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A Risk Economic Approach to Nuclear Power Generation:From Daniel Bernoulli to Keynes and Knight

Author

Listed:
  • Yasuhiro Sakai

    (Faculty of Economics, Shiga University)

Abstract

This paper aims to discuss the problem of nuclear power generation from the viewpoint of the economics of risk and uncertainty. Although we have experienced the two major nuclear disasters, Chernobyl and Fukushima, in recent times, it is quite unfortunate that risk-economic studies in nuclear power generation have been extremely rare so far. This may show intentional neglect in the academic circle. The purpose of this paper is to duly mend such a regrettable tendency. Before 11 March 2011, there were many people who more or less believed in the myth of absolute safety. The Great East Japan Earthquake, however, has completely changed their concept of risk for nuclear power generation, thus requiring the need to take a new risk-economic approach to nuclear energy. As saying goes, we can learn new lessons in old teachings: we have to reexamine the economics of J.M. Keynes and Frank Knight. There are many possibilities for future research.

Suggested Citation

  • Yasuhiro Sakai, 2017. "A Risk Economic Approach to Nuclear Power Generation:From Daniel Bernoulli to Keynes and Knight," Discussion Papers CRR Discussion Paper Series A: General 23 Classification-, Shiga University, Faculty of Economics,Center for Risk Research.
    • Handle: RePEc:shg:dpapea:23
    as

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    File URL: https://www.econ.shiga-u.ac.jp/risk/DPA23Sakai20170217.pdf
    File Function: First version, 2017
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    References listed on IDEAS

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    2. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    3. Diamond, Peter & Rothschild, Michael (ed.), 1978. "Uncertainty in Economics," Elsevier Monographs, Elsevier, edition 1, number 9780122148507.
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