The financial concept of real options has important consequences in areas of environmental and natural resources law where irreversible decisions are made in the face of uncertainty. This article argues that consideration of real options is necessary to maximize economic return from...

Green technological progress bears a strong potential to alleviate climate change, but its utilization is contingent on factors which are by nature impossible to anticipate or predict. Developing stochastic optimisation models, we explore how the decision to invest in research and development...