Responsible Precautions for Uncertain Environmental Risks
Bibliographic Data
| ID | 13037053 |
|---|---|
| Authors | W Kip Viscusi (0000-0002-7931-7689, Vanderbilt University, corresponding author), Joel Huber (0000-0002-6479-2794, Duke University), Jason Bell (0000-0003-0497-426X, Duke University) |
| Year | 2019 |
| Volume | 10 |
| Issue | 2 |
| Pages | 296-315 |
| Publication date | 2019-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Benefit-Cost Analysis (JOURNAL) |
| Journal identifiers | ISSN: 2152-2812 • E-ISSN: 2194-5888 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/bca.2019.14 |
| OpenAlex | W2971023936 |
| Language | EN |
| Citations received | 3 |
| References cited | 19 |
Uncertain future risks pose cognitive and analytical challenges to household decision makers. Risks with uncertain probabilities, coupled with potentially severe outcomes pose problems for decision-making and are prone to overreactions. Imprecision in risk estimates generates behavioral distortions such as ambiguity aversion. This article presents new empirical results indicating household overvaluations of uncertain threats posed by several drinking water risks: traces of prescription drugs in drinking water, plastic water bottles with bisphenol-A, and the weed killer atrazine in drinking water. Negative reactions reflect responses to ambiguous risks, but policies driven by these concerns may misallocate regulatory resources due to risk conservatism and “no-regrets” responses
Actuarial science · Ambiguity · Business · Conservatism · Economics · Expected utility hypothesis · Microeconomics · Preference · Risk analysis (engineering · Risk aversion (psychology · Computer Science · Decision-Making and Behavioral Economics · Economic and Environmental Valuation · Risk Perception and Management
The Economics of Climate Change
A Review of the Stern Review on the Economics of Climate Change
Environmental Preservation, Uncertainty, and Irreversibility
Fat-Tailed Uncertainty in the Economics of Catastrophic Climate Change
Risk, Ambiguity, and the Savage Axioms
Prospect Theory
Uncertainty in the Cost-Effectiveness of Federal Air Quality Regulations
Dynamic Benefit-Cost Analysis for Uncertain Futures
Alarmist Decisions with Divergent Risk Information
Employment Hazards
| Unique citing works | 3 |
|---|---|
| Citations per year | 0.5 |
| Citation span | 2020 - 2025 (6) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 3 |