As societies are increasingly concerned with risks, it is important to evaluate risks not only from an individual, but also from a societal perspective. This paper analyzes preferences of impartial spectators over different types of risk allocations across a group of individuals. We consider...

We propose a new paradigm to study coordination in complex social systems, such as financial markets, that accounts for fundamental uncertainty. This new context has features from prediction markets that have been shown previously to mitigate price bubbles in classical asset market experiments....

This article explores four questions. First, what theoretical frameworks help describe policy failure and success? Second, how might the decision that leads to failure or success be understood in terms of differing concepts of rationality and decisionmaking? Third, how does the discussion of...

We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated by the presence of uncertainty about the committee...

Climate change is likely to trigger abrupt and potentially persistent changes in the structure and function of marine ecosystems. Such ‘regime shifts' threaten the livelihoods of millions of people reliant on small-scale fisheries. Yet, it is largely unknown how resource users cope with regime...

We consider collective decisions under uncertainty, when agents have generalized Hurwicz preferences, a broad class allowing many different ambiguity attitudes, including subjective expected utility preferences. We consider sequences of acts that are "almost-objectively uncertain" in the sense...