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

a richer risk attitude than that captured in the standard discounted expected utility model. I derive three models that … permit a more comprehensive risk evaluation. These preference representations differ regarding the consistency requirements … future utility when uncertainty increases over time. The more we know about the future welfare consequences of our (in …

scientific uncertainty about the effects of increased greenhouse gas concentrations on climate. Criticisms of this controversial …

and the pure time discount rate, there is distributional neutrality between the two periods. Otherwise, changes of risk …

The paper reexamines the welfare economics of intergenerational risk. Risk and its resolution over time are modeled as … preferences to (i) disentangle aversion to intergenerational inequality from aversion to risk, (ii) exhibit a preference for early … resolution of risk, (iii) show different discounting formulas depending on the magnitude of risk and on the timing of its …