under uncertainty about the value of environmental services and irreversible development. We study land conversion under … adequate participation in a conservation plan. We analytically determine the impact of uncertainty and optimal policy …

Uncertainty plays a key role in the economics of climate change, and the discussions surrounding its implications for … climate policy are far from settled. We give an overview of the literature on uncertainty in integrated assessment models of … complementary approaches that model uncertainty in association with integrated assessment models: the discrete uncertainty modeling …

This paper presents a choice experiment, which values reductions in mortality risk on Alpine roads. These roads are on … characteristics. To address heterogeneity in preferences for risk reduction, we use a non-linear conditional logit model with …

This study explores people's risk attitudes after having suffered large real-world losses following a natural disaster … is consistent with prospect theory predictions of the adoption of a risk-seeking attitude after a loss. -- Decision under … Risk ; Large Losses ; Natural Experiment …

of this general result to specific forms of uncertainty extends existing results to more general forms of risk and yields …The paper clarifies the link between changes in risk aversion and the effect on the consumption discount rate. In a … general framework that can cope with various forms of uncertainty, it is shown that the response of the consumption discount …

significantly influence consumption dynamics. Our estimates of the indexes of relative risk aversion and relative prudence, as well …

We address the problem of choosing a portfolio of policies under "deep uncertainty." We introduce the idea of belief …

Uncertainty is prevalent in the context of climate change impacts. Moreover, the distribution across the globe is not … Models (IAMs), which assumes no risk sharing across region, we introduce global risk sharing via a market for state … across regions. We estimate that such risk sharing scheme of climate risks could lead to welfare gains reducing the global …

; Financial Risk ; Environmental Risk ; Prudence ; Relative Risk Aversion ; Uncertainty …This paper studies the empirical relationship between consumption and saving under two different sources of uncertainty …: financial risk and environmental risk. The analysis is carried out using time series data for six advanced economies in the …

Greenhouse gas policies confront the trade-off between the costs of reducing emissions and the benefits of avoided … introduced here informs risk management strategies that balance uncertain future climate change impacts with the costs of … climate change. The risk of uncertain and potentially irreversible catastrophes is an important issue related to the latter …