Buch(elektronisch)2017

The Economics of the Global Environment: Catastrophic Risks in Theory and Policy

In: Studies in Economic Theory v.29

Chichilnisky, Graciela; Rezai, Armon

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Abstract

Contents -- 1 The Economics of the Global Environment-Catastrophic Risks in Theory and Practice -- 1 Introduction -- 2 Part I. Catastrophic Risk in Economic Theory -- 3 Part II. Ethical and Welfare Considerations -- 4 Part III. The Environment in a Global Context -- 5 Part IV. The Case of Climate Change -- 6 Part V. Economic Policy and Regulation -- 7 Part VI. Catastrophic Risk in Economic Practice -- References -- Part I Catastrophic Risk in Economic Theory -- Catastrophic Risk, Rare Events, and Black Swans: Could There Be a Countably Additive Synthesis? -- 1 Introduction -- 1.1 Countably Additive Subjective Probability -- 1.2 Monotonicity -- 1.3 Beyond Monotonicity -- 1.4 Outline of Paper -- 2 Catastrophic Risk -- 2.1 Etymology -- 2.2 Catastrophic Consequences -- 2.3 Assumptions -- 2.4 Money Metric Utility -- 2.5 A Critical Probability Level: Catastrophic Risk -- 2.6 Extreme Economic Catastrophes -- 3 Rare Events -- 3.1 Standard Decision Theory -- 3.2 Infinitesimal Probability -- 3.3 Rare Events and Infinitesimal Probabilities -- 3.4 A Metric Completion -- 3.5 Extended Probability Measures -- 3.6 Extended Subjective Expected Utility -- 3.7 Lexicographic Expected Utility -- 4 Black Swans -- 4.1 Background -- 4.2 Black Swan Events -- 4.3 An Initial Simple Tree -- 4.4 Initial Evaluation -- 4.5 Enriched Subtrees -- 4.6 Retrospective Evaluation in the Enlivened Tree -- 4.7 Cardinally Equivalent Evaluation Functions -- 4.8 Uncertain Retrospective Evaluation -- 4.9 State-Dependent Consequence Domains -- 4.10 Subjective Expected Evaluation -- 4.11 Hubris Versus Enlivenment -- 4.12 Could There Be a Metamodel? -- 4.13 Should We Look for a Meta Stochastic Process? -- 5 Concluding Remarks -- References -- Preference Representations for Catastrophic Risk Analysis -- 1 Introduction -- 1.1 The Problem -- 1.2 Some Modeling Issues -- 1.3 What We Do

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The Economics of the Global Environment: Catastrophic Risks in Theory and Policy

In: Studies in Economic Theory 29

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In: Springer eBook Collection

In: Economics and Finance

Chichilnisky, Graciela; Rezai, Armon

This is the first book combining research on the Global Environment, Catastrophic Risks and Economic Theory and Policy. Modern economic theory originated in the middle of the twentieth century when industrial expansion coupled with population growth led to a voracious use of natural resources and global environmental concerns. It is uncontested that, for the first time in recorded history, humans dominate the planet, changing the planet's atmosphere, its bodies of water, and the complex web of species that makes life on earth. This radical change in circumstances led to rethinking of the foundations of human organization and, in particular, the industrial economy and the economic theory behind it. This book brings together new approaches on multiple levels: environmental sustainability requires rethinking in terms of economic theory and policy as well as the considerations of catastrophic risk and extremal events. Leading experts address questions of economic governance, risk management, policy decision making and distribution across time and space