Richard Young forwards a critique of the conventional expected utility approach and, using an alternative conceptualisation of environmental uncertainty, contends that there are a number of different modes of uncertainty and that many environmental decisions are characterised by what is termed 'hard uncertainty'. The presence of hard uncertainty radically alters the way in which environmental uncertainty can be dealt with at both an epistemological and a practical level and poses a number of problems for traditional decision making frameworks based on probability. The author goes on to apply the model to a case study of the Belize Southern Highway - the first major application of Shackle's theory in the context of environmental economics.

Detailing and explaining practical and theoretical approaches, this book will interest and inform academics in the fields of environmental economics and environmental science, geography, economics and social science, as well as decision makers in governmental and non-governmental agencies.