Environmental and Natural Resource Economics Decisions Under Risk and Uncertainty: A Survey Academic Article

abstract

• 2016 W. D. Shaw. 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.

authors

• Shaw, Douglass

published proceedings

• INTERNATIONAL REVIEW OF ENVIRONMENTAL AND RESOURCE ECONOMICS

author list (cited authors)

• Shaw, W. D.

citation count

• 10

complete list of authors

• Shaw, W Douglass

publication date

• January 2015

publisher

• Now Publishers  Publisher

published in

• International Review of Environmental and Resource Economics  Journal

keywords

• Environmental
• Natural Resources
• Risk
• Uncertainty

Digital Object Identifier (DOI)

• 10.1561/101.00000074

start page

• 1

end page

• 130

volume

• 9

issue

• 1-2

URL

• http%3A%2F%2Fdx.doi.org%2F10.1561%2F101.00000074