Download Economic and Environmental Risk and Uncertainty: New Models by Michael Jones-Lee, Graham Loomes (auth.), Robert Nau, Erik PDF

By Michael Jones-Lee, Graham Loomes (auth.), Robert Nau, Erik Grønn, Mark Machina, Olvar Bergland (eds.)

The Nineteen Eighties and Nineteen Nineties were a interval of interesting new advancements within the modelling of decision-making lower than threat and uncertainty. Extensions of the speculation of anticipated application and substitute theories of `non-expected application' were devised to give an explanation for many puzzles and paradoxes of person and collective selection behaviour. This quantity provides the superior contemporary paintings at the modelling of chance and uncertainty, with purposes to difficulties in environmental coverage, public well-being, economics and finance. Eighteen papers through special economists, administration scientists, and statisticians shed new mild on phenomena similar to the Allais and St. Petersburg paradoxes, the fairness top class puzzle, the call for for coverage, the valuation of public well-being and protection, and environmental items.
Audience: This paintings could be of curiosity to economists, administration scientists, threat and coverage analysts, and others who learn dicy decision-making in monetary and environmental contexts.

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Extra info for Economic and Environmental Risk and Uncertainty: New Models and Methods

Sample text

If (a, P) satisfies aFs + PcP + T) < P (1) then Subject always chooses Comply; if the reverse inequality holds, then Subject always chooses Violate. The transitional case, when equality holds in (1), is significant, and will be mentioned below. M. KILGOUR 40 (Compliance Zone), and the set where the , - - - - - - - - - - - - - - - - - - - - ; reverse inequality holds is the V-Zone (Violation Zone). The C-Zone and the VZone are shown in Figure 2. The boundary between Compliance and Violation is a straight line that intersects the p-axis strictly between p =0 and p = 1.

And set out in more detail in Jones-Lee et al (1994). 30. Of course, on past and present form it seems likely that the bulk of such studies in the near future may focus on environmental issues, where there may be somewhat different concerns. However, we should not be surprised to see some shift in the weight of research towards health and safety in due course. 31. Jane Beattie, Robin Cubitt, Graham Loomes, Chris Starmer and Robert Sugden have ESRC funding to investigate such questions under Award L122 25 1024: The Consistency or Inconsistency of Preferences Under Risk and Over Time.

1987), Measuring the Value of a Public Good: An Empirical Comparison of Elicitation Procedures, American Economic Review, 77, 554-66. L. , (1987), The Disparity Between Willingness To Accept and Willingness To Pay Measures of Value, Quarterly Journal o/Economics, 102,679-90. , (1988), The Value of Life and Safety: A Search for a Consensus Estimate, London:Departrnent of Transport. W. , (1995), Risk-Risk vs Standard Gamble Procedures for Measuring Health State Utilities, Applied Economics, 27, 1103-11.

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