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Persistent link: https://www.econbiz.de/10001536354
Public authorities often invoke the precautionary principle to ban or postpone the development of innovative projects with uncertain but potentially harmful irreversible impacts on the environment or health. As stated in the Rio declaration, the precautionary principle suggests balancing costs...
Persistent link: https://www.econbiz.de/10008855836
This paper applies to adverse selection theory the advances made in the field of ambiguity theory. It shows that i) a relevant second-best contract induces no production distortion considering the efficient agent as in the standard case. But the principal has to pay a higher information rent...
Persistent link: https://www.econbiz.de/10010734227
unilateral standard accident model under Knightian uncertainty. It focuses on the cost expectation of major harm on which the …
Persistent link: https://www.econbiz.de/10010734231
not only on technological parameters but on preference parameters as well. Moreover, we show that uncertainty does not …
Persistent link: https://www.econbiz.de/10010736417
. First, nominal uncertainty and inflation are positively linked. Second, headline inflation negatively Granger causes out …
Persistent link: https://www.econbiz.de/10010738523
some prior. It is shown that the more uncertainty averse and the more risk averse, the more likely are efficient …
Persistent link: https://www.econbiz.de/10010738543
This chapiter of a collective book is dedicated to classical decision models under uncertainty, i.e. under situations …
Persistent link: https://www.econbiz.de/10010738544
, which allow to take into account observed behaviors as in Allais' paradox under risk or Ellsberg's paradox under uncertainty … uncertainty, and Quiggin and Yaari under risk, succeeded to characterize preferences which generalize the EU model, by means of a … for more diversified patterns of behavior under uncertainty as well under risk. …
Persistent link: https://www.econbiz.de/10010738555
The aim of this paper is to study the optimal nuclear waste burial policy under an uncertainty : the possibility that …. Under uncertainty on the future safety of the buried waste, the social planner will decide to decrease the rate of waste …
Persistent link: https://www.econbiz.de/10010738598