much success. Indeed, the data seem to suggest a positive relationship between measures of uncertainty and incentives … uncertainty on incentives through the allocation of responsibility to employees. When workers operate in certain settings, the …. Hence, uncertainty and output-based pay are positively related. I argue that parts of the existing empirical literature are …

uncertainty over the period 1970 to 1995. We construct measures of inflation uncertainty as well as aggregate nominal and real … uncertainty. The results not only corroborate previous findings of an inverse relationship between contract duration and inflation … uncertainty, but document that this relationship extends to both measures of aggregate uncertainty. We also explore the robustness …

) cases, these robust policies are more aggressive than the optimal policies absent model uncertainty. The specific robust … policies depend strongly on the formation of model uncertainty used, and we make some suggestions about which formulation is …