, we measure individual attitudes towards these different layers of uncertainty and study the distinct role of each of them … in characterizing ambiguity attitudes. In addition to providing new insights into the underlying processes behind … ambiguity aversion - failure to reduce compound probabilities or distinct attitudes towards unknown probabilities - our study …

dividends next period as ambiguous. We calibrate the agent's ambiguity aversion to match only the first moment of the risk …

In this paper we present a dynamic discrete-time model that allows to investigate the impact of risk-aversion in an …-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 …

known. By integrating these two characteristics in a simple theoretical framework, this paper derives plausible conditions …

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 … for considering risk sharing in IAMs, but also for potentially welfare increasing negotiations about sharing risks of …

: financial risk and environmental risk. The analysis is carried out using time series data for six advanced economies in the … period 1965-2007. The results support the theoretical conclusions that both financial risk alone and the interaction between … empirical analysis performed with one-argument utility functions. Finally, we provide new estimates of indexes of relative risk …