and with respect to non-risk uncertainty. The paper derives the resulting changes of the risk-free and the stochastic …Uncertainty has an almost negligible impact on project value in the economic standard model. I show that a … comprehensive evaluation of uncertainty and uncertainty attitude changes this picture fundamentally. The analysis relies on the …

, clean technological progress, as well as uncertainty about climatic and economic factors, lead to lower emissions and … relative to a 'straw man' model with perfect capital mobility, fixed abatement costs and no uncertainty. …

The paper analyzes optimal climate policy under uncertainty. It endows a recent quantitative analytic integrated … assessment model (IAM) with long-run risk, adapting methods from the asset pricing literature to deal with endogenous climate … risk. The model solves in closed-form for general degrees of risk aversion, stochastic climate feedbacks, and a stochastic …

and with respect to non-risk uncertainty. The paper derives the resulting changes of the risk-free and the stochastic …Uncertainty has an almost negligible impact on project value in the economic standard model. I show that a … comprehensive evaluation of uncertainty and uncertainty attitude changes this picture fundamentally. The analysis relies on the …

announcements, can trap the economy into a vicious circle of credibility loss, carbon-intensive investments and increasing risk …