from the deterministic world developed in the base case to a dynamic and probabilistic world in which uncertainty and risk … also discusses how uncertainty and risk can be addressed and mitigated while managing the project. … analysis and the resulting outcomes from a predictive model are single values. In reality, uncertainty, which refers to …

-form expressions of welfare loss from shocks and epistemological uncertainty identify the interaction of (intertemporal) risk attitude … is comparable to numeric models used in policy advising. Uncertainty surrounding climate change remains large. The closed …, distributional moments, and the climatic shadow values. Welfare gains from reducing uncertainty about temperature feedbacks are much …

under uncertainty. Departing from the usual assumption of an aggregate good, the setting is a small open economy that faces … general, invalid when the vector of mean world prices is used. The rule in that form is valid when the coefficient of risk … aversion is 1. The error involved is small, however, even for values of that coefficient far from 1, including risk neutrality …

The paper reexamines the ethics of intergenerational risk. When risk re-solves gradually, earlier decisions cannot …, the intensity of risk, and the way risk resolves over time. The characterized class of reference-dependent utilitarian … welfare criteria: (i) disentangle aversion to intergenerational inequality from aversion to risk; (ii) value an early …

and with respect to non-risk uncertainty. The paper derives the resulting changes of the risk-free and the stochastic … ; discounting ; intertemporal substitutability ; risk aversion ; uncertainty …Uncertainty has an almost negligible impact on project value in the economic standard model. I show that a …

social risk (what kind of societies will future people be born into) rather than individual risk (what will happen to people …

of this general result to specific forms of uncertainty extends existing results to more general forms of risk and yields …The paper clarifies the link between changes in risk aversion and the effect on the consumption discount rate. In a … general framework that can cope with various forms of uncertainty, it is shown that the response of the consumption discount …

risk increases with the initial level of risk. Their reasoning is based on differences in the marginal utility of wealth …: first, for a risk-averse individual without a bequest motive, marginal WTP for survival does increase with the level of risk … initial risk on WTP for survival is reversed: the higher initial risk the lower the value of a statistical life. …

The paper reexamines the welfare economics of intergenerational risk. Risk and its resolution over time are modeled as … preferences to (i) disentangle aversion to intergenerational inequality from aversion to risk, (ii) exhibit a preference for early … resolution of risk, (iii) show different discounting formulas depending on the magnitude of risk and on the timing of its …