Bounded awareness, heuristics and the Precautionary Principle

Simon Grant*, John Quiggin

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

22 Citations (Scopus)

Abstract

The Precautionary Principle has been proposed as a basis for making decisions about environmental issues but remains controversial. Using a model of inductively justified propositions about awareness, this paper shows how the Precautionary Principle may be interpreted as a heuristic guide for boundedly rational decision-makers faced with the possibility of unfavorable surprises.

Original languageEnglish
Pages (from-to)17-31
Number of pages15
JournalJournal of Economic Behavior and Organization
Volume93
DOIs
Publication statusPublished - Sept 2013
Externally publishedYes

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