The Precautionary Principle as a Robust Cost-Effectiveness Problem |
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| Authors: | Luc Doyen Jean-Christophe Pereau |
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| Institution: | (1) CERSP, UMR MNHN-CNRS-P6, CNRS, 55 rue Buffon, 75005 Paris, France;(2) OEP and TEPP (FR3126, CNRS), Cité Descartes, Université Paris-Est, 5 bd Descartes, 77454 Champs sur Marne Cedex 2, France |
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| Abstract: | This paper offers an interpretation of the precautionary principle in terms of a safety target that a decision-maker has to
reach at a minimal cost in a robust way. A two-period model is used. The precautionary principle corresponds to a situation
in which the decision-maker, facing an ex ante indecision, is not able to reach a safe target from the initial condition in a worst-case framework. However, he can efficiently
succeed whenever the uncertainty at the second period is revealed to him. An example coping with the management of a renewable
resource illustrates the general results of the paper.
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| Keywords: | Precautionary principle Safety target Cost-effectiveness Robust control Value of information Flexibility effect Renewable resource |
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