Learning and Irreversibility: An Econmic Interpretation of the "Precautionnary Principle"
We consider the problem of the optimal use of a good whose consumption can produce damages in the future. Potential damages are proportional to the accumulated lifetimeconsumption of the good. Scientific progress is made over time that provides information on the distribution of the intensity of potential damages.
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|Date of creation:||1997|
|Date of revision:|
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