The precautionary principle is formulated in many different ways. However the differences are not of a fundamental nature. What is fundamental in the principle ?' i.e. the recognition that decisions must be taken on the basis of uncertain (also called ambiguous) information, in particular...

This article illustrates the relationship between partial identification in econometric models and the Jaffray model of decision under ambiguity with the problem of determining the optimal emissions level of toxic waste into a shared lake. Code JEL : C18, D81, Q51