The thesis is focuses on the principle of prudence. Describes in detail the tax and accounting point of view of its instruments. The first chapter is devoted to generally accepted accounting principles and their description. Other chapters have directly target specific tools. At the end of each chapter, which is devoted to the tools of the precautionary principle, are indicative examples.

Nos casos em que prevalece a incerteza científica sobre as repercussões que novas descobertas da própria ciência e da técnica podem causar nas condições que mantém a harmonia do ambiente, o princípio da precaução surge como instrumento político e jurídico de gestão de riscos. Nesse contexto, onde prevalece a dúvida sobre a causa e o grau de perigo em potencial, encontra-se o seguinte problema: é possível distinguir entre a aplicação racional e a utilização inacional ou arbitrária do princípio da precaução como norma de Direito Ambiental? Diretrizes como a não discriminação, a proporcionalidade e a coerência, que devem orientar as decisões de atuar ou de não atuar, tanto no campo político, como no do Direito Ambiental, exigem das instâncias decisórias o aprofundamento da compreensão do conteúdo de sentido do princípio da precaução, pois o que está em jogo é o equilíbrio entre, por um lado, as liberdades dos indivíduos, das empresas e das organizações, e, por outro, a necessidade de reduzir o risco de efeitos nocivos ao ambiente e à saúde das pessoas. Assim, a presente dissertação tem como objetivo geral a indicação de elementos para que uma decisão jurídica envolvendo ciência e ambiente seja racional, relativamente à fundamentação e à aplicação de medidas inspiradas pelo princípio da precaução. No primeiro capítulo, o trabalho procura esclarecer o conceito de princípio, investigando se há diferença, no âmbito do Direito, entre regras e princípios. Para tanto, são Observadas as contribuições de Dworkin, Alexy e Ávila. Examina-se, ainda, o papel da norma moral na justificação de escolhas racionais e justas, procurando ampliar a compreensão do problema. As bases teóricas escolhidas são as éticas de Aristóteles, Kant e Jonas. No segundo capítulo, a pesquisa pretende analisar- o conteúdo de sentido do princípio da precaução como princípio de direito ambiental, a fim de destacar suas principais características. No terceiro e último capítulo se busca explorar- a ideia de risco, com fundamento, principalmente, na perspectiva de Ulrich Beck, e retomar as principais diretrizes de aplicação do princípio, a partir das quais, por meio do pensamento de Habermas, pretende-se esboçar uma resposta válida ao problema investigado. Tendo em vista a preocupação da sociedade mundial com a proteção dos valores que fundamentam e orientam escolhas, o presente trabalho pode contribuir para melhor compreender, ética e juridicamente, o conteúdo de sentido do princípio da precaução, criando, assim, ao menos teoricamente, condições favoráveis à construção política e jurídica de justificativas ponderadas e coerentes, que buscam formar e orientar a geração e a implementação do Direito Ambiental. / The principle of precaution surges as a political and judicious instrument to manage risks within cases in which there is a prevailing scientific uncertainty about the repercussions that new scientific discoveries and techniques can have on the conditions that maintain a harmonious environment. In this context, where doubt supersedes the potential degree and danger, the following problem arises: Is it possible to distinguish between rational application and irrational utilization or the arbitrary application of the principal of precaution in environmental law? Principals such as anti-discrimination, proportionality and coherence should guide decisions to act or not to act as much as politics and environmental law, and also require that decisions deepen one's understanding of the principle of precaution. Consequently, what is at stake is the balance between, on the one hand, the liberties of individuals business and organizations and, on the other hand, the need to reduce risk of harmful effects on the environment and the public's health. Therefore, the general objective of this dissertation is the identification of the elements needed for making rational legal decisions that involve science and the environment in the context of measures inspired by the principle of precaution. The first chapter aims to clarify the principal concept, examining whether there are differences in the legal context between roles and principles. The contributions of Dworkin, Alexy and Avila. are recognized. The paper of the moral norm in the justification of rational and just choices is examined in order to expand the understanding of the problem. The theoretical foundation consists o f the ethics of Aristotle, Kant and Jonas. The second chapter intends to analyze the meaning of the principle of precaution as the beginning of environmental law, in order to illustrate its main characteristics. The third and final chapter attempts to explore the idea of risk as a fundamental perspective, principally through the perspective of Ulrich Beck, and retake the legal principles of the application from the beginning and through the thoughts of Habermas, intends to sketch a valid answer to the investigated problem. In view of world-wide social concem over the protection of the values that undergird and guide choices, the present work can contribute toward an improved understanding, both ethical andjudicial, the content of the principle of precaution, resulting in the creation of, at least theoretically, conditions favorable for the political, judicial building of coherent and weighted justifications, that aim to form and guide the generation and implementation of environmental law.

