Nuclear Shocks and Uncertaintainty

Brian Gomery

Journal of Economics and Econometrics, 2023, vol. 66, issue 3, 95-126

Abstract: According to the UN Disaster Risk Reduction report (2022), an understanding of systemic and complex risks, as well as existential risks is required, where uncertainty is often very large and important aspects of the risk may be unknown. There is a necessity to better understand what is meant by vulnerability, and how and what is to be effectively measured particularly in the context of systemic risk and tipping points of intersecting vulnerabilities. The present study estimates the economic value of uncertainties surrounding a possible systemic nuclear shock, as well as the willingness to pay to remove parameter uncertainty.

Keywords: Uncertainty; risk; ambiguity; robust decision making; value of informatio precision; nuceal shocks; belief updating. (search for similar items in EconPapers)
JEL-codes: D81 D83 H56 (search for similar items in EconPapers)
Date: 2023
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