-probability extreme events on environmental policy in a continuous-time real options model with “tail risk”. In a nutshell, our results … indicate the importance of tail risk and call for foresighted pre-emptive climate policies …

the threshold the opposite is true. Moreover, in a world without full learning (i.e. partial and no learning), risk … role of learning and risk aversion. It bridges two strands of literature: one focused on the role learning for the success … of IEA formation when countries are risk neutral and another that explores the implications of uncertainty and risk …

Common integrated assessment models produce the counterintuitive result that higher risk aversion does not lead to …. The simulations show that aversion to this tipping point risk has little effect. For climate sensitivity of realistic …

threshold is uncertain. Theory suggests that behavior should differ dramatically either side of a dividing line for threshold …

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 …