Bounded awareness, heuristics and the Precautionary Principle

Simon Grant and John Quiggin

Journal of Economic Behavior & Organization, 2013, vol. 93, issue C, 17-31

Abstract: The Precautionary Principle has been proposed as a basis for making decisions about environmental issues but remains controversial. Using a model of inductively justified propositions about awareness, this paper shows how the Precautionary Principle may be interpreted as a heuristic guide for boundedly rational decision-makers faced with the possibility of unfavorable surprises.

Keywords: Precautionary Principle; Unawareness; Bounded rationality; Induction (search for similar items in EconPapers)
JEL-codes: D81 Q59 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (19)

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Working Paper: Bounded Awareness, Heuristics and the Precautionary Principle (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:93:y:2013:i:c:p:17-31

DOI: 10.1016/j.jebo.2013.07.007

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