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Economic and Environmental Risk and Uncertainty : New Models and Methods - Robert Nau

Economic and Environmental Risk and Uncertainty

New Models and Methods

By: Robert Nau (Editor), Erik Gronn (Editor), Mark J. Machina (Editor), Olvar Bergland (Editor)

Hardcover Published: 31st May 1997
ISBN: 9780792345565
Number Of Pages: 268

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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.

Preface
Ole Hagen and the FUR Conferences
Valuing Health and Safety: Some Economic and Psychological Issuesp. 3
Improving Efficiency in Environmental Enforcementp. 33
Valuation of Environmental Goods: Frame Effects in the Estimation of Multi-Criteria Utility Functionsp. 53
Stochastic Trees and Medical Decision Makingp. 65
Manipulation of Emission Permit Marketsp. 75
Allais Theory Offers Solution and Explanation for Equity Premium Puzzlep. 89
Generalized Expected Utility and the Demand for Insurance: The Limits of Machinap. 109
The Derivation of Generalized Expected Utility Expansions: Reply to Russellp. 115
Necessary Conditions for Efficient Multiple-Bid Auctionsp. 123
Balanced Equilibrium: A Theory of Behavior in Games Based on Continuity and Insufficient Reasonp. 145
Mixed Extensions of Games and the St. Petersburg Paradoxp. 163
Consumption with Fluctuations in Preferencep. 173
Dynamically Consistent Preferences, Quadratic Beliefs, and Choice Under Uncertaintyp. 195
Induced Preferences and Decision Making Under Risk and Uncertaintyp. 207
On Socks, Ties, and Extended Outcomesp. 219
Hierarchies and the Self-Control of Risk Attitudep. 227
Allais phenomena and Completeness of Preferencesp. 245
Representing Preference Relations with Nontransitive Indifference by a Single Real-Valued Functionp. 257
Indexp. 263
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780792345565
ISBN-10: 0792345568
Series: THEORY AND DECISION LIBRARY SERIES B, MATHEMATICAL AND STATISTICAL METHODS
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 268
Published: 31st May 1997
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 25.4 x 17.15  x 2.54
Weight (kg): 0.66