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

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 …

oligopoly characterized by a homogeneous non-storable good, sticky prices and uncertainty. Our model nests the classical dynamic …-time limit of our model with no uncertainty and no risk-aversion. Focusing on the continuous-time limit of the infinite horizon … inversely related to the degrees of uncertainty and risk-aversion. However, the effect of uncertainty and risk …