. Uncertainty about the future rate of growth of the economy and emissions and the risk of macroeconomic disasters (tail risks) also …

and costs of precaution are ex-ante uncertain, and this places a risk burden on both injurers and victims. The optimal … policy should, at the same time, strike a balance between benefits and costs of the measures, and attenuate the ex-ante risk … (positive or negative) and their disposition towards risk. With corrective taxes, it also depends on the elasticity of …