Anscombe & Aumann (1963) offer a definition of subjective probability in terms of comparisons with objective … probabilities. That definition - which has provided the basis for much of the succeeding work on subjective probability - presumes … that the subjective probability of an event is independent of the prize consequences of that event, a property we term …

that the less-plausible hypothesis had positive probability, they ignored this hypothesis when using the hypotheses to make …

This chapter provides a critical review of the theories of decision making under risk and under uncertainty and the …

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

scientific uncertainty about the effects of increased greenhouse gas concentrations on climate. Criticisms of this controversial …

&D outlays. Moreover, as predicted by the real options theory, our results suggest that product market uncertainty reduces R …This paper examines the effects of uncertainty and flexible labour contracts on the Research and Development (R …&D efforts and that flexible labour contracts countervail the adverse effect of uncertainty on R&D. …

-world quantities with transparent uncertainty quantification, than when based on “optimal” model-land quantities obtained from …