Esta dissertação analisa como o Direito, do ponto de vista da biossegurança, tem mediado as divergências inerentes à inserção de organismos geneticamente modificados (OGMs) no meio ambiente e como tem tratado seus impactos na natureza em relação às futuras gerações. Para estudar esse tema, analisa-se o princípio da precaução como critério para a liberação desses OGMs. Percebe-se que a efetividade do princípio da precaução exige a aplicação do direito à informação, utilizado como ferramenta essencial para que a sociedade tenha pleno conhecimento para uma escolha consciente do que consome. A utilização do princípio da precaução e do direito à informação na inserção dos OGMs recebe, neste trabalho, a ênfase na proteção das futuras gerações, com um recorte teórico nos ensinamentos de Jürgen Habermas a respeito do “Futuro da Natureza Humana” e de Hans Jonas à luz do “Princípio Responsabilidade”. O tema discutido neste trabalho encontra aderência com a linha de pesquisa “Direito Ambiental, Políticas Públicas e Desenvolvimento Socioeconômico” do mestrado em Direito, pois apresenta de forma transversal discussões sobre possíveis impactos da inserção de OGMs no meio ambiente e, consequentemente, reflexos para as futuras gerações. Estas análises poderão subsidiar o aperfeiçoamento de políticas públicas, das teorias relacionadas ao direito ambiental, e ainda, possibilitar o desenvolvimento socioeconômico de forma que sejam minimizados os riscos para as futuras gerações. O método utilizado é qualitativo e de caráter descritivo, e a estratégia de pesquisa adotada é a bibliográfica. Como resultado, conclui-se pela necessidade de mudança ética nas atividades humanas, permitindo que se pense nas atuais e nas futuras gerações, de forma a buscar um meio ambiente equilibrado e sadio para todos. Percebese, no entanto, a falta de cautela na inserção dos OGMs no meio ambiente e a pouca informação que os mesmos possuem, principalmente no que se refere aos possíveis riscos para a saúde e meio ambiente. Por isso, é importante que se tenha maiores informações sobre os organismos geneticamente modificados, juntamente com uma fiscalização pelos órgãos de proteção do meio ambiente, para que todo cidadão possa ficar mais atento em relação ao que deseja consumir ou não. / This master's dissertation analyzes how the Law, from the point of view of biosafety, has mediated the differences inherent in the inclusion of genetically modified organisms (GMOs) into the environment and how it has treated its impacts on nature to future generations. To study this issue, it analyzes the precautionary principle as a criterion for releasing these GMOs. It is noticed that the effectiveness of the precautionary principle requires the application of the right to information, which is used as an essential tool for society to have full knowledge to a conscious choice than it consumes. The use of the precautionary principle and the right to information in the insertion of GMOs receives, in this work, the emphasis on the protection of future generations, with a theoretical cut the thesis of Jürgen Habermas about the "Future of Human Nature" and the theory of Hans Jonas about the "Principle of Responsibility". The topic discussed in this work is compliance with the line of research "Environmental Law, Public Policy and Socio-Economic Development" of the Master in Law, since it has transversely discussions on possible GMOs insertion of impacts on the environment and hence effects for future generations. These analyzes will support the improvement of public policies, theories related to environmental Law, and also enable the socio-economic development in a way that risks are minimized for future generations. The method used is qualitative and descriptive, and the research strategy adopted is to literature. As a result, concludes the need for ethical change in human activities, allowing them to think about the present and future generations, in order to seek a means balanced and healthy environment for all. It is understood, however, lack of caution in the insertion of GMOs on the environment and the little information that they have, especially with regard to possible risks to health and the environment. So it is important to have more information on genetically modified organisms, along with an inspection by the environmental protection agencies, so that every citizen can become more careful about what they want to eat or not.

