Model Uncertainty, Ambiguity and the Precautionary Principle: Implications for Biodiversity Management

Springer Science and Business Media LLC - Tập 45 Số 3 - Trang 379-404 - 2010
Giannis Vardas1, Anastasios Xepapadeas2
1University of Crete
2Athens Univ. of Economics and Business#TAB#

Tóm tắt

Từ khóa


Tài liệu tham khảo

Arrow K, Cropper M, Eads G, Hahn R, Lave L, Noll R, Portney P, Russel M, Schmalensee R, Kerry Smith V, Stavins R (1996) Benefit-cost analysis in environmental, health and safety. American Enterprise Institute, The Annapolis Center, and Resources for the Future

Brock W, Xepapadeas A (2002) Biodiversity management under uncertainty. In: Dasgupta P, Kriström B, Lofgren K-G (eds). Economic theory for the environment: essays in honour of K-G. Mäler, Edward Elgar

Brock W, Xepapadeas A (2003) Regulating nonlinear environmental systems under Knightian uncertainty. In: Arnott R, Greenwald B, Kanbur R, Nalebuff B(eds) Economics for an imperfect world: essays in honor of Joseph Stiglitz. MIT Press, Cambridge, MA

Chen Z, Epstein L (2002) Ambiguity risk and assets returns in continuous time. Econometrica 70(4): 1403–1443

Elsberg D (1961) Risk ambiguity and the savage axioms. Q J Econ 75: 643–669

Epstein L, Wang T (1994) Intertemporal asset pricing under Knightian uncertainty. Econometrica 63: 283–322

Epstein L, Wang T (1995) Uncertainty, risk-neutral measures and security price booms and crashes. J Econ Theory 67: 40–80

Fellner W (1961) Distortion of subjective probabilities as a reaction to uncertainty. Q J Econ 75: 670–689

Fleming W (1971) Stochastic control for small noise intensities. SIAM J Control 9(3): 473–517

Fleming W, Souganidis P (1989) On the existence of value function of two-player, zero sum stochastic differential games. Indiana Univ Math J 3: 293–314

Gilboa I, Schmeidler D (1989) Maxmin expected utility with non-unique prior. J Math Econ 18: 141–153

Hansen L, Sargent T (2001) Robust control and model uncertainty. Am Econ Rev 91(3): 60–66

Hansen L, Sargent T, Turmuhambetova G, Williams N (2002) Robust control and model uncertainty, Working Paper, University of Chicago

Holt A, Tisdell C (1993) How useful are environmental safety standards in economics? The example of safe minimum standard for protection of species. Biodivers Conserv 2: 2

Knight F (1921) Risk, uncertainty and profit. Houghton Miffin, USA

Magill M (1977) A local analysis of N-sector capital accumulation under uncertainty. J Econ Theory 15: 211–219

Marchant G (2003) From general policy to legal rule: aspirations and imitations of the precautionary principle. Environ Health Perspect 111: 1799–1803

Millennium Ecosystem Assessment (MEA) (2005a) Ecosystems and human well-being: synthesis. Island Press, Washington, DC

Millennium Ecosystem Assessment (MEA) (2005b) Ecosystems and human well-being: our human planet, summary for decision makers. Island Press, Washington, DC

Oksendal B (2000) Stochastic differential equations. Springer–Verlag, Berlin

Onatski A, Williams N (2003) Modeling model uncertainty. NBER Working Paper 9566

Savage LJ (1954) The foundations of statistics. Wiley, New York

Vardas G, Xepapadeas A (2007) Robust control uncertainty aversion and asset holdings with stochastic investment opportunity set. Int J Theo App Finance 10(6): 985–1014

Wald A (1950) Statistical decision functions. Wiley, New York