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Die ökonomischen Grundlagen eines regionalisierten Risikomanagements beruhen auf der Abwägung von Kosten und Nutzen der Prävention und der Gegenüberstellung von Nutzen und Kosten risikoreicher Aktivitäten. Zudem sind institutionelle Strukturen zu schaffen, mit deren Hilfe Risiken dort...
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The European response to COVID-19 has revealed an inconvenient truth. Despite having integrated public health concerns across all its policies – be it agriculture, consumer protection, or security –, the Union cannot directly act to save people’s lives. Only member states can do so. Yet...
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COVID-19 is a matter of common European interest since its very first detection on the continent. Yet this pandemic outbreak has largely been handled as an essentially national matter. This article makes a first attempt at unpacking how such fragmented, uncoordinated national responses to...
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The COVID-19 outbreak offers a rich case study of government’s emergency response. As such, it is a test bed for risk research and regulatory theories in a world increasingly shaped by transboundary, uncertain manufactured and natural risks.This introductory essay to the special issue of the...
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Two competing strategies for setting climate policy are cost-benefit analysis and the precautionary principle. This Article analyzes these strategies and considers their application to climate risks in four case studies: determination of the social cost of carbon, international endorsement of a...
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the stationarity and invertibility conditions of the DCC model. The derivation of DCC from a vector random coefficient … than the returns shocks. The derivation of the regularity conditions, especially stationarity and invertibility, should … than returns shocks, as well as the associated stationarity and invertibility conditions. …
Persistent link: https://www.econbiz.de/10011715983
The paper develops an axiomatic framework for rational decision making. The von Neumann-Morgenstern axioms give rise to a richer risk attitude than that captured in the standard discounted expected utility model. I derive three models that permit a more comprehensive risk evaluation. These...
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