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An application of the Precautionary Principle under ambiguity: the impact of the MOSE system on harbour activity in the Venice

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Author Info
Fulvio Fontini () (University of Padua)
Georg Umgiesser (ISMAR-CNR Venice)
Lucia Vergano () (University of Padua)

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Abstract

This paper addresses both theoretically and empirically how to deal with ambiguous decisions. We briefly discuss the most relevant decision making criteria under ambiguity proposed in the literature, as specific cases of a general functional based on NEO-capacities. Then we study the impacts on Venetian port activities of MOSE, the dam system aimed to protect the Venice Lagoon from the periodic flooding. We show that the estimated impacts depend crucially on the levels of optimism and pessimism of the decision maker and in particular they substantially di¤er from the ones calculated on the basis of the expected value framework.

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Publisher Info
Paper provided by Dipartimento di Scienze Economiche "Marco Fanno" in its series "Marco Fanno" Working Papers with number 0080.

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Length: 21 pages
Date of creation: 2008
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Handle: RePEc:pad:wpaper:0080

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Related research
Keywords: Precautionary principle Ambiguity MOSE NEO-Capacity CEU

Find related papers by JEL classification:
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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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Sinn, Hans-Werner, 1980. "A Rehabilitation of the Principle of Insufficient Reason," The Quarterly Journal of Economics, MIT Press, vol. 94(3), pages 493-506, May.
  2. Chateauneuf, Alain & Eichberger, Jurgen & Grant, Simon, 2007. "Choice under uncertainty with the best and worst in mind: Neo-additive capacities," Journal of Economic Theory, Elsevier, vol. 137(1), pages 538-567, November. [Downloadable!] (restricted)
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  3. Sarin, Rakesh K & Wakker, Peter, 1992. "A Simple Axiomatization of Nonadditive Expected Utility," Econometrica, Econometric Society, vol. 60(6), pages 1255-72, November. [Downloadable!] (restricted)
  4. Chichilnisky, Graciela, 2000. "An axiomatic approach to choice under uncertainty with catastrophic risks," Resource and Energy Economics, Elsevier, vol. 22(3), pages 221-231, July. [Downloadable!] (restricted)
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This page was last updated on 2008-10-30.

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