Economic and Environmental Risk and Uncertainty: New Models and Methods

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

Publisher: Springer Netherlands
Year: 1997
Tongue: English
Leaves: 269
Series: Theory and Decision Library 35
Edition: 1
Category: Library

No coin nor oath required. For personal study only.

✦ Synopsis

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.

✦ Table of Contents

Front Matter....Pages i-xii
Front Matter....Pages 1-1
Valuing Health and Safety: Some Economic and Psychological Issues....Pages 3-32
Improving Efficiency in Environmental Enforcement....Pages 33-52
Valuation of Environmental Goods....Pages 53-64
Stochastic Trees and Medical Decision Making....Pages 65-74
Manipulation of Emission Permit Markets....Pages 75-86
Front Matter....Pages 87-87
Allais Theory Offers Explanation for Equity Premium Puzzle....Pages 89-108
Generalized Expected Utility and the Demand for Insurance....Pages 109-114
The Derivation of Generalized Expected Utility Expansions....Pages 115-122
Necessary Conditions for Efficient Multiple-Bid Auctions....Pages 123-143
Balanced Equilibrium....Pages 145-161
Mixed Extensions of Games and the Saint Petersburg Paradox....Pages 163-171
Consumption with Fluctuations in Preference....Pages 173-192
Front Matter....Pages 193-193
Dynamically Consistent Preferences, Quadratic Beliefs, and Choice Under Uncertainty....Pages 195-205
Induced Preferences and Decision-Making under Risk and Uncertainty....Pages 207-217
On Socks, Ties and Extended Outcomes....Pages 219-226
Hierarchies and the Self-Control of Risk Attitude....Pages 227-243
Allais Phenomena and Completeness of Preferences....Pages 245-256
Representing Preference Relations with Nontransitive Indifference by a Single Real-Valued Function....Pages 257-262
Back Matter....Pages 263-268

✦ Subjects

Economic Theory; Operation Research/Decision Theory; Environmental Economics; Environmental Management

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