Uncertainty and Valuations: A Comment Available to Purchase

Cremers and Yan (2016) aim to provide “an additional litmus test for the uncertainty-convexity argument in Pástor and Veronesi (2003).” We challenge this view, as well as the authors’ related thoughts on the technology “bubble” of the late 1990s. Nonetheless, we agree with Cremers and Yan that our profession needs to think harder about the measurement of parameter uncertainty.