Bovine tuberculosis - an increasingly rare event

An increasingly complex code.

An increasingly scented world

We know that, at least in the short term, a rise in temperature exponentially increases the emission rates of most biogenic volatile organic compounds (BVOCs). It does so by enhancing the enzymatic activities of synthesis, by raising the BVOC vapour pressure, and by decreasing the resistance of the diffusion pathway (Tingey et al., 1991). BVOC emissions are thus expected to increase strongly wi...

Bovine Tuberculosis

An Equilibrium Model of Rare-Event Premia

This paper studies the asset pricing implication of imprecise knowledge about rare events. Modeling rare events as jumps in the aggregate endowment, we explicitly solve the equilibrium asset prices in a pure-exchange economy with a representative agent who is averse not only to risk but also to model uncertainty with respect to rare events. The equilibrium equity premium has three components: t...

An Increasingly Fragile World