uncertainty about abatement costs and environmental damages. Such a ‘Rules Treaty’ comprises a scaling factor and a refunding rule …

uncertainty about abatement costs and environmental damages. Such a ‘Rules Treaty’ comprises a scaling factor and a refunding rule …

generations, even if the underlying productivity risk is small or zero. We conclude that a joint policy package of orderly default …

We introduce uncertainty in our general equilibrium model with multi-member groups, following the classical state …-space approach of Arrow-Debreu. A host of new interesting economic issues emerge. First, risk averse agents can attempt to insure … an open question. Second, one may ask more specifically what is the role of social groups for risk sharing and risk …

sufficient conditions for the existence of competitive equilibria with endogenous household formation and public choice …