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

W. Shaw

International Review of Environmental and Resource Economics, 2016, vol. 9, issue 1-2, 1-130

Abstract: 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.

Keywords: Risk; Uncertainty; Environmental; Natural Resources; rock climbing. Alphabetically; the group of people to thank also includes Bob Berrens; Trudy Cameron; Simone Cerroni; Catherine Eckel; Therese Grijalva; Paan Jindapon; Jim Hammitt; Jayson Lusk; Sandra Notaro; Bill Neilson; To Nguyen; Marco Palma; Roberta Raffaelli; Lisa Robinson; Jason Shogren; Kerry Smith; Mark Walker; and Richard Woodward. Let this chapter serve as an expression of my thanks to them; as in a way; they are all coauthors of parts of what I have written here. It is quite possible that some of what I wrote is directly based on things that they have told; or discussed with; me over the years. I also have to thank various people over the years who did risky things and liked to talk about it: John Hollberg and Edward Morey (who I imagine still ski the trees without wearing a helmet); Chip Lee (my most regular climbing partner for the past 30 years); and several other cyclists and climbing partners. Finally; I'm really not sure a "thank you" is appropriate; but I've certainly had to think hard about many things upon receiving some; uh; "interesting" comments from some reviewers of my past papers. Some of these reviewers have quite a characteristic and identifying tone; but are best left un-named. (search for similar items in EconPapers)
JEL-codes: D81 D83 Q2 Q3 Q5 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://dx.doi.org/10.1561/101.00000074 (application/xml)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:now:jirere:101.00000074

Access Statistics for this article

More articles in International Review of Environmental and Resource Economics from now publishers
Bibliographic data for series maintained by Lucy Wiseman ().