Suchergebnisse

AbstractThe risk literature in agricultural economics asserts that deterministic methods ignore important sources of uncertainty, and thus strongly discourages their use to model economic behavior, performance, and welfare. This paper applies principles of randomness drawn from the philosophy of science literature to investigate this assertion and to formulate proper implications for the appropriate use of deterministic methods under uncertainty. The results specify the circumstances under which a deterministic approach offers a scientifically credible alternative to a probabilistic approach in accounting for uncertainty.

This paper analyzes the legal issues surrounding defendants' liability for property value diminution caused by stigma from environmental contamination. The courts, law review articles, and public policy analyses are in disagreement over how to handle stigma damages. This paper argues that a reasonable risk of contamination is not required for a nuisance claim if community effects, which were caused by the contamination, are present. The authors then turn to issues regarding the level of damages and propose a methodology for measuring compensation that is based on a guaranteed sales price. This methodology is applied to the RSR smelter in Dallas, Texas.