Eijgenraam, Carel - Centraal Planbureau (CPB), Government of the Netherlands - 2006
After the flood disaster in 1953 in the southwestern part of the Netherlands, Van Dantzig tried to solve the economic-decision problem concerning the optimal height of dikes.
His formula with a fixed exceedance probability after each investment (Econometrica, 1956) is still in use today in...