A Precautionary Tale of Uncertain Tail Fattening
Author
Abstract
Suggested Citation
DOI: 10.1007/s10640-013-9646-y
Download full text from publisher
As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.
Other versions of this item:
- Weitzman, Martin L., 2013. "A Precautionary Tale of Uncertain Tail Fattening," Scholarly Articles 12840806, Harvard University Department of Economics.
- Martin L. Weitzman, 2012. "A Precautionary Tale of Uncertain Tail Fattening," NBER Working Papers 18144, National Bureau of Economic Research, Inc.
References listed on IDEAS
- Johanna Etner & Meglena Jeleva & Jean‐Marc Tallon, 2012.
"Decision Theory Under Ambiguity,"
Journal of Economic Surveys, Wiley Blackwell, vol. 26(2), pages 234-270, April.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2009. "Decision theory under uncertainty," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00429573, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2012. "Decision theory under ambiguity," PSE-Ecole d'économie de Paris (Postprint) halshs-00643580, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2009. "Decision theory under uncertainty," Documents de travail du Centre d'Economie de la Sorbonne 09064, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, revised Nov 2009.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2012. "Decision theory under ambiguity," Post-Print halshs-00643580, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2012. "Decision theory under ambiguity," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00643580, HAL.
- Millner, Antony & Dietz, Simon & Heal, Geoffrey, 2010.
"Ambiguity and climate policy,"
LSE Research Online Documents on Economics
37595, London School of Economics and Political Science, LSE Library.
- Antony Millner & Simon Dietz & Geoffrey Heal, 2010. "Ambiguity and Climate Policy," NBER Working Papers 16050, National Bureau of Economic Research, Inc.
- Antony Millner & Simon Dietz & Geoffrey Heal, 2010. "Ambiguity and climate policy," GRI Working Papers 24, Grantham Research Institute on Climate Change and the Environment.
- Martin L. Weitzman, 2009.
"On Modeling and Interpreting the Economics of Catastrophic Climate Change,"
The Review of Economics and Statistics, MIT Press, vol. 91(1), pages 1-19, February.
- Weitzman, Martin L., 2009. "On Modeling and Interpreting the Economics of Catastrophic Climate Change," Scholarly Articles 3693423, Harvard University Department of Economics.
- Claude HENRY & Marc HENRY, 2002.
"Formalization and Applications of the Precuationary Principle,"
LIDAM Discussion Papers IRES
2002009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Claude Henry & Marc Henry, 2002. "Formalization and applications of the Precautionary Principle," Working Papers hal-00243001, HAL.
- Robert T. Clemen & Robert L. Winkler, 1999. "Combining Probability Distributions From Experts in Risk Analysis," Risk Analysis, John Wiley & Sons, vol. 19(2), pages 187-203, April.
- Johanna Etner & Meglena Jeleva & Jean‐Marc Tallon, 2012.
"Decision Theory Under Ambiguity,"
Journal of Economic Surveys, Wiley Blackwell, vol. 26(2), pages 234-270, April.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2009. "Decision theory under uncertainty," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00429573, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2012. "Decision theory under ambiguity," PSE - Labex "OSE-Ouvrir la Science Economique" halshs-00643580, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2009. "Decision theory under uncertainty," Documents de travail du Centre d'Economie de la Sorbonne 09064, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, revised Nov 2009.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2012. "Decision theory under ambiguity," PSE-Ecole d'économie de Paris (Postprint) halshs-00643580, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2012. "Decision theory under ambiguity," Post-Print halshs-00643580, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2012. "Decision theory under ambiguity," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00643580, HAL.
- -, 2009. "The economics of climate change," Sede Subregional de la CEPAL para el Caribe (Estudios e Investigaciones) 38679, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2009.
"Decision theory under uncertainty,"
Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers)
halshs-00429573, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2009. "Decision theory under uncertainty," Post-Print halshs-00429573, HAL.
- Johanna Etner & Meglena Jeleva & Jean-Marc Tallon, 2009. "Decision theory under uncertainty," Documents de travail du Centre d'Economie de la Sorbonne 09064, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, revised Nov 2009.
- Martin L. Weitzman, 2011.
"Fat-Tailed Uncertainty in the Economics of Catastrophic Climate Change,"
Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 5(2), pages 275-292, Summer.