Introdução - Desde a década de 70 a sociedade contemporânea depara-se com riscos e incertezas que apresentam características únicas. Casos emblemáticos nos campos da saúde, segurança e meio ambiente são discutidos pela mídia, organizações não-governamentais, governos, empresas e sociedade civil, e sobre eles o direito é chamado a se posicionar. Para lidar com esses temas, ao longo das duas últimas décadas o direito (internacional e do ambiente) construiu o princípio da precaução. Objetivo - A pesquisa tem por objeto discernir o que o princípio da precaução tem sido, do que ele não é, e o que ele pode vir a ser, contribuindo assim para o estudo das dimensões jurídicas da Sociedade do Risco e das relações entre o direito e a incerteza. Fonte bibliográfica - O estudo se baseou, sobretudo, na literatura francesa sobre o princípio da precaução, na jurisprudência internacional e nas recentes iniciativas da União Européia e da Organização Mundial da Saúde. Considerou-se também a doutrina, jurisprudência e legislação brasileira. Aspectos abordados - Abordou-se a configuração da Sociedade do Risco e como o direito do ambiente se relaciona com suas dimensões científicas e tecnológicas. Em seguida, foi estudada a consolidação desse princípio, em sua dimensão ética e jurídica. Por lidar com temas atuais e polêmicos, sua aplicação é ainda controversa, mas as dificuldades e críticas a ele formuladas auxiliam a evidenciar suas potencialidades. Conclusão - no Brasil é ainda precária a compreensão do que o princípio da precaução é, ou mesmo do que ele não é. Os tribunais confundem precaução e prevenção; o princípio da precaução é usado como sinônimo de uma obrigação geral de preservar o meio ambiente ou como justificativa para abstenções. Uma incorporação mais eficaz desse princípio requer o conhecimento da sua teoria e prática. A aplicação do princípio da precaução deve ser pautada na realização de análises de riscos, na adoção de parâmetros aptos a balizar sua prática e na utilização de stantards jurídicos. A controvérsia promovida pelo princípio da precaução estimula uma atitude reflexiva com relação à ciência e fortalece, no direito e fora dele, a tomada de decisões envolvendo a opinião pública e a comunidade científica. / Introduction - Since the 1970s, the society at large has been faced with unprecedented risks and uncertainties. Landmark cases in the health, safety and environmental areas have been extensively debated by the media, nongovernmental organizations, governments, corporations and the civil society as a whole, and the law has been called upon to take a stance over these issues. To cope with these issues, international and environment law has devised, over the last two decades, the so-called precautionary principle. Scope - This research seeks to draw a distinction between what the precautionary principle has been from what it is not, and what it may come to be, thus contributing to studies on the legal realms of the Risk Society and the relations between the law and uncertainties. Bibliography - This study has primarily relied on French literature covering the precautionary principle, international case law, and the recent initiatives of both the European Union and the World Health Organization. Brazilian case law, legal writings and laws have also been taken into consideration. Aspects - This work addresses the framework of Risk Society and how environmental law relates to its scientific aspects. Then, the consolidation of such principle on its ethical and legal fronts was studied. As current (and rather debatable) themes are into play, the application of Risk Society is still controversial, but the difficulties faced by such application and the criticism directed at it help understand the potential characteristics of this framework. Conclusion - In Brazil, understanding what the precautionary principle stands for (or even what it does not) is still incipient. Brazilian courts make a confusion between precaution and prevention: the precautionary principle is taken as a synonym for a general duty to conserve the environment or as a reason for limitations. A deeper understanding of this precautionary principle calls for a greater awareness of its theory and practice. Applying the precautionary principle should thus be grounded on risk analyses; on the adoption of standards that are capable of governing its practice; and on effective use of legal standards. The controversy over the precautionary principle has invited to a more reflective approach to science, while also strengthening (within the realms of law, and beyond) decision-making efforts involving the public opinion and the scientific community.