. Policymakers have private costs of active policies and compete internationally in a yardstick competition which gives rise to a … choice deviate from what citizens want but that an increase in uncertainty about policy outcomes decreases this distortion. …

uncertainty. In particular, though in the deterministic case the introduction or lowering of a price cap (above marginal cost …

and uncertainty? We build a model where countries disagree on policy targets and how policies affect the economies, and … show that uncertainty not only determines the type of cooperative policy but also whether countries want to cooperate at … all. Countries facing larger model disagreement also need to face larger uncertainty with respect to policy spillovers to …

We address the problem of choosing a portfolio of policies under "deep uncertainty." We introduce the idea of belief …

economics, uncertainty, and decision-making. 1. Economic investments that lead to environmental damages beyond repair - like … uncertain pay-offs. In the context of irreversible investments under uncertainty two different concepts of option value were … uncertainty being resolved over time. This means that common knowledge in the environmental and resource economic literature with …

. Regulatory risk is captured by uncertainty about the policy variables in the regulator's objective function: weights attached to …The paper provides a tractable, analytical framework to study regulatory risk under optimal incentive regulation … profits and costs of public funds. Results are as follows: 1) The regulator's reaction to regulatory risk depends on the …