Le modèle de préservation de l'environnement de ARROW et FISHER : une approche en terme d'options réelles

The Arrow and Fisher [1974] model of environmental preservation with irreversibility and uncertainty is reconsidered in the perspective of the real option theory. Thanks to this approach, an extension of the model to the continuous time case with a partial exploitation of non renewable resources and a direct computation of the optimal preservation threshold are possible. The concepts of quasi-option value and irreversibility effect, initially aimed at comparing the certainty case with the uncertainty case, are restated and extended to the comparison of situations characterised by different degrees of uncertainty.