Economists tend to assume preferences as given (Becker and Stigler, 1977). They are the ultimate exogenous variable the basic and stable block on which economic models are built -. The exogeneity principle has been betrayed at times. Nevertheless, it is still the gate-keeper in support for the principle of parsimony of explanation, which economists have taken from Milton Friedman (1953) as thei...

Quantitative estimates of the impacts of climate change on economic outcomes are important for public policy. We show that the vast majority of estimates fail to account for well-established uncertainty in future temperature and rainfall changes, leading to potentially misleading projections. We reexamine seven well-cited studies and show that accounting for climate uncertainty leads to a much ...

In this paper we investigate three investment-consumption problems for a risk averse investor: (i) an investment only problem that involves utility from only terminal wealth, (ii) an investment-consumption problem that involves utility from only consumption, and (iii) an extended investment-consumption problem that involves utility from both consumption and terminal wealth. We model these probl...

This study aims to examine the impact of economic policy uncertainty (EPU) on green innovation in Chinese context. When policies are changed often, Economic Policy Uncertainty index rises. There is a dearth studies examining how EPU affects corporate innovation. research shows that between 2007 and 2021, would have negative inside corporations. Budgetary restraints cushion from effects (EPU). S...

This study examines the relationship between global economic policy uncertainty (GEPU) and bitcoin prices (BCP) employing rolling window method. The full sample test shows that there is no causality GEPU BCP. However, causal variables can be different when considering structural changes. finding of indicates in subsamples. It has found both positive negative bidirectional causalities BCP across...