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This article reviews recent developments in revealed preference theory. It discusses the testable implications of theories of choice that are germane to specific economic environments. The focus is on expected utility in risky environments, subjected expected utility and maxmin expected utility...
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Recent theoretical work in the economics of climate change has suggested that climate policy is highly sensitive to … and empirical challenges for climate economics that have thus far been neglected - how should we "value" catastrophes as a … that the welfare functions traditionally used in climate economics are ill-equipped to deal with climate catastrophes in …
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This paper extends Harsanyi's Impartial Observer Theorem by introducing Knightian Uncertainty in the form of individual belief systems. It features an axiomatic framework of societal decision-making in the presence of individual uncertainty. The model allows the analysis of scenarios where...
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