© 1997

Economic and Environmental Risk and Uncertainty

New Models and Methods

  • Robert Nau
  • Erik Grønn
  • Mark Machina
  • Olvar Bergland

Part of the Theory and Decision Library book series (TDLB, volume 35)

Table of contents

  1. Front Matter
    Pages i-xii
  2. Models of Environmental Risk

    1. Front Matter
      Pages 1-1
    2. Michael Jones-Lee, Graham Loomes
      Pages 3-32
    3. Fred Wenstøp, Arne J. Carlsen
      Pages 53-64
    4. Gordon B. Hazen, Jayavel Sounderpandian
      Pages 65-74
    5. E. Romstad, O. Bergland
      Pages 75-86
  3. Risk and Uncertainty in Economic Theory

    1. Front Matter
      Pages 87-87
    2. M. Mariotti
      Pages 145-161
    3. Koju Nakazawa, John D. Hey
      Pages 173-192
  4. Recent Progess in Modeling Preferences and Risk Attitudes

    1. Front Matter
      Pages 193-193
    2. Harry M. Markowitz
      Pages 219-226

About this book


The 1980s and 1990s have been a period of exciting new developments in the modelling of decision-making under risk and uncertainty. Extensions of the theory of expected utility and alternative theories of `non-expected utility' have been devised to explain many puzzles and paradoxes of individual and collective choice behaviour. This volume presents some of the best recent work on the modelling of risk and uncertainty, with applications to problems in environmental policy, public health, economics and finance. Eighteen papers by distinguished economists, management scientists, and statisticians shed new light on phenomena such as the Allais and St. Petersburg paradoxes, the equity premium puzzle, the demand for insurance, the valuation of public health and safety, and environmental goods.
Audience: This work will be of interest to economists, management scientists, risk and policy analysts, and others who study risky decision-making in economic and environmental contexts.


decision making economics efficiency environment environmental policy equilibrium modeling valuation

Editors and affiliations

  • Robert Nau
    • 1
  • Erik Grønn
    • 2
  • Mark Machina
    • 3
  • Olvar Bergland
    • 4
  1. 1.Fuqua School of BusinessDuke UniversityDurhamUSA
  2. 2.Department of Business EconomicsNorwegian School of ManagementSandvikaNorway
  3. 3.Department of EconomicsUniversity of California at San DiegoLa JollaUSA
  4. 4.Department of Economics and Social SciencesAgricultural University of NorwayAasNorway

Bibliographic information