We apply a model of preferences for information to the domain of decision making under risk and ambiguity. An uncertain … unpleasant to think about, an individual tends to be averse to risk and ambiguity. Yet in circumstances in which thinking about … an information gap is pleasant, an individual may exhibit risk- and ambiguity-seeking. The model provides explanations …

In this paper, I examine the impact of ambiguity (Knightian uncertainty), alongside that of risk, on firms’ voluntary … disclosure decisions. I confirm the well-known result that an increase in risk— uncertainty over outcomes—is associated with an … which risk impacts managers’ disclosure decisions have been extensively studied in the accounting literature, no extant …

This study aims at characterizing the optimal regulation of risky activities when risk assessment is subjective as a … risk perceptions, which substantially affect the optimal intervention. To explore this issue, we construct a moral hazard … optimal fine level, which is in contrast to the effect of less risk-aversion. We then extend the analysis to the case where …

We study adaptation to climate change in a federalist setting. To protect themselves against an increase in flood risk …