{"title":"Environmental and Natural Resource Economics Decisions Under Risk and Uncertainty: A Survey","authors":"W. Shaw","doi":"10.1561/101.00000074","DOIUrl":null,"url":null,"abstract":"This survey paper presents the reader with the economics of risk and uncertainty, narrowly focusing on environmental and natural resources problems. Risk involves known, but uncertainty or ambiguity involves unknown, probabilities, or at least a lack of precision about them. Some theoretical review is provided for decision making under both risk and uncertainty, but emphasis is on critically reviewing the newest relevant empirical work. Topics covered include elicitation of risks or subjective probabilities, nonmarket valuation, value of a statistical life, but also optimal extraction of resources. The paper concludes by offering suggestions for future directions of research.","PeriodicalId":45355,"journal":{"name":"International Review of Environmental and Resource Economics","volume":null,"pages":null},"PeriodicalIF":1.2000,"publicationDate":"2016-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1561/101.00000074","citationCount":"10","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Environmental and Resource Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1561/101.00000074","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 10
Abstract
This survey paper presents the reader with the economics of risk and uncertainty, narrowly focusing on environmental and natural resources problems. Risk involves known, but uncertainty or ambiguity involves unknown, probabilities, or at least a lack of precision about them. Some theoretical review is provided for decision making under both risk and uncertainty, but emphasis is on critically reviewing the newest relevant empirical work. Topics covered include elicitation of risks or subjective probabilities, nonmarket valuation, value of a statistical life, but also optimal extraction of resources. The paper concludes by offering suggestions for future directions of research.
期刊介绍:
Environmental and resource economics has become a broad topic making connections with many other subdisciplines in economics as well as the natural and physical sciences. It has also experience a significant growth in research such that the literature is exploding in terms of the number of topics addressed, the number of methodological approaches being applied and the sheer number of articles being written. Coupled with the high degree of specialization that characterizes modern academic research, this proliferation of topics and methodologies makes it impossible for anyone, even those who specialize in the subject, to keep up with developments in the field.