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We develop a simple model of managing a system subject to pollution damage under risk of an abrupt and random jump in the damage coefficient. The model allows the full dynamic characterization of the optimal emission policies under uncertainty. The results, that imply prudent behavior due to...
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"The acclaimed author of the influential bestseller The Black Swan, Nicholas Nassim Taleb takes a next big step with a deceptively simple concept: the "antifragile." Like the Greek hydra that grows two heads for each one it loses, people, systems, and institutions that are antifragile not only...
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In this paper, employment adjustment at the firm level is estimated with a large panel of business survey data from … employment adjustment. Innovative firms are more successful; they increase employment and exhibit a higher utilization of … capacities. Employment adjustment also depends on competition. In monopolistic markets, the volatility of employment is higher …
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