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resulting representation uses only basic tools from risk analysis, but employs them recursively. The paper extends the concept … framework permits a threefold disentanglement of intertemporal substitutability, Arrow-Pratt risk aversion, and smooth ambiguity …
Persistent link: https://www.econbiz.de/10013081381
assumption of (intertemporal) risk neutrality reduces the growth effect in social discounting and significantly amplifies the … importance of risk and correlation. Second, debate and models largely overlook the difference in attitude with respect to risk … and with respect to non-risk uncertainty. The paper derives the resulting changes of the risk-free and the stochastic …
Persistent link: https://www.econbiz.de/10013110758
assumption of (intertemporal) risk neutrality reduces the growth effect in social discounting and significantly amplifies the … importance of risk and correlation. Second, debate and models largely overlook the difference in attitude with respect to risk … and with respect to non-risk uncertainty. The paper derives the resulting changes of the risk-free and the stochastic …
Persistent link: https://www.econbiz.de/10009488887
The paper clarifies the link between changes in risk aversion and the effect on the consumption discount rate. In a … rate to a change in risk aversion depends on some fundamental properties of the considered uncertainties. The application … of this general result to specific forms of uncertainty extends existing results to more general forms of risk and yields …
Persistent link: https://www.econbiz.de/10010231715
-form expressions of welfare loss from shocks and epistemological uncertainty identify the interaction of (intertemporal) risk attitude …
Persistent link: https://www.econbiz.de/10011305430
The paper clarifies the link between changes in risk aversion and the effect on the consumption discount rate. In a … rate to a change in risk aversion depends on some fundamental properties of the considered uncertainties. The application … of this general result to specific forms of uncertainty extends existing results to more general forms of risk and yields …
Persistent link: https://www.econbiz.de/10010221085
severe harvest losses leads to more risk aversion and stronger overweighting of small probabilities. Higher losses are not …
Persistent link: https://www.econbiz.de/10011631008
How do voters respond to heightened risk? Dominant theories expect accountability issues to surface or distributional … exposure not only to risk but also to direct losses or self-selection into unfortunate circumstances. To circumvent this, I use … difference-in-differences estimates of hurricane nearly-hit areas in the US to study the effect of risk on vote choice. I find …
Persistent link: https://www.econbiz.de/10012844636
intergenerational inequality aversion and for risk aversion. If growth increases (reduces) intra-generational inequality, the SDR is …
Persistent link: https://www.econbiz.de/10013206181
Models (IAMs), which assumes no risk sharing across region, we introduce global risk sharing via a market for state … across regions. We estimate that such risk sharing scheme of climate risks could lead to welfare gains reducing the global … for considering risk sharing in IAMs, but also for potentially welfare increasing negotiations about sharing risks of …
Persistent link: https://www.econbiz.de/10010404114