The prospect theory is one of the most popular decision-making theories. It is based on the S-shaped utility function …, unlike the von Neumann and Morgenstern (NM) theory, which is based on the concave utility function. The S-shape brings in … mathematical challenges: simple extensions and generalizations of NM theory into the prospect theory cannot be frequently achieved …

risk, such as expected utility theory and prospect theory. Hence, to explain the evidence suggesting that agents are …

We estimate the impact of fiscal decentralization on different indicators of pollution for more than 80 countries from … 1970 to 2000. Our cross country estimates show that fiscal decentralization increases pollution. However, higher quality of …

industrial (waste water and dust) pollution. Auxiliary regressions show that conditional on income, northern provinces have lower … industrial waste water pollution; non-coastal and provinces with smaller secondary industry shares have lower industrial (waste … water, COD, and dust) pollution; provinces with smaller state-owned enterprises share have lower industrial COD pollution …

Recent literature proposes many variables as significant determinants of pollution. This paper gives an overview of … this literature and asks which of these factors have an empirically robust impact on water and air pollution, i.e. do not … water pollution. …