Buchholz, Wolfgang; Schymura, Michael - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010
EU theory is able to deal with 'catastrophic risks', i.e. risks of high, but very unlikely losses, in an ethically … risk aversion is assumed, a 'tyranny of catastrophic risk' (TCR) emerges, i.e. project evaluation may be dominated by the …Expected Utility theory is not only applied to individual choices but also to ethical decisions, e.g. in cost …