All pages with keywords: welfare
Consumption smoothing and the welfare cost of uncertainty
When agents are unable to smooth consumption and have distorted beliefs about the likelihood of future income realisations, uncertainty about future states of the world has a direct effect on … read more »
On welfare frameworks and catastrophic climate risks
Journal of Environmental Economics and Management. Recent theoretical work in the economics of climate change has suggested that climate policy is highly sensitive to ‘fat-tailed’ risks of catastrophic outcomes (Weitzman, 2009). read more »
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