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...

This paper presents a tractable model of a firm that chooses both the scale and timing of its investment. The value-maximizing investment policy is lumpy, and sensitivity analysis shows that greater demand volatility is associated with the firm choosing to invest in larger increments, less...