Economics of Emerging Technology – Video 5: Risk and Uncertainty
Channel: ÉCOLE
Date: 2019-10-15

This video is part of an online continuing education workshop on the Economics of Emerging Technology. The workshop was developed as part of ECOLE, an NIH-funded program to provide interdisciplinary training in emerging environmental technologies in occupational health and safety. Link: https://sites01.lsu.edu/wp/ecole/

Erin Kaplan, PhD
Loyola Marymount University

Video 1: Introduction to the Workshop
- Welcome
- Overview

Video 2: The Economic Framework
- Introduction to Economics
- Scarcity
- Tradeoffs
- Decision Making
- Markets
- Costs and Benefits
- Market Failure
- Cost Benefit Analysis

Video 3: Cost Benefit Analysis 
- Application: Updating Office Computers
- Frame the Question 
- Identify Stakeholders
- Monetize Costs and Benefits
- Adjust for Inflation and Time Preference using Discount Factors
- Compare Costs and Benefits using Net Present Value
- Run Sensitivity Analyses
- Identify Limitations

Video 4: Non-Market Valuation
- Application: Studded Tire Ban
- Market goods 
- Non-Market Goods
- Health and Safety
- Environmental Goods and Bads
- Survey 
- Stated Preference
- Willingness to Pay
- Hypothetical Bias
- Revealed Preference
- Hedonic Valuation
- Household Production

Video 5: Risk and Uncertainty
- Application: Tire Crumb on Playgrounds
- Risk 
- Uncertainty
- Allais Paradox
- Risk Management
- Risk Premium 
- Value of Statistical Life
- Cost Effectiveness
- Public Concern 
- Risk Communication

Video 6: Regulating Technology
- Application: Oil Spill
- Private Markets
- Property Rights
- Liability 
- Negligence
- Uninsurable Risk
- Precautionary Principle
- Research and Development

Video 7: Summary and Conclusion
- Economics 
- Governance
- Emerging Environmental Technology