Fables of the Reconstruction: Human Emotion and Behavioral
Heuristics in Environmental Economics
Fables of the Reconstruction: Human Emotion and Behavioral
Heuristics in Environmental Economics
Author(s): James Ming ChenSubject(s): Economy, Law, Constitution, Jurisprudence
Published by: Wydawnictwa Uniwersytetu Warszawskiego
Keywords: environmental economics; behavioral finance; Roll’s critique; natural disasters; biodiversity
Summary/Abstract: Environmental economics provides an especially rich source of insights into the impact of emotion, cognitive bias, and behavioral heuristics on risk assessment and management. In contrast with the ambivalent reception of behavioral psychology within mathematical finance, the impact of emotion and innate heuristics on environmental decision-making has never been doubted. From the affect heuristic to the endowment effect and disaster psychology, environmental choices harbor the richest trove of economic departures from strict rationality.
Journal: Studia Iuridica
- Issue Year: 2016
- Issue No: 63
- Page Range: 77-96
- Page Count: 20
- Language: English