The precautionary principle (PP) applied to environmental policy stipulates that, in the presence of physical uncertainty, society must take robust preventive action to guard against worst-case outcomes. It follows that the higher the degree of uncertainty, the more aggressive this preventive...

The precautionary principle (PP) applied to environmental policy stipulates that, in the presence of physical uncertainty, society must take robust preventive action to guard against worst-case outcomes. It follows that the higher the degree of uncertainty, the more aggressive this preventive...

We consider a sequential search over a group of similar alternatives. The individual value of an alternative contains two components, an observable utility and an idiosyncratic value. Once an alternative is searched, the utility can be fully revealed, but the idiosyncratic value is unobservable...