Consumers are often uninformed, or unsure, about the ambient level of environmental risk. An optimal policy must … jointly determine efficient levels of self-protection, information provision, and public risk mitigation efforts … risk. This welfare measure allows us to obtain a number of results that the traditional CV measure fails to offer. In …

economy with production and risk sharing, even if it performs well otherwise …

This article considers an agricultural production model of sequential nitrogen application under risk. Because of … random shocks between subsequent production stages, optimal fertilization decisions depend on the magnitude of farmers' risk … aversion (risk premium), and the possibility for farmers to process information (value of information). We propose a joint …