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Information and the Dynamics of Environmental Protection: The Concept of the Critical Period

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  • Fisher, Anthony C
  • Hanemann, W Michael

Abstract

Earlier work on environmental decisions under uncertainty is extended from two periods to many, permitting treatment of a richer variety of problems. Implications for pollution control policy of several different kinds of ecosystem recovery dynamics are considered in the context of improving information about ecosystem behavior and preferences for environmental goods. Multiperiod analogs of the two-period concept of (quasi) option value are developed. Copyright 1990 by The editors of the Scandinavian Journal of Economics.

Suggested Citation

  • Fisher, Anthony C & Hanemann, W Michael, 1990. " Information and the Dynamics of Environmental Protection: The Concept of the Critical Period," Scandinavian Journal of Economics, Wiley Blackwell, vol. 92(3), pages 399-414.
  • Handle: RePEc:bla:scandj:v:92:y:1990:i:3:p:399-414
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    Cited by:

    1. Ben White, 2000. "A Review of the Economics of Biological Natural Resources," Journal of Agricultural Economics, Wiley Blackwell, vol. 51(3), pages 419-462.
    2. Maria Cunha-E-Sá & Clara Costa-Duarte, 2000. "Endogenous Future Preferences and Conservation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 16(2), pages 253-262, June.
    3. Fisher, Anthony C. & Rubio, Santiago J., 1997. "Adjusting to Climate Change: Implications of Increased Variability and Asymmetric Adjustment Costs for Investment in Water Reserves," Journal of Environmental Economics and Management, Elsevier, vol. 34(3), pages 207-227, November.
    4. Attanasi, Giuseppe Marco & Montesano, Aldo, 2010. "Testing Value vs Waiting Value in Environmental Decisions under Uncertainty," TSE Working Papers 10-154, Toulouse School of Economics (TSE).
    5. Marc Baudry, 2000. "Joint Management of Emission Abatement and Technological Innovation for Stock Externalities," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 16(2), pages 161-183, June.
    6. Asbjørn Torvanger, 1997. "Uncertain climate change in an intergenerational planning model," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 9(1), pages 103-124, January.
    7. Pindyck, Robert S., 2000. "Irreversibilities and the timing of environmental policy," Resource and Energy Economics, Elsevier, vol. 22(3), pages 233-259, July.
    8. Robert S. Pindyck, 2006. "Uncertainty In Environmental Economics," NBER Working Papers 12752, National Bureau of Economic Research, Inc.
    9. Halkos, George, 2013. "Uncertainty in optimal pollution levels: Modeling the benefit area," MPRA Paper 47768, University Library of Munich, Germany.
    10. Cesare Dosi & Michele Moretto, 1997. "Pollution Accumulation and Firm Incentives to Accelerate Technological Change Under Uncertain Private Benefits," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 10(3), pages 285-300, October.

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