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By Abdiel Worthy

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Evidence indicates that most, but not all, individuals prefer certain outcomes to uncertain ones. Risk-averse individuals prefer decision criteria that reduce the chance of the worst possible outcome, while risk-seeking individuals prefer decision criteria that maximize the chance of the best possible outcome. , 1996, p. 24). Such investments may help to reduce the possibility of future climate damages or the costs of adaptation. , 1996, p. 25). Since the risks of climate change are, to some extent, correlated, this reduces the effectiveness of pooling.

Proof of the atom settled the dispute but not without significant damage. In the 1920s Lotka then attempted to build on Boltzmann's views through a mathematical synthesis of energetics with biological evolutionary theory. Lotka proposed that the selective principle of evolution was one which favoured the maximum useful energy flow transformation. This view subsequently influenced the further development of ecological energetics, especially the work of Howard T. Odum. De Villamil attempted to clarify the scope of energetics with respects to other branches of physics by contriving a system that divides mechanics into two branches; energetics (the science of energy) and "pure", "abstract" or "rigid" dynamics (the science of momentum).

The standard rule used by public and private decision makers is that a risk will be acceptable if the expected net present value is positive. , 1996, p. 25). In other words, it is the average expected outcome for a particular decision. This criterion has been justified on the basis that: • • a policy's benefits and costs have known probabilities economic agents (people and organizations) can diversify their own risk through insurance and other markets. On the first point, probabilities for climate change are difficult to calculate.

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