The Role of Ambiguity in the Evaluation of the Net Benefits of the MOSE System in the Venice Lagoon

Fulvio Fontini, Georg Umgiesser and Lucia Vergano ()
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Georg Umgiesser: ISMAR-CNR Venice
Lucia Vergano: University of Padua

No 80, "Marco Fanno" Working Papers from Dipartimento di Scienze Economiche "Marco Fanno"

Abstract: In this paper we apply the NEO-capacity framework to assess the role of ambiguity in a specific decision making problem. We first describe the framework and propose a graphical representation of the decision making functional. Then we apply it to a specific problem, namely, the role of ambiguity in the evaluation of the net benefits of the MOSE, the mobile barriers aimed to protect the Venice Lagoon from the periodic flooding (acqua alta). We show that the estimated impacts crucially depend on the level of optimism and pessimism of the decision maker and they substantially differ from the one calculated on the basis of the expected value. We also calculate the implicit ambiguity attitude of the decision maker.

Keywords: Decision making under ambiguity; NEO-Capacity; MOSE; acqua alta (search for similar items in EconPapers)
JEL-codes: D81 Q51 Q54 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2008
New Economics Papers: this item is included in nep-agr and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Journal Article: The role of ambiguity in the evaluation of the net benefits of the MOSE system in the Venice lagoon (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:pad:wpaper:0080

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