In a partial equilibrium setting without price uncertainty, the balanced-budget substitution of an ad valorem tax on … competitive market characterised by uncertainty about the commodity price, if firms can respond to the revelation of demand …

The possibility of low-probability extreme events has reignited the debate over the optimal intensity and timing of … climate policy. In this paper we therefore contribute to the literature by assessing the implications of low-probability … extreme events on environmental policy in a continuous-time real options model with “tail risk”. In a nutshell, our results …

uncertainty has evolved since Mirrlees' original contribution. The literature on the income tax as a social insurance device is … more limited. It has largely assumed that households are ex ante identical so unequal earnings are due to uncertainty alone …. We provide a general treatment of the optimal income tax under uncertainty when households differ in ability. We …

This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We … consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate …

Applying a framework of perfect competition under uncertainty, we contribute to the discussion of whether or not ad … valorem taxes and specific taxes are equivalent. While this equivalence holds without price uncertainty, we show that ad … valorem taxes and specific taxes are “almost never” equivalent in the presence of uncertainty if we demand equivalence to hold …

Why are better educated and more risk-friendly persons more mobile across regions? To answer this question, we use … patterns. Our findings indicate that risk-loving and skilled people are more mobile over longer distances because they are more … distance-related migration costs cannot explain the lower distance sensitivity of educated and risk-loving individuals …

This study explores people's risk attitudes after having suffered large real-world losses following a natural disaster … is consistent with prospect theory predictions of the adoption of a risk-seeking attitude after a loss …

accuracy of disease risk perceptions among obese individuals. We compare subjective risk perceptions for various diseases …

with the Arrow/Romer approach to endogenous growth to analyze the interaction of risk, growth, and inequality, the latter …. Major results include that growth, inequality, and risk are positively related in our model, but we also identify a hump …–shaped relationship between welfare and risk, indicating a tradeoff relationship between risk–pooling and growth in the determination of …