In decision theory there are basically two appr hes to the modeling of individual choice: one is based on an absolute representation of preferences leading to a ntDnerical expression of preference intensity. This is utility theory. Another approach is based on binary relations that encode pairwise preference. While the former has mainly blossomed in the Anglo-Saxon academic world, the latter is mostly advocated in continental Europe, including Russia. The advantage of the utility theory approach is that it integrates uncertainty about the state of nature, that may affect the consequences of...

The aim of this book is to provide an insight into the ways economists analyze the problems of environmental pollution and the depletion of natural resources. To this purpose, selected papers are presented.