-cost firm under incomplete information: a separating auction implies adverse selection and relies substantially on commitment to … allocation and transfer rules. A pooling auction serves as a commitment device against ex-post opportunistic behavior and … alleviates adverse selection. It can earn the investor a higher expected payoff than a separating auction, even when consistency …

, sustaining only modest cuts in emissions. These results are unaffected by uncertainty about the impact of catastrophe. By … contrast, uncertainty about the catastrophic threshold typically causes coordination to collapse. Whether the probability …

some recipients are exposed to uncertainty. Although, under certainty almost all uninvolved participants distribute … resources equally, they exhibit remarkable heterogeneity in just allocations under uncertainty. Moreover, uninvolved … participants allocate on average less to recipients exposed to higher degrees of uncertainty and allocations are correlated with …

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

circulation model. It also features Epstein-Zin utility and uncertainty about climate sensitivity that resolves after some time …

). Exogenous uncertainty over the size of the negotiated amount of water is introduced to capture the fact that water availability …

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 …