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Nuclear Shocks and Uncertaintainty

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  • Brian Gomery

Abstract

According to the UN Disaster Risk Reduction report (2022), an understanding of systemic and complex risks, as well as existential risks is required, where uncertainty is often very large and important aspects of the risk may be unknown. There is a necessity to better understand what is meant by vulnerability, and how and what is to be effectively measured particularly in the context of systemic risk and tipping points of intersecting vulnerabilities. The present study estimates the economic value of uncertainties surrounding a possible systemic nuclear shock, as well as the willingness to pay to remove parameter uncertainty.

Suggested Citation

  • Brian Gomery, 2023. "Nuclear Shocks and Uncertaintainty," Journal of Economics and Econometrics, Economics and Econometrics Society, vol. 66(3), pages 95-126.
    • Handle: RePEc:eei:journl:v:66:y:2023:i:3:p:95-126
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    More about this item

    Keywords

    Uncertainty; risk; ambiguity; robust decision making; value of informatio precision; nuceal shocks; belief updating.;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War

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