time. For this purpose, we apply Viscusi's prospective reference theory to a corporate context. We find that firms learn …

Following the real option literature, whether or not uncertainty shocks drive business cycles depends on the degree of … adjustment frictions. The more plants freeze and remain inactive in response to increased uncertainty, the stronger the adverse … in uncertainty reduces hiring, quits and job creation, while it raises layoffs and job destruction. Our finding suggests …

levels and carbon prices, all of which are subject to significant uncertainty. To deal with these uncertainties, we apply the …

experiment with 66 students to measure the house-money effect on their risk preferences. They received an amount of money with … group got it the day of the experiment. We find that, when facing possible losses, people in the treatment group showed a … behave according to expected-utility theory, the risk-attitude adjustment corresponds to an average increase of 1 in their …