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- W2015654989 abstract "Contrary to a widely-held perception, game theory can provide a consistent and rigorous economic justification for the safe minimum standard (SMS) constraint on economic development. S.V. Ciriacy-Wantrup (1968) based the SMS on the idea that risk-aversion is an important public policy motive, and Richard Bishop (1978) tried to theoretically justify this idea 20 years ago by applying the minimax decision rule to an insurance (loss avoidance) game-theoretic model. More recently Richard Ready and Bishop (1991) distinguished two different games against nature and determined that the minimax rule implied opposite choices (for preservation, for development) in the models and, therefore, game theory could not provide a consistent rationale for the SMS. Ready and Bishop's two games can be viewed as subgames of a more comprehensive dynamic game of society against nature. The minimax decision rule yields contrary results because the two subgames embody different kinds of uncertainty. Further, the minimax rule both ignores the social cost of wrong choices and violates Milnor's bonus invariance axiom for game–theoretic decision rules (Milnor, J., 1964). A minimax–regret decision rule is preferred because it emphasizes risk–aversion while explicitly incorporating the opportunity cost of making a `wrong' choice between preservation and development. The rule gives rise to a consistent choice of preservation over both the insurance and lottery games and transfers the burden of argument from preservationists to developers. On the other hand, the SMS constraint on development is contingent on the size of development benefits foregone and thus is not absolute and binding." @default.
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- W2015654989 title "Uncertainty, risk aversion, and the game theoretic foundations of the safe minimum standard: a reassessment" @default.
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- W2015654989 doi "https://doi.org/10.1016/s0921-8009(98)00093-7" @default.
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