Vardas, Giannis and XEPAPADEAS, Anastasios (2008): Model Uncertainty, Ambiguity and the Precautionary Principle: Implications for Biodiversity Management.

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Abstract
We analyze ecosystem management under `unmeasurable' Knightian uncertainty or ambiguity which, given the uncertainties characterizing ecosystems, might be a more appropriate framework relative to the classic risk case (measurable uncertainty). This approach is used as a formal way of modelling the precautionary principle in the context of least favorable priors and maxmin criteria. We provide biodiversity management rules which incorporate the precautionary principle. These rules take the form of either safety margins and minimum safety standards or optimal harvesting under precautionary approaches.
Item Type:  MPRA Paper 

Original Title:  Model Uncertainty, Ambiguity and the Precautionary Principle: Implications for Biodiversity Management 
Language:  English 
Keywords:  Knightian uncertainty, ambiguity, risk, precautionary principle, biodiversity management, optimal harvesting, robust control 
Subjects:  D  Microeconomics > D8  Information, Knowledge, and Uncertainty > D81  Criteria for DecisionMaking under Risk and Uncertainty Q  Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q2  Renewable Resources and Conservation > Q20  General 
Item ID:  10236 
Depositing User:  Anastasios Xepapadeas 
Date Deposited:  30. Aug 2008 09:35 
Last Modified:  07. Jan 2014 18:51 
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URI:  http://mpra.ub.unimuenchen.de/id/eprint/10236 