In this article the most relevant economic approaches and models that have been developed for the economic interpretation of the precautionary principle are presented. The aim is to identify their contribution to the debate on precaution and discuss their practical relevance in public decision-making. Their virtualities and main limitations are analised. Some actions to overcome these limitations are also identified. The concept of precaution has great relevance in environmental regulation in many countries. However, legislation about the use of the precautionary principle in environmental decision-making is somewhat vague. That is why the need for a regulatory framework for the operational implementation of this principle has been largely stressed, to clarify concepts and management procedures that are appropriate to the nature of environmental risks.
Precautionary principle; Environmental risk; Economic models
