pervasive uncertainty is best modeled as ambiguity rather than risk, as a set of situations where multiple prior probability …Uncertainty is ubiquitous in environmental economics: the field studies interactions between socio-economic and …

Climate change is real and dangerous. Exactly how bad it will get, however, is uncertain. Uncertainty is particularly … sensitivity in fact be bad news? The lowered bottom value also implies higher uncertainty about the temperature increase, a …

Climate change is real and dangerous. Exactly how bad it will get, however, is uncertain. Uncertainty is particularly … bottom value also implies higher uncertainty about the temperature increase, a definite bad. Under reasonable assumptions …

that the full risk sharing equilibrium may not require much diversification of equity portfolios when there is price …Well-known empirical puzzles in international macroeconomics concern the large divergence of equilibrium outcomes for … consumption across countries from the predictions of models with full risk sharing. It is commonly believed that these risk …