Risk aversion is traditionally defined in the context of lotteries over monetary payoffs. This paper extends the notion … of risk aversion to a more general setup where outcomes (consequences) may not be measurable in monetary terms and people … risk aversion within neoclassical expected utility theory, a constant error/tremble model and a strong utility model of …

although risk can be measured, uncertainty cannot be measured. Even though risk can be measured, a simple symmetric measure … attempt at "measuring" risk or (fundamental) uncertainty is flawed. … surge in the stock market would be self-correcting. Recent papers have discussed the role of "uncertainty" and its …

The paper proposes a novel way to handle the relation between decision theory and uncertainty in the context of policy … design. Present risk governance is based primarily on two institutions - insurance markets and public risk governance … - supported by a powerful theory: the expected utility approach to risk. New systemic risks like those of nuclear war, pandemics …

of IEA formation when countries are risk neutral and another that explores the implications of uncertainty and risk …This paper analyses the formation of international environmental agreements (IEAs) under uncertainty, focusing on the … role of learning and risk aversion. It bridges two strands of literature: one focused on the role learning for the success …

-form expressions of welfare loss from shocks and epistemological uncertainty identify the interaction of (intertemporal) risk attitude … is comparable to numeric models used in policy advising. Uncertainty surrounding climate change remains large. The closed …, distributional moments, and the climatic shadow values. Welfare gains from reducing uncertainty about temperature feedbacks are much …

intergenerational inequality aversion and for risk aversion. If growth increases (reduces) intra-generational inequality, the SDR is …

Assuming a risk-neutral bank and assuming household utility to be exponential, we show how under information symmetry …