Fredrik Armerin defended his thesis on 19 November
Fredrik Armerin defended his dissertation on November 19.
Fredrik Armerin successfully defended his dissertation Studies on Uncertainties in Economics on November 19.
Fredrik Armerin at his defense.
About the thesis
The dissertation examines uncertainty shapes investment decisions and economic behaviour.
The first paper shows that ambiguity leads to earlier irreversible investments, e.g. in large green projects, compared to traditional risk-based models. When the net present value of the investment's revenue is low, uncertainty can eliminate the value of waiting, and a high level of ambiguity pushes the decisions rule towards the classic NPV rule. The second paper compares two formulations of ambiguity and shows that they can generate markedly different outcomes despite their theoretical connection. These differences are illustrated through applications, including investment decisions in an Arrow–Debreu market. The third paper defines three levels of uncertainty (risk, ambiguity, and model misspecification) and uses several economic examples to demonstrate why distinguishing between them is crucial for analysis and modelling.
About the defense
The opponent at the defense was Massimo Marinacci from the Department of Decision Science at Bocconi University. The grading committee consisted of Ola Andersson, Uppsala University, Alexander Herbertsson, University of Gothenburg, and Tatjana Pavlenko, Uppsala University. The supervisors were Mikael Bask and Chuan-Zhong Li.