The role of ambiguity in the evaluation of the net benefits of the MOSE system in the Venice lagoon
AbstractSeveral environmental problems are complicated by ambiguity. Sea-level rise following climate change is one relevant example. In this paper, we apply a decision-making approach specifically designed to deal with ambiguity in order to evaluate the net benefits of the mobile barriers system (MOSE), which aims to protect the Venice Lagoon from periodic flooding. We show that the estimated impacts crucially depend on the level of optimism and pessimism of the decision maker and substantially differ from those calculated on the basis of the expected value. We also calculate the implicit ambiguity attitude of the decision maker.
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Bibliographic InfoArticle provided by Elsevier in its journal Ecological Economics.
Volume (Year): 69 (2010)
Issue (Month): 10 (August)
Contact details of provider:
Web page: http://www.elsevier.com/locate/ecolecon
Decision making under ambiguity NEO-capacity Venice MOSE Acqua alta;
Other versions of this item:
- Fulvio Fontini & Georg Umgiesser & Lucia Vergano, 2008. "The Role of Ambiguity in the Evaluation of the Net Benefits of the MOSE System in the Venice Lagoon," "Marco Fanno" Working Papers 0080, Dipartimento di Scienze Economiche "Marco Fanno".
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
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