Browsing Department of Economics (ECO) by Subject "Uncertainty"
Now showing items 1-4 of 4
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Title:The role of news-based uncertainty indices in predicting oil markets : a hybrid nonparametric quantile causality method Author(s):BEKIROS, Stelios D.; BALCILAR, Mehmet; GUPTA, RanganDate:2016Citation:Empirical economics : Journal of the Institute for Advanced Studies, 2016, OnlineFirstType:ArticleAbstract:A recent strand in the literature emphasizes the role of news-based economic policy uncertainty (EPU) and equity market uncertainty (EMU) as drivers of oil price movements. Against this backdrop, this paper uses a kth-order ...
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Title:Risk and ambiguity in models of business cycles Author(s):BACKUS, David; FERRIERE, Axelle; ZIN, StanleyDate:2015Citation:Journal of monetary economics, 2015, Vol. 69, pp. 42-63Type:ArticleAbstract:We inject aggregate uncertainty - risk and ambiguity - into an otherwise standard business cycle model and describe its consequences. We find that increases in uncertainty generally reduce consumption, but they do not ...
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Title:Decision Makers Facing Uncertainty: Theory Versus Evidence Author(s):GIORDANI, Paolo; SCHLAG, Karl H.; ZWART, SanneDate:2010Citation:Journal of Economic Psychology, 2010, 31, 4, 659-675Type:ArticleAbstract:This paper aims at assessing cultural differences in uncertainty attitude across Europe. We select questions from the European Values Survey (EVS) capturing salient features of uncertain scenarios (safe versus uncertain, ...
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Title:Decision Makers Facing Uncertainty: Theory versus Evidence Author(s):GIORDANI, Paolo; SCHLAG, Karl H.; ZWART, SanneDate:2007Type:Working PaperSeries/Number:EUI MWP; 2007/27Abstract:We consider three competing normative theories of how to make choices when facing uncertainty: subjective expected utility, maximin utility and minimax regret. In simple decision problems, we compare how decision makers ...