Bounded awareness, heuristics and the Precautionary Principle

The Precautionary Principle has been proposed as a basis for making decisions about environmental issues but remains controversial. Using a model of inductively justified propositions about awareness, this paper shows how the Precautionary Principle may be interpreted as a heuristic guide for boundedly rational decision-makers faced with the possibility of unfavorable surprises.

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Year of publication:	2013
Authors:	Grant, Simon ; Quiggin, John
Published in:	Journal of Economic Behavior & Organization. - Elsevier, ISSN 0167-2681. - Vol. 93.2013, C, p. 17-31
Publisher:	Elsevier
Subject:	Precautionary Principle \| Unawareness \| Bounded rationality \| Induction

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Type of publication:	Article
Classification:	D81 - Criteria for Decision-Making under Risk and Uncertainty ; Q59 - Environmental Economics. Other
Source:	RePEc - Research Papers in Economics

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