This paper examines the relationship between Knightian uncertainty and Bayesian approaches to entrepreneurship. Using … Bewley's formal model of uncertainty and incomplete preferences, it demonstrates that key predictions from Bayesian … entrepreneurship remain robust when accounting for Knightian uncertainty, particularly regarding experimentation, venture financing …

technologies under uncertainty. Specifically, given two technologies, one with lower costs at present, but the other with greater … uncertainty in the returns to R&D, how should one allocate the R&D budget? We develop a multi-stage stochastic dynamic programming … variance in the uncertainty in returns to R&D and with the skewness of the uncertainty. We also present an illustrative case …

We review and extend the economic analysis of risk and uncertainty as it relates to behavior mitigating health shocks … for risk-sharing in health by pooling the health care spending risk. In a sense, medical innovation involves a current …

probabilistic terms: we are facing deep uncertainty or ambiguity rather than risk in the classical sense, rendering the classical …Uncertainty is intrinsic to climate change: we know that the climate is changing, but not precisely how fast or in what … available for reducing climate change. Furthermore the uncertainty about these issues is not readily quantified and expressed in …

This paper studies Pareto-optimal risk-sharing arrangements in a private information economy with aggregate uncertainty …

the present value of the flow of social benefits minus costs. But the real world is one of considerable uncertainty … discount rates that should be used to compute present values. The implications of uncertainty are complicated by the fact that … horizons. Correctly incorporating uncertainty in policy design is therefore one of the more interesting and important research …

the dispersion of individual forecasts around these averages are interpreted as indicating "uncertainty." However …, while uncertainty is properly understood as referring to the diffuseness of the distributions of probabilities that … changes in GNP and the implicit price deflator in 1969-81. These data permit comparisons of related point and probability …