-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. -- climate policy ; extreme events …

price, the equilibrium risk-free rate, and risk premia. Climate disasters, which are more likely to occur sooner as … temperature rises, significantly increase risk premia. …

Using an economic model to assess welfare risk and resilience to disasters, this paper systematically tackles the … losses at the microeconomic level. Apart from the prioritization of regions based on resilience and welfare risk, we identify … risk from riverine floods. While there are similarities in the ranking of policies among regions with comparable levels of …

disaster risk reduction and climate adaptation in Bangladesh, a country with a very high exposure to weather risk. We use a … comprehensive dataset for the 483 subdistricts (Upazilas) in Bangladesh, tracking disaster risk reduction and adaptation funding … does proximity to the centres of Dhaka and Chittagong. Public spending for adaptive disaster risk reduction, as …

This study provides new causal evidence for the impact of a large-scale natural disaster on local economic activity in … disaster relief during the reformist government of President Khatami, the political trust and mobilization of civil society in …, economic activity in Bam County returns to its pre-disaster development path after seven years. …

assumption of (intertemporal) risk neutrality reduces the growth effect in social discounting and significantly amplifies the … importance of risk and correlation. Second, debate and models largely overlook the difference in attitude with respect to risk … and with respect to non-risk uncertainty. The paper derives the resulting changes of the risk-free and the stochastic …

-form expressions of welfare loss from shocks and epistemological uncertainty identify the interaction of (intertemporal) risk attitude …

The paper reexamines the welfare economics of intergenerational risk. Risk and its resolution over time are modeled as … preferences to (i) disentangle aversion to intergenerational inequality from aversion to risk, (ii) exhibit a preference for early … resolution of risk, (iii) show different discounting formulas depending on the magnitude of risk and on the timing of its …