Bounded Awareness, Heuristics and the Precautionary Principle

Simon Grant and John Quiggin

No 151203, Risk and Sustainable Management Group Working Papers from University of Queensland, School of Economics

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 decisionmakers faced with the possibility of unfavorable surprises.

Keywords: Industrial; Organization (search for similar items in EconPapers)
Pages: 30
Date: 2012-04-15
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Citations: View citations in EconPapers (1)

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Journal Article: Bounded awareness, heuristics and the Precautionary Principle (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uqsers:151203

DOI: 10.22004/ag.econ.151203

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