The curvature properties of the indirect utility function imply a set of refutable implications in the form of comparative static results and symmetric relations for the competitive firm operating under uncertainty. These hypotheses, first derived and empirically tested under output price...

This discussion paper will briefly examine the concepts of risk and uncertainty, and the relevance of risk to decision making about animal health programs. Various techniques for dealing with uncertain cash flows will then be discussed, with particular emphasis on three extensions to the...

Questions relating to the allocation and management of risk have played a central role in the development of the National Water Initiative, particularly as it has applied to the Murray-Darling Basin. The central issues of efficiency and equity in allocations are best understood by considering...

The effective design and implementation of interventions that reduce vulnerability and poverty require a solid understanding of underlying poverty dynamics and associated behavioral responses. Stochastic and dynamic benefit streams can make it difficult for the poor to learn the value of such...

The curvature properties of the indirect utility function imply a set of refutable implications in the form of comparative static results and symmetric relations for the competitive firm operating under uncertainty. These hypotheses, first derived and empirically tested under output price...

Economic uncertainty has to do with the consequences of actions under different circumstances. This raises two questions: First, how sensitive are the outcomes of actions to variations in the environment? Second, how clearly can we distinguish between environments? Robustness comes at the price...

Over recent years, parking policy has become a key element of urban transport policy and planning in many countries. The need of urban mobility, mostly guaranteed by private cars, in facts, impacts on the policy and regulations of parking areas. The issue is particularly relevant for work...

In an aging society, it becomes more and more important to understand how aging affects decision making. Older adults have to face many situations that require consequential financial decisions. In the present study, we examined the effects of aging on decisions in two domains of uncertainty:...

Uncertainty in economics is generated by 'nature' but also by the model we use to 'produce the future'. The production of the future comprises besides the allocation of resources on different instruments (technologies, financial products) also the design of the instruments. Specialization and...

This paper interprets Knight’s views of the firm from the standpoint of his theory of human agency. Focusing on the coordination perspective, this paper argues that Knightian firms are institutions which deal with intersubjective uncertainty. The fundamental principle underlying an organized...