A theoretically-consistent empirical model of non-expected utility: An application to nuclear-waste transport Academic Article

abstract

• Few theoretically-consistent empirical models addressing the relationship between ambiguity, risk, and preferences for health and safety exist. To fill this gap, we propose a theoretical non-expected-utility model (NEUM) that is relatively easy to estimate using an interval-data model. The NEUM we develop hinges upon two sources of variability, one over risk and the other over ambiguity about the risk. Using data from a survey of Nevada residents concerning risks from nuclear-waste transport, we provide individual-specific welfare estimate for a risk increase. Our findings suggest that negative externalities from nuclear-waste transport perceived risks and ambiguity may be substantial. Springer Science + Business Media, LLC 2006.

authors

• Shaw, Douglass

published proceedings

• JOURNAL OF RISK AND UNCERTAINTY

altmetric score

• 3

author list (cited authors)

• Riddel, M., & Shaw, W. D.

citation count

• 50

complete list of authors

• Riddel, M||Shaw, WD

publication date

• January 2006

publisher

• Springer Nature  Publisher

published in

• Journal of Risk and Uncertainty  Journal

keywords

• Ambiguity
• Expected Utility
• Nuclear-waste Transport
• Risk And Uncertainty

Digital Object Identifier (DOI)

• 10.1007/s11166-006-8290-0

start page

• 131

end page

• 150

volume

• 32

issue

• 2

URL

• http%3A%2F%2Fdx.doi.org%2F10.1007%2Fs11166-006-8290-0