply, savings and investment, or education and …-maintenance must, however, be traded off against the risks of overconfidence. Moreover, rational inference implies that the individual … provides a formal account of (endogenously) selective memory or awareness, such as the tendency to remember one's successes …

-monitoring is subject to opportunistic distortions of memory or attribution. We then study how recall and inference processes can … or religious precepts, etc.) through which people seek to achieve self-control. Our theory is based on the idea of self …

welfare state. More generally, the paper develops a theory of collective beliefs and motivated cognitions, including those …

like oneself. Our Paper thus provides a psychologically grounded theory of endogenous peer effects, as well as of the …

Extending choice in health care is currently popular amongst English, and other, politicians. Those promoting choice … choice acts as a major driver for efficiency. Giving service users the ability to choose applies competitive pressure to … subjects this assumption to the scrutiny provided by a review of the theoretical and empirical economic evidence on choice in …