ascribed to the specific int eraction of consumption and portfolio choice in the determination of growth and welfare. …

two-period consumption and savings model for a loss-averse agent who measures utilityfrom consumption relative to a … of the return on saving. We find non-linearity in the fractionof wealth saved, where the specific saving pattern depends … on the sign of the real return on savings. The amount of saving is nondecreasing in initial wealth and the riskiness of …

uncertainty can delay investment and reduce the response to policy change. I provide theoretical and novel quantitative evidence … for these effects by focusing on trade policy, a ubiquitous but often overlooked source of uncertainty, when a firm's cost … market access, little theoretical and empirical work analyzes the value of WTO institutions for reducing uncertainty for …

consumption choice as well as on economic growth is ambiguous as it affects the mean as well as the variance of disposable income …

In this paper the impacts of income and consumption taxes are analyzed within a model of stochastic endogenous growth … with congestion. It is shown that the optimal amount of governmental input diminishes with uncertainty and that the optimal …

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 …

Maximising expected value is the classic doctrine in choice theory under empirical uncertainty, and a prominent … proposal in the emerging literature on normative uncertainty, i.e., uncertainty about the standard of evaluation. But how … difference lies in the perspective from which expectations are taken, or equivalently the amount of uncertainty packed into the …