According to standard theory founded on Harsanyi (1953, 1955) a social welfare function can be appropriately based on the individual’s approach to choice under uncertainty. We investigate whether people really do rank distributions according to the same principles irrespective of whether the...

AA substantial literature examines second-best environmental policy, focusing particularly on how the Pigouvian directive that marginal taxes should equal marginal external harms needs to be modified in light of the preexisting distortion due to labor income taxation. Additional literature is...

Current projections of long-term trends in Atlantic hurricane activity due to climate change are deeply uncertain, both in magnitude and sign. This creates challenges for adaptation planning in exposed coastal communities. We present a framework to support the interpretation of current long-term...