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2017-05-23T12:22:56Z No. of bitstreams: 1 Thiago Feltes Marques_.pdf: 1461587 bytes, checksum: dc52bcfe3a1e36c05d530f5b912ce8e8 (MD5) / Made available in DSpace on 2017-05-23T12:22:56Z (GMT). No. of bitstreams: 1 Thiago Feltes Marques_.pdf: 1461587 bytes, checksum: dc52bcfe3a1e36c05d530f5b912ce8e8 (MD5) Previous issue date: 2016-12-21 / Nenhuma / O presente trabalho estuda a aplicação do Princípio da Precaução diante dos riscos catastróficos. Os Desastres ambientais possuem potencial magnitude e complexidade, razão pela qual vem sendo desenvolvido no Brasil um ramo do Direito voltado aos riscos e danos catastróficos. Ocorre que, por se tratar de um ramo diferenciado do Direito Ambiental, seus componentes também possuem novas feições. Um deles é o Princípio da Precaução, conceituado no Direito Ambiental como um poderoso mecanismo para lidar com a incerteza científica diante da ameaça de danos sérios ou irreversíveis e ausência de absoluta certeza científica, devendo ser irradiado para concretizar o processo de tomada de decisões no seio da administração do risco, condicionado à observância dos limites estabelecidos pelas normas da proporcionalidade, da não-discriminação (igualdade), da coerência (razoabilidade), conforme os parâmetros da evolução científica de cada local e época. Diante de riscos catastróficos, contudo, o Princípio da Precaução adquire uma forma refinada, pois tendo em vista suas graduações e intensidades diversas onde, quanto maior a expectativa de gravidade (verificado pela Avaliação de Impacto Ambiental), este deve ser mais restritivo. A precaução para catástrofes deve ser mais sensível às informações científicas, pois a magnitude do desastre é muito intensa. Por essa razão, a presente dissertação preocupou-se em observar quais as formas de gestão dos riscos catastróficos, tendo como base as dimensões da incerteza, assim como pretendeu-se aclarar a difícil e complexa questão com os aportes do referencial teórico especializado em Desastres e Princípio da Precaução, permitindo consequentemente enxergar a forma de aplicação da baliza com a lente da antecipação aos riscos catastróficos e seus danos. / The present paper studies the application of the Precautionary Principle in the face of the catastrophic risks. Environmental disasters have potential impact and complexity, which is why Brazil has developed a branch of law focused on risks and catastrophic damages. Whathever, because it’s a branch differentiated from Environmental Law, his components also have new features. One of them is the Precautionary Principle, which is conceptualized in Environmental Law as a powerful mechanism to deal with scientific uncertainty in the face of the threat of serious or irreversible damage and lack of absolute scientific certainty, and must be irradiated to concretize the decision-maker process within the risk management, subject to compliance with the limits established by the rules of proportionality, no-discrimination (equality), consistency (reasonableness), according to the parameters of the scientific evolution of each place and time. In the face of catastrophic risks, however, the Precautionary Principle acquires a refined form, since in view of graduations and differents intensities, the greater the expect of gravity (verified by the Environmental Impact Assessment), the latter must be more restrictive. Caution for catastrophes should be more sensitive to scientific information because the impact of the disaster is very intense. For this reason, the present work was concerned with the management of catastrophic risks, based on the dimensions of uncertainty, on clarifying the difficult and complex issue with the contributions of the theoric framework specialized in Disasters and Precautionary Principle, allowing to see the way of applying the principle with the lens of antecipation to the catastrophic risks and their damages.

