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Economic and Environmental Risk and Uncertainty

New Models and Methods

  • Book
  • © 1997

Overview

Editors:
  1. Robert Nau

    1. Fuqua School of Business, Duke University, Durham, USA

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  2. Erik Grønn

    1. Department of Business Economics, Norwegian School of Management, Sandvika, Norway

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  3. Mark Machina

    1. Department of Economics, University of California at San Diego, La Jolla, USA

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  4. Olvar Bergland

    1. Department of Economics and Social Sciences, Agricultural University of Norway, Aas, Norway

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Part of the book series: Theory and Decision Library B (TDLB, volume 35)

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Table of contents (18 chapters)

  1. Front Matter

    Pages i-xii
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  2. Models of Environmental Risk

    1. Front Matter

      Pages 1-1
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    2. Valuing Health and Safety: Some Economic and Psychological Issues

      • Michael Jones-Lee, Graham Loomes
      Pages 3-32

    3. Improving Efficiency in Environmental Enforcement

      • D. Marc Kilgour
      Pages 33-52

    4. Valuation of Environmental Goods

      • Fred Wenstøp, Arne J. Carlsen
      Pages 53-64

    5. Stochastic Trees and Medical Decision Making

      • Gordon B. Hazen, Jayavel Sounderpandian
      Pages 65-74

    6. Manipulation of Emission Permit Markets

      • E. Romstad, O. Bergland
      Pages 75-86

  3. Risk and Uncertainty in Economic Theory

    1. Front Matter

      Pages 87-87
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    2. Allais Theory Offers Explanation for Equity Premium Puzzle

      • John E. Golob
      Pages 89-108

    3. Generalized Expected Utility and the Demand for Insurance

      • Thomas Russell
      Pages 109-114

    4. The Derivation of Generalized Expected Utility Expansions

      • Mark J. Machina
      Pages 115-122

    5. Necessary Conditions for Efficient Multiple-Bid Auctions

      • Friedel Bolle
      Pages 123-143

    6. Balanced Equilibrium

      • M. Mariotti
      Pages 145-161

    7. Mixed Extensions of Games and the Saint Petersburg Paradox

      • H. H. Haller
      Pages 163-171

    8. Consumption with Fluctuations in Preference

      • Koju Nakazawa, John D. Hey
      Pages 173-192

  4. Recent Progess in Modeling Preferences and Risk Attitudes

    1. Front Matter

      Pages 193-193
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    2. Dynamically Consistent Preferences, Quadratic Beliefs, and Choice Under Uncertainty

      • Jürgen Eichberger, Simon Grant
      Pages 195-205

    3. Induced Preferences and Decision-Making under Risk and Uncertainty

      • David Kelsey, Frank Milne
      Pages 207-217

    4. On Socks, Ties and Extended Outcomes

      • Harry M. Markowitz
      Pages 219-226

    5. Hierarchies and the Self-Control of Risk Attitude

      • Luc Wathieu
      Pages 227-243
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Keywords

About this book

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.

Editors and Affiliations

  • Fuqua School of Business, Duke University, Durham, USA

    Robert Nau

  • Department of Business Economics, Norwegian School of Management, Sandvika, Norway

    Erik Grønn

  • Department of Economics, University of California at San Diego, La Jolla, USA

    Mark Machina

  • Department of Economics and Social Sciences, Agricultural University of Norway, Aas, Norway

    Olvar Bergland

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