Comparing multistate expected damages, option price and cumulative prospect measures for valuing flood protection
Abstract
The key choice is between non‐expected and expected utility measures.Continuous event modeling is usefulThe basic non‐expected utility value is less than the expected utility value The key choice is between non‐expected and expected utility measures. Continuous event modeling is useful The basic non‐expected utility value is less than the expected utility value
Faculty Members
- Scott Farrow - Department of Economics UMBC Baltimore Maryland USAThe Marine Policy Center, The Woods Hole Oceanographic Institution Woods Hole Massachusetts USA
- Michael Scott - Department of Geography and Geosciences Salisbury University Salisbury Maryland USA
Themes
- Utility measures comparison
- Continuous event modeling
- Risk assessment in flood protection
- Decision-making processes
Categories
- Applied mathematics
- Economics
- Public policy analysis, general
- Public policy analysis
- Applied economics
- Industrial engineering and operations research
- Econometrics and quantitative economics
- Operations research
- Civil, environmental, and transportation engineering nec
- Mathematics and statistics
- Engineering
- Applied mathematics, general
- Applied statistics, general
- Statistics
- Civil, environmental, and transportation engineering
- Computational and applied mathematics
- Social sciences