This work addresses the limitations of the expected utility theory
in predicting risk preference under low probabilities. This topic
has particularly not been addressed before when ambiguity is
coupled with low probability estimates. The reader will find a
theoretical analysis of ambiguity aversion when individuals
purchase insurance for low-probability loss events. The topic has
been looked into under the light of forest carbon offsets and the
need for insurance for unavoidable losses of the sequestrated
carbon. That is because wildfire losses have small probabilities of
occurrence and are associated with ambiguity. The growing
importance of using biological sinks toward emissions reduction
only heighten the significance of this topic. The book also offers
an experimental design involving three phases, including a replica
of a previous study on insurance behaviour, the addition of the
ambiguity factor, and two methods of measuring ambiguity
preference. This book is particularly useful for experimental and
environmental economists, and anyone interested in government
policies pertaining carbon offsets.
General
Imprint: |
VDM Verlag
|
Country of origin: |
Germany |
Release date: |
August 2011 |
First published: |
August 2011 |
Authors: |
Ahmad Banki
|
Dimensions: |
229 x 152 x 5mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
76 |
ISBN-13: |
978-3-639-37839-9 |
Categories: |
Books >
Business & Economics >
Economics >
General
|
LSN: |
3-639-37839-3 |
Barcode: |
9783639378399 |
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