which human lives and the economy are at stake, we argue that using ideas and constructs from modern decision theory, even …

A decision maker suspects that parameters of a set of structured parametric probability models vary over time in … probability models to be statistically close to the structured parametric models. Because the decision maker is averse to … ambiguity, he uses a max-min criterion to evaluate alternative plans. We use this decision theory to construct competitive …

This paper uses insights from decision theory under uncertainty to explore research challenges in climate economics. We … embrace a broad perspective of uncertainty with three components: risk (probabilities assigned by a given model), ambiguity … for using models to provide policy guidance. The uncertainty components and their implications for decision theory help us …

the long-term implications for risk pricing. This measure is typically distinct from the physical and the risk neutral … observational implications of risk adjustments and investor beliefs as reflected in asset market data; ii) catalog alternative forms … of misspecification of parametric valuation models; and iii) characterize how long-term components of growth-rate risk …