A micro decision-making utility model under uncertainty is presented as a complementary foundation for macro …

subjective uncertainty, (2) the incomplete list of imaginable future states, (3) the valuation of "importance" reflecting various …

theory. Specifically, he constructed his own concept of subjective uncertainty called potential surprise to replace …

oligopoly characterized by a homogeneous non-storable good, sticky prices and uncertainty. Our model nests the classical dynamic …-time limit of our model with no uncertainty and no risk-aversion. Focusing on the continuous-time limit of the infinite horizon … inversely related to the degrees of uncertainty and risk-aversion. However, the effect of uncertainty and risk …

Poverty involves both low income levels and high income uncertainty. Do both these dimensions of being poor capture … by farmers in Brazil: random payday variation affecting income levels, and rainfall shocks that affect income uncertainty …. We find that it is income uncertainty that systematically has adverse cognitive effects; low income levels affect only …

matching the micro facts, demand dispersion has unambiguously negative effects on output via increased uncertainty and a "wait …