We develop a simple model of managing a system subject to pollution damage under risk of an abrupt and random jump in … uncertainty. The results, that imply prudent behavior due to uncertainty, are compared with the ambiguous outcomes reported in the …. -- environmental pollution ; optimal management ; catastrophic transitions ; uncertainty ; adaptation ; mitigation …

misallocation costs that remain even in the long-run. Finally, depending on the technology used to reduce model uncertainty, we find …

economy and address modeling uncertainty. We find that bureaucratic complexity is more significant than monetary severity in …

misspecification in relation to this public good. Under model uncertainty, robust policies help to correct the inefficiencies … uncertainty ; externalities ; robust policies …

-form expressions of welfare loss from shocks and epistemological uncertainty identify the interaction of (intertemporal) risk attitude … is comparable to numeric models used in policy advising. Uncertainty surrounding climate change remains large. The closed …, distributional moments, and the climatic shadow values. Welfare gains from reducing uncertainty about temperature feedbacks are much …

The argument that policy risk, i.e., uncertainty about monetary and fiscal policy, has been holding back the economic … business cycle fluctuations by using an estimated New Keynesian model featuring policy risk as well as uncertainty about … technology. We directly measure uncertainty from aggregate time series and find considerable evidence of time-varying policy risk …