Relative magnitude of key variables in decision-making

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Describe the precautionary principle and how it relates to safe minimum standards, and minimum regret decision-making. In class we used a "land development vs land preservation" example to address this. Develop your own example of something that could involve a minimum regret decision and construct two numerical examples (using your own numbers) to illustrate the relative magnitude of key variables in decision-making.

Reference no: EM13697429

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