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A micro decision-making utility model under uncertainty is presented as a complementary foundation for macro coronavirus models. The micro model consists of two functions, a risk averse utility function depending on wellness and a wellness random output which is a function of the input variable...
Persistent link: https://www.econbiz.de/10012243058
The paper focuses on forests management strategies for natural hazards of nonindustrial owners, in the case where the forest provides nontimber services. We introduce a basic two-period model where the private owner manages natural hazards on his forest thanks to the accumulation of savings on...
Persistent link: https://www.econbiz.de/10005789828
The effect of uncertainty on governance choice remains a puzzle. In this paper we investigate the influence of behavioral uncertainty and ambiguity as determinants of alliance governance choice. We argue that different governance forms address different uncertainty problems: behavioral...
Persistent link: https://www.econbiz.de/10013028285
We analyze the impact of trade policy uncertainty on investment in the euro area. Our identification strategy assumes that countries that are relatively more dependent on global trade networks exhibit a higher sensitivity of investment with respect to trade uncertainty. We find that the...
Persistent link: https://www.econbiz.de/10012892915
PPPs have been implemented broadly around the world in the infrastructure sector - water and sanitation, transports, energy and telecommunications - and, more recently, in the provision of public services -­ education, health, prisons, and water and waste management. Key aspects of the contract...
Persistent link: https://www.econbiz.de/10013056360
Uncertainty over economic policy plays a key role in economic outcomes. But evidence and quantification for emerging markets are elusive because of measurement and reverse causality issues. In this paper, we construct a news-based economic policy uncertainty (EPU) index for Turkey and assess how...
Persistent link: https://www.econbiz.de/10012895106
Using quarterly micro data on capacity utilization among Swedish manufacturing firms, we show that idiosyncratic factors are much more important than aggregate influences in explaining variation in capacity utilization across firms and over time. Idiosyncratic does not mean unpredictable,...
Persistent link: https://www.econbiz.de/10015195046
I study the role of firms' uncertainty in the transmission of forward guidance to investment. To do so, I employ a quarterly firm-level panel of U.S. publicly traded firms. I measure forward guidance shocks based on unexpected changes in the slope of the yield curve in a 30-minute window around...
Persistent link: https://www.econbiz.de/10013211594
If global warming is to stay below 2°C, there are four risks of assets stranding. First, substantial fossil fuel reserves will be stranded at the end of the fossil era. Second, this will be true for exploration capital too. Third, unanticipated changes in present or expected future climate...
Persistent link: https://www.econbiz.de/10012865168
When organizational structures and contractual arrangements face agents with a significant risk of termination in the short term, such agents may under-invest in projects whose results would be realized only in the long term. We use NBA data to study how risk of termination in the short term...
Persistent link: https://www.econbiz.de/10012937354