Uncertainty faced by individual firms appears to be heterogeneous. In this paper, I construct new empirical measures of firm-level uncertainty using data from the I/B/E/S and Compustat. These new measures reveal persistent differences in the degree of uncertainty facing individual firms not...

This draft PhD thesis analyzes four issues in the research field that consists of the intersection of environmental economics, uncertainty, and decision-making. 1. Economic investments that lead to environmental damages beyond repair - like cutting rainforests or emitting pollutants with long...

Unter dem Besitztumseffekt wird die Tatsache verstanden, daß Entscheider Alternativen bezüglich eines Referenzpunktes beurteilen und dabei Verluste stärker gewichten als Gewinne. Diese unterschiedliche Beurteilung spiegelt sich auch in einer starken Diskrepanz zwischen Kauf- und Verkaufspreis...

Recent theoretical developments relating to investment under uncertainty have highlighted the importance of irreversibility for the timing of investment expenditures and their expected returns. This has subsequently stimulated a growing empirical literature which examines uncertainty and...

The real options tradition originally predicted a decreasing relationship between uncertainty and investment, through the positive effect of higher uncertainty on the trigger level for revenue relative to costs. An opposing effect on the probability of reaching the level has been identified,...