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The Need for Alternatives to the Expected Utility Approach in Environmental Risk Economics or ‘Who is Afraid of Russian Roulette?’

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Valuing the Environment: Methodological and Measurement Issues

Part of the book series: Environment, Science and Society ((ENSS,volume 2))

Abstract

This analysis is set out to investigate a particular aspect of severe ecological hazards. For the last two decades or longer, but certainly since Three-Mile-Island and Chernobyl, these hazards seem to have been on a great many peoples’ mindsl and, of course, television screens:2

Citizens of modern industrial societies are presently learning a harsh and discomforting lesson — that the benefits form technology must be paid for not only with money, but with lives. Whether it be the ozone depletion and consequent skin cancer from the use of spray cans, birth defects induced by tranquillizing drugs, or radiation damages from nuclear energy, every technological advance carries some risks of adverse side effects (Fischhoff et al., 1978, p. 128).

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  1. McKinsey, Berlin, Germany

    Immo Querner

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Rüdiger Pethig

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Querner, I. (1994). The Need for Alternatives to the Expected Utility Approach in Environmental Risk Economics or ‘Who is Afraid of Russian Roulette?’. In: Pethig, R. (eds) Valuing the Environment: Methodological and Measurement Issues. Environment, Science and Society, vol 2. Springer, Dordrecht. https://doi.org/10.1007/978-94-015-8317-6_4

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  • DOI: https://doi.org/10.1007/978-94-015-8317-6_4

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