- Weitzman, Martin L., 2011. "Fat-Tailed Uncertainty in the Economics of Catastrophic Climate Change," Scholarly Articles 34728611, Harvard University Department of Economics.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Hans-Jürgen Nantke & Alfred Endres & Frederik Schaff & Till Requate & Susanne Dröge, 2013. "Failure of the Emission Trading: Is Europe Losing its Pioneering Role in Climate Policy?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 66(12), pages 03-15, June.
- Max Gillman & Michal Kejak & Michal Pakoš, 2015.
"Learning about Rare Disasters: Implications For Consumption and Asset Prices,"
Review of Finance, European Finance Association, vol. 19(3), pages 1053-1104.
- Max Gillman & Michal Kejak & Michal Pakos, 2014. "Learning about Rare Disasters: Implications for Consumptions and Asset Prices," CEU Working Papers 2014_2, Department of Economics, Central European University.
- Max Gillman & Michal Kejak & Michal Pakos, 2014. "Learning about Rare Disasters: Implications For Consumption and Asset Prices," Working Papers 1002, University of Missouri-St. Louis, Department of Economics.
- Max Gillman & Michal Kejak & Michal Pakos, 2014. "Learning about Disaster Risk: Joint Implications for Consumption and Asset Prices," CERGE-EI Working Papers wp507, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
- In Chang Hwang & Richard S.J. Tol & Marjan W. Hofkes, 2013. "Active Learning about Climate Change," Working Paper Series 6513, Department of Economics, University of Sussex Business School.
- Lopez, Ramon E. & Pastén, Roberto & Gutiérrez Cubillos, Pablo, 2022. "Climate change in times of economic uncertainty: A perverse tragedy of the commons?," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 209-225.
- Edward B. Barbier & Joanne C. Burgess, 2019. "Scarcity and Safe Operating Spaces: The Example of Natural Forests," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 74(3), pages 1077-1099, November.
- Sturla F. Kvamsdal & Ivan Belik & Arnt Ove Hopland & Yuanhao Li, 2021. "A Machine Learning Analysis of the Recent Environmental and Resource Economics Literature," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 79(1), pages 93-115, May.
- Hwang, In Chang, 2014. "Fat-tailed uncertainty and the learning-effect," MPRA Paper 53671, University Library of Munich, Germany.
- Hwang, In Chang & Tol, Richard S.J. & Hofkes, Marjan W., 2016. "Fat-tailed risk about climate change and climate policy," Energy Policy, Elsevier, vol. 89(C), pages 25-35.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Hwang, In Chang & Reynès, Frédéric & Tol, Richard S.J., 2017. "The effect of learning on climate policy under fat-tailed risk," Resource and Energy Economics, Elsevier, vol. 48(C), pages 1-18.
- Richard S. J. Tol & In Chang Hwang & Frédéric Reynès, 2012.
"The Effect of Learning on Climate Policy under Fat-tailed Uncertainty,"
Working Paper Series
5312, Department of Economics, University of Sussex Business School.
- Hwang, In Chang & Reynes, Frederic & Tol, Richard, 2014. "The effect of learning on climate policy under fat-tailed uncertainty," MPRA Paper 53681, University Library of Munich, Germany.
- William Brock & Anastasios Xepapadeas, 2015.
"Modeling Coupled Climate, Ecosystems, and Economic Systems,"
DEOS Working Papers
1508, Athens University of Economics and Business.
- W. A. Brock & A. Xepapadeas, 2015. "Modeling Coupled Climate, Ecosystems, and Economic Systems," Working Papers 2015.66, Fondazione Eni Enrico Mattei.
- Brock, W. A. & Xepapadeas, A., 2015. "Modeling Coupled Climate, Ecosystems, and Economic Systems," Climate Change and Sustainable Development 206837, Fondazione Eni Enrico Mattei (FEEM).
- Bond, Craig A. & Iverson, Terrence, 2011. "Modeling Information in Environmental Decision-Making," Western Economics Forum, Western Agricultural Economics Association, vol. 10(2), pages 1-17.
- Geoffrey Heal & Antony Millner, 2013.
"Uncertainty and decision in climate change economics,"
GRI Working Papers
108, Grantham Research Institute on Climate Change and the Environment.
- Geoffrey Heal & Antony Millner, 2013. "Uncertainty and Decision in Climate Change Economics," NBER Working Papers 18929, National Bureau of Economic Research, Inc.
