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Comparing multistate expected damages, option price and cumulative prospect measures for valuing flood protection
Author(s) -
Farrow Scott,
Scott Michael
Publication year - 2013
Publication title -
water resources research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.863
H-Index - 217
eISSN - 1944-7973
pISSN - 0043-1397
DOI - 10.1002/wrcr.20217
Subject(s) - damages , expected utility hypothesis , flood myth , key (lock) , cumulative prospect theory , expected value , event (particle physics) , value (mathematics) , actuarial science , economics , econometrics , computer science , statistics , mathematics , financial economics , geography , computer security , archaeology , political science , law , physics , quantum mechanics
Key Points 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