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A new look at uncertainty shocks : imperfect information and misallocation
Senga, Tatsuro - 2015
Uncertainty faced by individual firms appears to be heterogeneous. In this paper, I construct new empirical measures of firm-level uncertainty using data from the I/B/E/S and Compustat. These new measures reveal persistent differences in the degree of uncertainty facing individual firms not...
Persistent link: https://www.econbiz.de/10011401309
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Finding common ground when experts disagree : belief dominance over portfolios of alternatives
Baker, Erin; Bosetti, Valentina; Salo, Ahti A. - 2016
We address the problem of choosing a portfolio of policies under "deep uncertainty." We introduce the idea of belief dominance as a way to derive a set of non-dominated portfolios and robust individual alternatives. Our approach departs from the tradition of providing a single recommended...
Persistent link: https://www.econbiz.de/10011504367
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Building uncertainty into the adaptation cost estimation in integrated assessment models
Markandya, Anil; De Cian, Enrica; Drouet, Laurent; … - 2016
uncertainty into Integrated Assessment Models (IAMs). Uncertainty is transformed into a risk-premium, damage-correction, region …. This risk premium quantifies what society would be willing to pay to insure against the uncertainty of the damages, and it … highly sensitive to the coefficient of relative risk aversion. Once the climate change damage function incorporates the risk …
Persistent link: https://www.econbiz.de/10011451668
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Uncertainty and risk-aversion in a dynamic oligopoly with sticky prices
Valentini, Edilio; Vitale, Paolo - 2019
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 …
Persistent link: https://www.econbiz.de/10011980689
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Long-run investment under uncertain demand
Di Corato, Luca; Moretto, Michele; Vergalli, Sergio - 2013
In the literature investigating the impact of uncertainty on short-run and long-run investment, most authors have used a log linear profit function. This functional form has been generally considered a reasonable approximation for more general ones and has the advantage of providing closed form...
Persistent link: https://www.econbiz.de/10010189451
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The nonlinear effects of uncertainty shocks
Jackson, Laura; Kliesen, Kevin L.; Owyang, Michael T. - 2018
Persistent link: https://www.econbiz.de/10011950514
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Input use and capacity constraint under uncertainty : the case of irrigation
Bontems, Philipe; Favard, Pascal - 2002
ambiguous even assuming risk neutrality. …
Persistent link: https://www.econbiz.de/10011597797
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Uncertainty in cooperation between service buyers and sellers
Eriksson, Kent; Sharma, Deo; Silver, Lars - 1999
Persistent link: https://www.econbiz.de/10001363522
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Adapting to climate change : an analysis under uncertainty
García-León, David - 2016
composition of the optimal mix as both persuade the risk-averse social planner to invest more in mitigation. Overall, we identify …
Persistent link: https://www.econbiz.de/10011451547
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Market allocations under ambiguity : a survey
Billot, Antoine; Mukerji, Sujoy; Tallon, Jean-Marc - 2019
We review some of the (theoretical) economic implications of David Schmeidler's models of decision under uncertainty (Choquet expected utility and maxmin expected utility) in competitive market settings. We start with the portfolio inertia result of Dow and Werlang (1992), show how it does or...
Persistent link: https://www.econbiz.de/10012121980