Technical Report A Risk Economic Approach to Nuclear Power Generation : From Daniel Bernoulli to Keynes and Knight

Sakai, Yasuhiro

(No. A-23)  , pp.1 - 26 , 2017-02 , Center for Risk Research (CRR), Shiga University
This paper aims to discuss the problem of nuclear power generation fromthe viewpoint of the economics of risk and uncertainty. Although we have experiencedthe two major nuclear disasters, Chernobyl and Fukushima, in recent times, it is quiteunfortunate that risk-economic studies in nuclear power generation have beenextremely rare so far. This may show intentional neglect in the academic circle. Thepurpose of this paper is to duly mend such a regrettable tendency. Before 11 March2011, there were many people who more or less believed in the myth of absolute safety.The Great East Japan Earthquake, however, has completely changed their concept ofrisk for nuclear power generation, thus requiring the need to take a new risk-economicapproach to nuclear energy. As saying goes, we can learn new lessons in old teachings:we have to reexamine the economics of J.M. Keynes and Frank Knight.There are many possibilities for future research.

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