Bounded awareness, heuristics and the Precautionary Principle

Simon Grant; John Quiggin

doi:10.1016/j.jebo.2013.07.007

Bounded awareness, heuristics and the Precautionary Principle

Simon Grant^*, John Quiggin

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

25 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 language	English
Pages (from-to)	17-31
Number of pages	15
Journal	Journal of Economic Behavior and Organization
Volume	93
DOIs	https://doi.org/10.1016/j.jebo.2013.07.007
Publication status	Published - Sept 2013
Externally published	Yes

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title = "Bounded awareness, heuristics and the Precautionary Principle",

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.",

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AB - 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.

KW - Bounded rationality

KW - Induction

KW - Precautionary Principle

KW - Unawareness

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JO - Journal of Economic Behavior and Organization

JF - Journal of Economic Behavior and Organization

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Bounded awareness, heuristics and the Precautionary Principle

Abstract

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