of interest. Max-min expected utility over that set gives rise to equilibrium prices of model uncertainty expressed as … a baseline model that generate countercyclical prices of uncertainty …

asset pricing uncertainty premia and design of robust macroeconomic policies. …

A representative investor confronts two levels of model uncertainty. The investor has a set of well defined parametric … into marginal valuations that induce time variations in market prices of uncertainty. These arise because the …

method for approximating solutions of dynamic stochastic problems and (2) to quantify the effects on decisions of uncertainty …

analysis to address underlying model uncertainty in both economic and climate dynamics. Third, we allow climate change to …

We use decision theory to confront uncertainty that is sufficiently broad to incorporate “models as approximations.” We …. The decision maker confronts uncertainty through the lens of these models, but also views these models as simplifications …, and hence, as misspecified. We extend the max-min analysis under model ambiguity to incorporate the uncertainty induced by …

The design and conduct of climate change policy necessarily confronts uncertainty along multiple fronts. We explore the … economically motivated approach to uncertainty quantification. We show how this approach reduces the many facets of uncertainty … into a low dimensional characterization that depends on the uncertainty aversion of a decision-maker or fictitious social …