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Author: Robert Nau
Publisher: Springer Science & Business Media
ISBN: 940171360X
Category : Business & Economics
Languages : en
Pages : 269
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Book Description
The 1980s and 1990s have been a period of exciting new developments in the modelling of decision-making under risk and uncertainty. Extensions of the theory of expected utility and alternative theories of `non-expected utility' have been devised to explain many puzzles and paradoxes of individual and collective choice behaviour. This volume presents some of the best recent work on the modelling of risk and uncertainty, with applications to problems in environmental policy, public health, economics and finance. Eighteen papers by distinguished economists, management scientists, and statisticians shed new light on phenomena such as the Allais and St. Petersburg paradoxes, the equity premium puzzle, the demand for insurance, the valuation of public health and safety, and environmental goods. Audience: This work will be of interest to economists, management scientists, risk and policy analysts, and others who study risky decision-making in economic and environmental contexts.
Author: Robert Nau
Publisher: Springer Science & Business Media
ISBN: 940171360X
Category : Business & Economics
Languages : en
Pages : 269
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Book Description
The 1980s and 1990s have been a period of exciting new developments in the modelling of decision-making under risk and uncertainty. Extensions of the theory of expected utility and alternative theories of `non-expected utility' have been devised to explain many puzzles and paradoxes of individual and collective choice behaviour. This volume presents some of the best recent work on the modelling of risk and uncertainty, with applications to problems in environmental policy, public health, economics and finance. Eighteen papers by distinguished economists, management scientists, and statisticians shed new light on phenomena such as the Allais and St. Petersburg paradoxes, the equity premium puzzle, the demand for insurance, the valuation of public health and safety, and environmental goods. Audience: This work will be of interest to economists, management scientists, risk and policy analysts, and others who study risky decision-making in economic and environmental contexts.
Author: Mark Machina
Publisher: Newnes
ISBN: 0444536868
Category : Business & Economics
Languages : en
Pages : 897
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Book Description
The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance Divides coverage between theoretical, empirical, and experimental findings Makes the economics of risk and uncertainty accessible to scholars in fields outside economics
Author: Daniel W. Bromley
Publisher: Springer Science & Business Media
ISBN: 9401129541
Category : Business & Economics
Languages : en
Pages : 225
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Book Description
We have undertaken this volume in the belief that there is now sufficient research completed on environmental risk to justify a retrospective assessment of what is known. Our authors and our intended audience are eclectic indeed. Environ mental risk assessment receives increasing attention in the media today. The populace is practically assaulted with stories, with anecdotes, and with conflicting evidence. It is our hope that these chapters will provide the reader with a comprehensive glimpse of a fast-growing field in public policy. No complete survey of the literature would be possible or meaningful. We offer here instead the integrative thoughts of some of the most respected analysts in the field. We believe that the coverage is coherent, the perspectives are illuminating, and the individual "treatments deserving of careful study. We are grateful to Warren Samuels of Michigan State University who is editor of the Kluwer series on recent economic thought. We are also grateful to our Kluwer editor, Zach Rolnik. Both have been gracious in their toleration of unconscionable delays. IX The Social Response to Environmental Risk Policy Formulation in an Age of Uncertainty 1 ENTITLEMENTS AND PUBLIC POLICY IN ENVIRONMENTAL RISKS Daniel W. Bromley* [all rights] are conditional and derivative ... they are derived from the end or purpose of the society in which they exist. They are conditional on being used to the attainment of that end.
Author: Institute of Medicine
Publisher: National Academies Press
ISBN: 0309290236
Category : Political Science
Languages : en
Pages : 280
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Book Description
The U.S. Environmental Protection Agency (EPA) is one of several federal agencies responsible for protecting Americans against significant risks to human health and the environment. As part of that mission, EPA estimates the nature, magnitude, and likelihood of risks to human health and the environment; identifies the potential regulatory actions that will mitigate those risks and protect public health1 and the environment; and uses that information to decide on appropriate regulatory action. Uncertainties, both qualitative and quantitative, in the data and analyses on which these decisions are based enter into the process at each step. As a result, the informed identification and use of the uncertainties inherent in the process is an essential feature of environmental decision making. EPA requested that the Institute of Medicine (IOM) convene a committee to provide guidance to its decision makers and their partners in states and localities on approaches to managing risk in different contexts when uncertainty is present. It also sought guidance on how information on uncertainty should be presented to help risk managers make sound decisions and to increase transparency in its communications with the public about those decisions. Given that its charge is not limited to human health risk assessment and includes broad questions about managing risks and decision making, in this report the committee examines the analysis of uncertainty in those other areas in addition to human health risks. Environmental Decisions in the Face of Uncertainty explains the statement of task and summarizes the findings of the committee.