Submitted by Jailda Nascimento (jmnascimento@pucsp.br) on 2016-10-06T20:30:02Z No. of bitstreams: 1 Luciana Chiavoloni de Andrade Jardim.pdf: 1397480 bytes, checksum: d26870fc153166653e96da22e9c9675b (MD5) / Made available in DSpace on 2016-10-06T20:30:02Z (GMT). No. of bitstreams: 1 Luciana Chiavoloni de Andrade Jardim.pdf: 1397480 bytes, checksum: d26870fc153166653e96da22e9c9675b (MD5) Previous issue date: 2016-08-08 / Conselho Nacional de Desenvolvimento Científico e Tecnologia / This paper consists in the development of collective extra patrimonial environmental damage analysis due to the risk in contemporary society. The goal is the enforcement of the environmental protection in its wide conception, stablishing assumptions to application of liability for collective extra patrimonial environmental damage. Thus, this study – which using deductive method and bibliographical research – discusses about conceptualization of the damage under civil perspective. It adresses the environmental legal protection, considering environmental meaning and its relation with dignity of human person, and the characterization of material good and pollution, to support liability for collective extra patrimonial environmental damage. We considered sensitive issues such as causal link, tolerability and detrimental complexity of environmental damages, according to cross border effects and intergenerational interests affected. We also related collective extra patrimonial environmental damage with prevention and precaution principles. At the conclusion, we propose a new classification for damage, the damage-damage and the damage-risk, to demonstrate that risk (concret or abstract) is not configured as future damage or as liability without damage, but rather damage itself, giving rise to application of liability for collective extra patrimonial environmental damage / O presente trabalho consiste no desenvolvimento do estudo do dano extrapatrimonial ambiental coletivo face ao risco na sociedade contemporânea. O objetivo é a efetivação da proteção ambiental na sua mais ampla concepção, estabelecendo fundamentos para a aplicação da responsabilização pelo dano extrapatrimonial ambiental coletivo. Para atingir este propósito, o estudo – que se apoia na abordagem dedutiva e na técnica de pesquisa bibliográfica – discorre sobre a conceituação do dano na denominada sociedade de risco, partindo-se da análise crítica do dano na visão civilística. Abordamos a proteção jurídica ambiental, com embasamento na definição de meio ambiente e sua relação com a dignidade da pessoa humana, bem como na caracterização do bem ambiental e da poluição, para fundamentar a responsabilização pelo dano extrapatrimonial ambiental coletivo. Tratamos de temas sensíveis como o nexo de causalidade, a tolerabilidade e a complexidade lesiva dos danos ambientais, em função dos efeitos transfronteiriços e dos interesses intergeracionais afetados. Relacionamos o dano extrapatrimonial ambiental coletivo com os princípios da prevenção e da precaução. Na conclusão propomos uma nova classificação do dano, o dano-dano e o dano-risco, a fim demonstrar que o risco, tanto concreto quanto abstrato, não se configura como dano futuro ou como responsabilização sem dano, mas sim como dano propriamente dito, ensejando a aplicação da responsabilização pelo dano extrapatrimonial ambiental coletivo

O presente trabalho tem como tema central a investigação sobre a relação do direito humano à alimentação com a sustentabilidade e os conflitos e desafios advindos da realização desse direito nos sistemas alimentares atuais. Procuramos compreender quais aspectos vêm sendo considerados no processo de especificação desse direito e de que forma a sustentabilidade seria um valor ético e um princípio inerente ao teor do direito humano à alimentação. Propomos as seguintes questões como eixo condutor da pesquisa: O que é direito humano à alimentação? O que é sustentabilidade? A sustentabilidade é um aspecto inerente ao direito humano à alimentação? Ela é verificada nos atuais modelos de produção e consumo de alimentos? Quais são os conflitos e impedimentos da realização do direito humano à alimentação sob o prisma da sustentabilidade? Como recorte metodológico, analisamos o caso da produção e consumo de alimentos transgênicos tendo em vista as premissas adotadas no presente trabalho. O modelo produtivo dos alimentos transgênicos é colocado em face ao modelo alternativo da agroecologia, de forma a comparar a presença dos aspectos da sustentabilidade em ambos os sistemas. Na esfera do consumo, abordamos o papel do consumidor como agente de promoção da sustentabilidade na alimentação, assim como as dificuldades conjunturais para o exercício desse papel. Dessa análise, constatamos a existência de conflitos público-privados emergentes da realização do direito humano à alimentação sob o prisma da sustentabilidade. Em face a tais óbices, apresentamos mecanismos de exigibilidade e