Mathematics vs. Statistics in tackling Environmental Economics uncertainty

Halkos, George and Kitsos, Christos (2018): Mathematics vs. Statistics in tackling Environmental Economics uncertainty.

Abstract

In this paper the appropriate background in Mathematics and Statistics is considered in developing methods to investigate Risk Analysis problems associated with Environmental Economics uncertainty. New senses of uncertainty are introduced and a number of sources of uncertainty are discussed and presented. The causes of uncertainty are recognized helping to understand how they affect the adopted policies and how important their management is in any decision-making process. We show Mathematical Models formulate the problem and Statistical models offer possible solutions, restricting the underlying uncertainty, given the model and the error assumptions are correct. As uncertainty is always present we suggest ways on how to handle it.

• Item Type: MPRA Paper
• Language: English
• Keywords: Uncertainty; Environmental Economics; Mathematics; Statistics.
• Subjects: C - Mathematical and Quantitative Methods > C0 - General > C02 - Mathematical Methods; C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C60 - General; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q0 - General > Q00 - General; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics > Q50 - General; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics > Q58 - Government Policy

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