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Heterogeneous Beliefs, Regret, and Uncertainty: The Role of Speculation in Energy Price Dynamics
Joëts, Marc - Fondazione ENI Enrico Mattei (FEEM) - 2013
fundamentalists and chartists co-exist and are subject to regret and uncertainty. We find significant evidence that energy markets are …
Persistent link: https://www.econbiz.de/10010904905
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Repeated Cheap-Talk Games of Common Interest between a Decision-Maker and an Expert of Unknown Statistical Bias
Valsecchi, Irene - Fondazione ENI Enrico Mattei (FEEM) - 2010
of the expert, the decision-maker takes action at every period according to his posterior beliefs. At the end of each … round of play, the true current state is verifiable. The distinctive assumption of the paper is that the decision … experiment of unknown statistical bias. The paper shows that the expert will have instrumental reputational concerns, related to …
Persistent link: https://www.econbiz.de/10008828403
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Variation in Risk Seeking Behavior in a Natural Experiment on Large Losses Induced by a Natural Disaster
Page, Lionel; Savage, David; Torgler, Benno - Fondazione ENI Enrico Mattei (FEEM) - 2012
This study explores people's risk attitudes after having suffered large real-world losses following a natural disaster. Using the margins of the 2011 Australian floods (Brisbane) as a natural experimental setting, we find that homeowners who were victims of the floods and face large losses in...
Persistent link: https://www.econbiz.de/10010904916
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Bounded Rationality and Voting Decisions Exploring a 160-Year Period
Stadelmann, David; Torgler, Benno - Fondazione ENI Enrico Mattei (FEEM) - 2012
Using a natural voting experiment in Switzerland that encompasses a 160-year period (1848–2009), we investigate whether …
Persistent link: https://www.econbiz.de/10010904923
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Nonpoint Source Pollution Control Under Incomplete and Costly Information
Farzin, Y.H.; Kaplan, J.D. - Fondazione ENI Enrico Mattei (FEEM) - 1999
This paper analyses the efficient management of nonpoint source pollution (NPS) under limited pollution control budget and incomplete information inherent in NPS pollution. By incorporating information acquisition into a pollution control model, it focuses on the tradeoff between data collection...
Persistent link: https://www.econbiz.de/10005230880
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Accounting for Different Uncertainties: Implications for Climate Investments?
Hector, Svenja - Fondazione ENI Enrico Mattei (FEEM) - 2013
The paper clarifies the link between changes in risk aversion and the effect on the consumption discount rate. In a general framework that can cope with various forms of uncertainty, it is shown that the response of the consumption discount rate to a change in risk aversion depends on some...
Persistent link: https://www.econbiz.de/10010904906
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Sharing of Climate Risks across World Regions
Emmerling, Johannes - Fondazione ENI Enrico Mattei (FEEM) - 2014
Uncertainty is prevalent in the context of climate change impacts. Moreover, the distribution across the globe is not uniform. We analyze how climate risks could be reduced via an insurance scheme at the global scale across regions and quantify the potential welfare gains from such a scheme....
Persistent link: https://www.econbiz.de/10010941054
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The Effect of Risk, Ambiguity and Coordination on Farmers’ Adaptation to Climate Change: A Framed Field Experiment
Alpizar, Francisco; Carlsson, Fredrik; Naranjo, Maria - Fondazione ENI Enrico Mattei (FEEM) - 2010
vulnerability to climatic events are likely to exhibit economies of scope. We explore these issues using a framed field experiment …
Persistent link: https://www.econbiz.de/10008465542
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Endogenous Uncertainty and Market Volatility
Kurz, Mordecai; Motolese, Maurizio - Fondazione ENI Enrico Mattei (FEEM) - 1999
Endogenous Uncertainty is that component of economic risk and market volatility which is propagated within the economy by the beliefs and actions of agents. The theory of Rational Belief (see Kurz [1994]) permits rational agents to hold diverse beliefs and consequently, a Rational Belief...
Persistent link: https://www.econbiz.de/10005385431
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Climate Change and Individual Decision Making: An Examination of Knowledge, Risk Perception, Self-interest and Their Interplay
Pongiglione, Francesca - Fondazione ENI Enrico Mattei (FEEM) - 2011
In this essay, three separate yet interconnected components of pro-environmental decision making are considered: (a …-environmental behavior. Past researches have often overemphasized the weight of just one of those variables in the decision making. I argue …
Persistent link: https://www.econbiz.de/10009320999