The objective of the paper is to analyze the risk management behavior of a non-industrial private forest owner under … uncertainty about the timber production. Two types of hedging strategies with harvesting decisions are studied: a financial … practice versus a physical one. We develop a two-period model of hedging and harvesting decisions when the forest owner values …

respect to reducing trihalomethanes (THMs) in their public drinking water system. THMs are an interesting environmental risk … to study. First they are a low-level risk created as a byproduct (via chlorination) of reducing the much larger risk of … magnitudes to respondents. Respondents were randomly assigned to different risk levels and statistical tests reject the …

support for the hypothesis that attitude to risk and attitude to ambiguity are two independent phenomena. In fact in this … experiment, decision-makers are both risk-seekers (i.e., the mean WTP for insurance is on average smaller than the expected value … of the loss) and ambiguity averse (i.e., the mean WTP for insurance is on average higher for an ambiguous risk than for a …

:contingent claims (CC) with risk neutral valuation and dynamic programming (DP) using a constant risk adjusted discount rate … considered for which CC and DP with a constant discount rate are consistent with each other.An optimal tree harvesting example is … (such as futures prices) that allow the estimation of the market price of risk or convenience yield. Even when such data do …

The paper reexamines the ethics of intergenerational risk. When risk re-solves gradually, earlier decisions cannot …, the intensity of risk, and the way risk resolves over time. The characterized class of reference-dependent utilitarian … welfare criteria: (i) disentangle aversion to intergenerational inequality from aversion to risk; (ii) value an early …

Modeling the price risk of CO2 certificates is one important aspect of integral corporate risk management related to … emissions trading. The paper presents a risk model which may be the basis for evaluating the risk of emission certificate prices …

is a new risk factor for enterprises taking part in this system. In this paper, we analyze how risk emerging from … loss account accounting for uncertainties and dependencies. Consequently, this model provides a basis for risk assessment …