Epistemically feasible choice: implications for sustainable risk management
Australian Research Council (ARC)
ARC Discovery Project
Start / End Date: 2015 to 2018
Professor John Quiggin, ARC Australian Laureate Fellow
Individuals and policymakers must make decisions even though they cannot be fully aware of all of the relevant possibilities or fully understand consequences they have not yet experienced. Examples include individual decisions about marriage and childbearing, public policy decisions about complex environmental problems and decisions on funding scientific research. The aim of this project is to examine procedural decision principles that will yield better choices in circumstances where, because of epistemic limitations, standard decision theory provides an inadequate guide. The outcome of the project will be a formal model of decision theory incorporating principles of resilience, sustainability and transformative experience.