Author: Steve Hinchliffe
Publisher: Psychology Press
ISBN: 9780415222907
Category : Business & Economics
Languages : en
Pages : 182
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Book Description
This fascinating new book draws on insights from across th social sciences - from psychology, economics and geography as well as sociology - to examine the changing character of society and nature.
Author: Justus Wesseler
Publisher: Edward Elgar Publishing
ISBN: 9781843766094
Category : Environmental economics
Languages : en
Pages : 0
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Book Description
They begin by studying various environmental issues such as climate change and biodiversity conservation to underline the importance of identifying different forms of uncetainty have on economic development and environmental policies, and study the attitudes of different user-groups to these issues. Finally, they examine the natural resource management dilemmas faced by the private sector inclding issues of optimal resource allocation, insurance problems and consumer behaviour.
Author: Frank H. Knight
Publisher: Cosimo, Inc.
ISBN: 1602060053
Category : Business & Economics
Languages : en
Pages : 401
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Book Description
A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Author: Graciela Chichilnisky
Publisher: Springer Science & Business Media
ISBN: 9401148929
Category : Business & Economics
Languages : en
Pages : 342
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Book Description
of ecological (also biological) variables b which interact in their dynamic t evolution: det dbt dt = f (et, bt)' dt = 9 (et, bt)ยท Among the solution paths to this interaction between economic and ecologi cal variables, we look for those which are sustainable. Sustainable paths are typically those along which the values of certain key stocks are always pos itive, these key stocks being important environmental resources. The types of paths on which certain variables can be positive forever include station ary solutions with appropriate positivity conditions, or limit cycles or chaotic attractors satisfying the same positivity conditions. These paths, and the paths which approach them, constitute the set of sustainable paths. From amongst these we have to choose one or more which are in some sense the best. Note that rather than imposing positivity of certain stocks in the long run as a condition for sustainability, we would prefer to derive this as a characteristic of optimal solutions from more fundamental judgements about the valuation of stocks and flows: this is the route pursued by the papers in this volume. The introductory paper by Heal in Section I reviews these matters in gen eral terms, not going into technical details: it discusses the precedents for a concept of sustainability in welfare economics, and reviews alternative opti mality concepts and their connection to sustainability.
Author: M. B. A. van Asselt
Publisher: Springer Science & Business Media
ISBN: 9780792366560
Category : Business & Economics
Languages : en
Pages : 454
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Book Description
This volume is intended to stimulate a change in the practice of decision support, advocating an interdisciplinary approach centred on both social and natural sciences, both theory and practice. It addresses the issue of analysis and management of uncertainty and risk in decision support corresponding to the aims of Integrated Assessment. A pluralistic method is necessary to account for legitimate plural interpretations of uncertainty and multiple risk perceptions. A wide range of methods and tools is presented to contribute to adequate and effective pluralistic uncertainty management and risk analysis in decision support endeavours. Special attention is given to the development of one such approach, the Pluralistic fRamework for Integrated uncertainty Management and risk Analysis (PRIMA), of which the practical value is explored in the context of the Environmental Outlooks produced by the Dutch Institute for Public Health and Environment (RIVM). Audience: This book will be of interest to researchers and practitioners whose work involves decision support, uncertainty management, risk analysis, environmental planning, and Integrated Assessment.
Author: V. K. Smith
Publisher: Edward Elgar Publishing
ISBN: 103530161X
Category : Business & Economics
Languages : en
Pages : 393
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Book Description
Featuring real world examples of how risk information affects public choices, The Economics of Environmental Risk expertly demonstrates that policymakers need to consider how people learn about those risks. Offering insights into examples such as hazardous waste, radon, smoking, hurricanes and terrorist threats over the past four decades, this intuitive book illustrates environmental risks and the choices made to mitigate the potential effects.
