future utility when uncertainty increases over time. The more we know about the future welfare consequences of our (in …)actions, the more weight they receive. If uncertainty is endogenous to the decision process, the new rationale for discounting will …

prices versus tradable quantities in terms of expected welfare, given uncertainty, optimal policy and endogenous cost …

The paper studies the interaction between cyclical uncertainty and investment in a stochastic real option framework … of the link between cyclical uncertainty and investment is quantified using simulations of the model. The chief …

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 … and with respect to non-risk uncertainty. The paper derives the resulting changes of the risk-free and the stochastic …

under uncertainty and irreversibility. Unlike other approaches we include accumulative schooling costs, and provide a full …

We study the importance of uncertainty and public finance to the welfare ranking of three environmental policy … revenues finance public abatement. When the main source of uncertainty is economic, the most efficient recipe is to levy … pollution taxes and use the collected tax revenues to finance public abatement. However, when environmental uncertainty is the …