The precautionary principle(PP) applied to environmental policy stipulates that,in the presence of un certainty,society must take robust preventive action to guard against worst case outcomes.It follows that the higher the degree of uncertainty,the more aggressive this preventive action should be.This normative maxim is explored in the case of a stylized dynamic model of pollution control with uncertain(in the Knightian sense)stock dynamics,using the robust control framework…
Publication Keyword: Knightian uncertainty
Model Uncertainty, Ambiguity and the Precautionary Principle: Implications for Biodiversity Management
We analyze ecosystem management under ‘unmeasurable’Knightian uncertainty or ambiguity which, given the uncertainties characterizing ecosystems, might be a more appropriate framework relative to the classic risk case (measurable uncertainty). This approach is used as a formal way of modelling the precautionary principle in the context of least favorable priors and maxmin criteria.We provide biodiversity management rules which incorporate the precautionary principle. These rules take the…
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