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This paper investigates the information transmission mechanism between world oil, gold, silver, dollar/euro exchange rate markets, and volatility index (VIX) accommodating for global risk perceptions. We find that there is a unique long run equilibrium relationship, where gold, silver, exchange rate, and risk perceptions appear as long run forcing variables of world oil prices. We uncover that global risk perceptions have a significantly suppressing effect on oil prices in the long run. We also discover that global risk perceptions play a less important role in explaining the forecast error variance of oil prices in the short run, than prices in the alternative investment markets. Our results also suggest that a...
There is currently an international drive to build new nuclear power plants, bringing about what is being termed a “nuclear renaissance”. However, the public perception of nuclear energy has historically been, and continues to be, a key issue, particularly in light of the Fukushima nuclear incident. This paper discusses the disparity between perceived and calculated risks based on the last four decades of research into risk perception. The leading psychological and sociological theories, Psychometric Paradigm and Cultural Theory, respectively, are critically reviewed. The authors then argue that a new nuclear-build policy that promotes a broader approach to design incorporating a wider range of stakeholder inputs,...