justiciabilidade do direito humano à alimentação. Procuramos abordar de forma transversal os temas da solidariedade, da ética na ciência e no capitalismo e da educação como desafios a serem conquistados tendo em vista a plena realização do direito humano à alimentação sob a ótica da sustentabilidade. / The present work is focused on the relationship between the human right to food, sustainability and the conflicts arising from the realization of this right in current food systems. We seek to understand which aspects are being considered in the specification of this right and how sustainability would be an ethical value and an inherent principle of the human right to food. We propose the following questions as a guide to the research: What is human right to food? What is sustainability? Sustainability is an inherent aspect of the human right to food? Does it occur in the current models of production and consumption? What are the conflicts and impediments to the completion of the human right to food through the prism of sustainability? The methodological approach includes the analysis of the case of production and consumption of genetically modified (GM) foods in contrast with the assumptions adopted in this work. The production model of GM foods is analyzed against the alternative model of agroecology in order to compare the presence of sustainability aspects in both systems. We discuss the role of the consumer as an agent capable of promoting sustainability of food systems, as well as the economic difficulties to exhert this role. From this analysis, we found the existence of public-private conflicts emerging from realization of the human right to food when looking through the prism of sustainability. Before such obstacles, we present mechanisms of enforceability and justiciability of the human right to food. We seek to transversely address themes such as solidarity, ethics in science and in capitalism, and education as challenges to be conquered in order to achieve the full realization of the human right to food from the perspective of sustainability.

<p>This study examines the possible incompatibility between environmental conventions and agreements promoting international trade. More specifically, it aims at discussing the Precautionary Principle and the WTO agreements on trade and how they might contradict each other on the international arena. The study focuses on the international trade with genetically modified organisms and discusses probable needs of reformulating the principles and/or conventions concerned if these are to function as tools of equal importance when handling environmental problems through policy making. The controversy is illustrated through a case-study of a trade dispute where the conflicting principles: the Precautionary Principle and WTO agreements on trade are involved, namely a dispute where a formal complaint to the WTO by the US, Canada and Argentina about the European Community supposedly applying a de facto moratorium on genetically modified organisms had the final outcome of the European Community being found to contravene international trade rules. The study concludes that actors on the international arena are still opinions apart concerning the way to perceive possible risks connected to biotechnology and genetically modified organisms. This incongruence is also found to apply to the status of the Precautionary Principle as a rule of international law as well as to which of the conventions that were applicable to the concerned dispute.</p>

This study examines the possible incompatibility between environmental conventions and agreements promoting international trade. More specifically, it aims at discussing the Precautionary Principle and the WTO agreements on trade and how they might contradict each other on the international arena. The study focuses on the international trade with genetically modified organisms and discusses probable needs of reformulating the principles and/or conventions concerned if these are to function as tools of equal importance when handling environmental problems through policy making. The controversy is illustrated through a case-study of a trade dispute where the conflicting principles: the Precautionary Principle and WTO agreements on trade are involved, namely a dispute where a formal complaint to the WTO by the US, Canada and Argentina about the European Community supposedly applying a de facto moratorium on genetically modified organisms had the final outcome of the European Community being found to contravene international trade rules. The study concludes that actors on the international arena are still opinions apart concerning the way to perceive possible risks connected to biotechnology and genetically modified organisms. This incongruence is also found to apply to the status of the Precautionary Principle as a rule of international law as well as to which of the conventions that were applicable to the concerned dispute.

