stochastic optimization problem However under realistic descriptions of utility and uncertainty the optimal consumption/saving …The standard approach to modelling consumption/saving problems is to assume that the decisionmaker is solving a dynamic …

ascribed to the specific int eraction of consumption and portfolio choice in the determination of growth and welfare. …

stochastic pollution tax, which is uncorrelated with the technological uncertainty of pollution, is compared with a pure … uncertainty associated with pollution leads to an increase in abatement activities and therefore supports the corresponding …

environmental preferences and uncertainty on optimal financing is ambiguous. …

consumption choice as well as on economic growth is ambiguous as it affects the mean as well as the variance of disposable income …

In this paper the impacts of income and consumption taxes are analyzed within a model of stochastic endogenous growth … with congestion. It is shown that the optimal amount of governmental input diminishes with uncertainty and that the optimal …

uncertainty into Integrated Assessment Models (IAMs). Uncertainty is transformed into a risk-premium, damage-correction, region …. This risk premium quantifies what society would be willing to pay to insure against the uncertainty of the damages, and it …

Maximising expected value is the classic doctrine in choice theory under empirical uncertainty, and a prominent … proposal in the emerging literature on normative uncertainty, i.e., uncertainty about the standard of evaluation. But how … difference lies in the perspective from which expectations are taken, or equivalently the amount of uncertainty packed into the …