We introduce a version of the DICE-2007 model designed for uncertainty analysis. DICE is a wide-spread deterministic integrated assessment model of climate change. However, climate change, long-term economic development, and their interactions are highly uncertain. A thorough empirical analysis...

This paper extends the Stahl-Rubinstein model of bilateral bargaining to incorporate many players and multidimensional issue spaces. A central feature of our framework is that in each round of negotiations, a proposer is selected randomly. Our bargaining model consists of a sequence of...

The model presented in this paper juxtaposes two theories for why a firm might offer creditors a security interest to back up a loan. One theory holds that issuing secured debt allows the firm's owners to reduce expected payments in the event of bankruptcy to so-called "non-adjusting" creditors,...