Economic and Environmental Risk and Uncertainty New Models and Metho
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 explai
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THEORY AND DECISION LIBRARY
General Editors: W. Leinfellner (Vienna) and G. Eberlein (Munich) Series A: Philosophy and Methodology of the Social Sciences Series B: Mathematical and Statistical Methods Series C: Game Theory, Mathematical Programming and Operations Research Series D: System Theory, Knowledge Engineering and Problem Solving
SERIES B: MATHEMATICAL AND STATISTICAL METHODS VOLUME 35
Editor: H. J. Skala (Paderborn); Assistant Editor: M. Kraft (Paderborn); Editorial Board: J. Aczel (Waterloo, Ont.), G. Bamberg (Augsburg), H. Drygas (Kassel), W. Eichhorn (Karlsruhe), P. Fishburn (Murray Hill, N.J.), D. Fraser (Toronto), W. Janko (Vienna), P. de Jong (Vancouver), T. Kariya (Tokyo), M. Machina (La Jolla, Calif.), A. Rapoport (Toronto), M. Richter (Kaiserslautern), B. K. Sinha (Cattonsville, Md.), D. A. Sprott (Waterloo, Ont.), P. Suppes (Stanford, Calif.), H. Theil (St. Augustine, Fla.), E. Trillas (Madrid), L. A. Zadeh (Berkeley, Calif.).
Scope: The series focuses on the application of methods and ideas of logic, mathematics and statistics to the social sciences. In particular, formal treatment of social phenomena, the analysis of decision making, information theory and problems of inference will be central themes of this part of the library. Besides theoretical results, empirical investigations and the testing of theoretical models of real world problems will be subjects of interest. In addition to emphasizing interdisciplinary communication, the series will seek to support the rapid dissemination of recent results.
The titles published in this series are listed at the end of this volume.
ECONOMIC AND ENVIRONMENTAL RISK AND UNCERTAINTY New Models and Methods
edited by
ROBERTNAU Duke University, Fuqua School ofBusiness, Durham, North Carolina, U.SA.
ERIKGR0NN Norwegian School of Management, Department ofBusiness Economics, Sandvika, Norway
MARK. MACHINA University of California at San Diego, Department ofEconomics, La lolla, California, U.S.A.
and OLVAR BERGLAND Agricultural University ofNorway, Department of Economics and Social Sciences, Aas,Norway
SPRINGER-SCIENCE+BUSINESS MEDIA, B.V.
A C.I.P. Catalogue record for this book is available from the Library of Congress.
ISBN 978-90-481-4849-3 DOI 10.1007/978-94-017-1360-3
ISBN 978-94-017-1360-3 (eBook)
Printed on acid-free paper
All Rights Reserved © 1997 Springer Science+Business Media Dordrecht Originally published by Kluwer Academic Publishers in 1997 No part of the material protected by this copyright notice may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the copyright owner.
Dedicated to the memory of OLE HAGEN 1921-1994
TABLE OF CONTENTS
ix
Preface FRED WENST0P
Ole Hagen and the FUR Conferences
xi
L Models of Environmental Risk 1 Valuing Health and Safety: Some Economic and Psychological Issues MICHAEL J. JONES-LEE AND GRAHAM LOOMES Improving Efficiency in Environmental En
