...W. Douglass Shaw This survey paper presents the reader with the economics of risk and uncertainty, narrowly focusing on environmental and natural resources problems. Risk involves known, but uncertainty or ambiguity involves unknown, probabilities, or at least a lack of precision about them. Some...

... have incorporated it into some areas of policy practice. Yet, PP is controversial in policy circles, public discussion and scholarly discourse. Here the PP literature is reviewed from the perspective of economics, where the tendency is to see theory and methods for rational decision-making under risk...