, 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 …

their own risk preferences. The observed allocations are consistent with four different views of justice under uncertainty. … 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 …

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

Common integrated assessment models produce the counterintuitive result that higher risk aversion does not lead to … circulation model. It also features Epstein-Zin utility and uncertainty about climate sensitivity that resolves after some time …. The simulations show that aversion to this tipping point risk has little effect. For climate sensitivity of realistic …

). 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 … shows that macroeconomic risk acts as an important deterrent to investments. …

driven by informational spillovers: uncertainty about the outcome of reform is reduced by learning from the experience of …

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 …

We develop a simple model of managing a system subject to pollution damage under risk of an abrupt and random jump in … uncertainty. The results, that imply prudent behavior due to uncertainty, are compared with the ambiguous outcomes reported in the …