The Avian Flu Disease: A Case of Precautionary Failure

Marcello Basili and Mauriziop Franzini ()

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: The Precautionary Principle has been proposed as the proper behaviour to adopt in the face of the new catastrophic risks that have made their appearance in the last decades. We advance a workable definition of the Precautionary Principle and apply it to the possible outbreak among humans of the avian flu disease. We make use of a Principle-Agent model and show in which sense such outbreak can be considered a “Precautionary failure”.

Keywords: ambiguity; avian flu; precautionary principle; multiple priors (search for similar items in EconPapers)
JEL-codes: D81 I18 K32 (search for similar items in EconPapers)
Date: 2005-07
New Economics Papers: this item is included in nep-hea and nep-law
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Persistent link: https://EconPapers.repec.org/RePEc:usi:wpaper:454

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