This dissertation consists of three essays that apply both economic theory and econometric methods to understand design and dynamics of institutions. In particular, it studies how institutions aggregate information and deal with uncertainty and attempts to derive implications for optimal institution design. Here is a brief summary of the essays. In many economic, political and social situations where the environment changes in a random fashion necessitating costly action we face a choice of both the timing of the action as well as choosing the optimal action. In particular, if the stochastic environment possesses the property that the next environmental change becomes either more or less likely as more time passes since the last change (in other words the hazard rate of environmental change is not constant over time), then the timing of the action takes on special importance. In the first essay, joint with Maxwell B Stinchcombe, we model and solve a dynamic decision problem in a semi-Markov environment. We find that if the arrival times for state changes do not follow a memoryless process, time since the last observed change of state, in addition to the current state, becomes a crucial variable in the decision. We characterize the optimal policy and the optimal timing of executing that policy in the differentiable case by a set of first order conditions of a relatively simple form. They show that both in the case of increasing and decreasing hazard rates, the optimal response may be to wait before executing a policy change. The intuitive explanation of the result has to do with the fact that waiting reveals information about the likelihood of the next change occurring, hence waiting is valuable when actions are costly. This result helps shed new light on the structure of optimal decisions in many interesting problems of institution design, including the fact that constitutions often have built-in delay mechanisms to slow the pace of legislative change. Our model results could be used to characterize optimal timing rules for constitutional amendments. The paper also contributes to generalize the methodology of semi-Markov decision theory by formulating a dynamic programming set-up that looks to solve the timing-of-action problem whereas the existing literature looks to optimize over a much more limited set of policies where the action can only be taken at the instant when the state changes. In the second essay, we extend our research to situations, where the current choice of action influences the future path of the stochastic process, and apply it to the legal framework surrounding environmental issues, particularly to the ‘Precautionary Principle' as applied to climate change legislation. We represent scientific uncertainty about environmental degradation using the concept of 'ambiguity' and show that ambiguity aversion generates a 'precautionary effect'. As a result, justification is provided for the Precautionary Principle that is different from the ones provided by expected utility theory. This essay serves both as an application of the general theoretical results derived in the first essay and also stands alone as an analysis of a substantive question about environmental law. Prediction markets have attracted public attention in recent years for making accurate predictions about election outcomes, product sales, film box office and myriad other variables of interest and many believe that they will soon become a very important decision support system in a wide variety of areas including governance, law and industry. For successful design of these markets, a thorough understanding of the theoretical and empirical foundations of such markets is necessary. But the information aggregation process in these markets is not fully understood yet. There remains a number of open questions. The third essay, joint with Robert Lieli, attempts to analyze the direction and timing of information flow between prices, polls, and media coverage of events traded on prediction markets. Specifically, we examine the race between Barack Obama and Hillary Clinton in the 2008 Democratic primaries for presidential nomination. Substantively, we ask the following question: (i) Do prediction market prices have information that is not reflected in viii contemporaneous polls and media stories? (ii) Conversely, do prices react to information that appears to be news for pollsters or is prominently featured by the media? Quantitatively, we construct time series variables that reflect the "pollster's surprise" in each primary election, measured as the difference between actual vote share and vote share predicted by the latest poll before the primary, as well as indices that describe the extent of media coverage received by the candidates. We carry out Granger Causality tests between the day-to-day percentage change in the price of the "Obama wins nomination" security and these information variables. Some key results from our exercise can be summarized as follows. There seems to be mutual (two-way) Granger causality between prediction market prices and the surprise element in the primaries. There is also evidence of one-way Granger causality in the short run from price changes towards media news indices. These results suggest that prediction market prices anticipate at least some of the discrepancy between the actual outcome and the latest round of polls before the election. Nevertheless, prices also seem to be driven partly by election results, suggesting that there is an element of the pollster’s surprise that is genuine news for the market as well. / text