- Zheng, Shiyuan & Wang, Kun & Chan, Felix T.S. & Fu, Xiaowen & Li, Zhi-Chun, 2022. "Subsidy on transport adaptation investment-modeling decisions under incomplete information and ambiguity," Transportation Research Part B: Methodological, Elsevier, vol. 162(C), pages 103-129.
- Simon Levin & Anastasios Xepapadeas, 2021.
"On the Coevolution of Economic and Ecological Systems,"
Annual Review of Resource Economics, Annual Reviews, vol. 13(1), pages 355-377, October.
- Simon Levin & Anastasios Xepapadeas, 2020. "On the Co-evolution of Economic and Ecological Systems," DEOS Working Papers 2034, Athens University of Economics and Business.
- Takao Asano & Hiroko Okudaira & Masaru Sasaki, 2015. "An experimental test of a search model under ambiguity," Theory and Decision, Springer, vol. 79(4), pages 627-637, December.
- Dietz, Simon, 2012. "The treatment of risk and uncertainty in the US social cost of carbon for regulatory impact analysis," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 6, pages 1-12.
- Carvalho, M., 2012. "Static vs Dynamic Auctions with Ambiguity Averse Bidders," Other publications TiSEM 1f078e67-88ec-46e3-ae18-1, Tilburg University, School of Economics and Management.
- Gonçalo Faria & João Correia-da-Silva, 2012.
"The price of risk and ambiguity in an intertemporal general equilibrium model of asset prices,"
Annals of Finance, Springer, vol. 8(4), pages 507-531, November.
- Gonçalo Faria & João Correia-da-Silva, 2011. "The Price of Risk and Ambiguity in an Intertemporal General Equilibrium Model of Asset Prices," FEP Working Papers 399, Universidade do Porto, Faculdade de Economia do Porto.
- Matteo Coronese & Francesco Lamperti & Francesca Chiaromonte & Andrea Roventini, 2018.
"Natural Disaster Risk and the Distributional Dynamics of Damages,"
LEM Papers Series
2018/22, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- Matteo Coronese & Francesco Lamperti & Francesco Chiaromonte & Andrea Roventini, 2018. "Natural disaster Risk and the Distributional Dynamics of Damages," Documents de Travail de l'OFCE 2018-26, Observatoire Francais des Conjonctures Economiques (OFCE).
- Frederick Ploeg, 2021. "Carbon pricing under uncertainty," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 28(5), pages 1122-1142, October.
- Amit Kothiyal & Vitalie Spinu & Peter Wakker, 2014. "An experimental test of prospect theory for predicting choice under ambiguity," Journal of Risk and Uncertainty, Springer, vol. 48(1), pages 1-17, February.
- Freeman, Mark C. & Groom, Ben, 2016.
"How certain are we about the certainty-equivalent long term social discount rate?,"
Journal of Environmental Economics and Management, Elsevier, vol. 79(C), pages 152-168.
- Mark C. Freeman & Ben Groom, 2013. "How certain are we about the certainty-equivalent long term social discount rate?," GRI Working Papers 138, Grantham Research Institute on Climate Change and the Environment.
- Nathalie Chappe & Raphaël Giraud, 2013. "Confidence, Optimism and Litigation: A Litigation Model under Ambiguity," Working Papers 2013-05, CRESE.
- Stern, Nicholas, 2014. "Ethics, equity and the economics of climate change paper 2: economics and politics," LSE Research Online Documents on Economics 62704, London School of Economics and Political Science, LSE Library.
- Federica Ceron & Vassili Vergopoulos, 2020. "Recursive objective and subjective multiple priors," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-02563318, HAL.
- Cinfrignini, Andrea & Petturiti, Davide & Vantaggi, Barbara, 2023. "Dynamic bid–ask pricing under Dempster-Shafer uncertainty," Journal of Mathematical Economics, Elsevier, vol. 107(C).
- Julian Thimme & Clemens Völkert, 2015. "High order smooth ambiguity preferences and asset prices," Review of Financial Economics, John Wiley & Sons, vol. 27(1), pages 1-15, November.
More about this item
Keywords
Climate change; Fat tail; Uncertainty; Catastrophe;All these keywords.
JEL classification:
- Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:enreec:v:55:y:2013:i:2:p:159-173. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.