What is at stake in the climate negotiations is the provision of a global public good, indeed a "clean" atmosphere.The Kyoto Protocol is only a very minor step toward this objective. Looking further ahead in time, beyond the 2008-2012 period, Annex I Parties' commitments will not be sufficient...

With a market entry game inspired by Camerer and Lovallo (1999), we study the attitudes of junior and senior employees towards strategic uncertainty and competition. Seniors exhibit higher entry rates compared to juniors, especially when the market capacity is not too low or when earnings from...

This paper examines the consequences of various attitudes towards climate damages through a family of stochastic optimal control models (RESPONSE): cost-efficiency for a given temperature ceiling; cost-benefit analysis with a "pure preference for current climate regime" and full cost-benefit...

Cet article utilise un exemple simple pour passer en revue des concepts de mesure de la biodiversité, avec un effort pour expliciter leurs fondements axiomatiques. L'article offre ensuite un aperçu des concepts développés pour sa protection, et il s'achève sur une discussion de quelques...

This paper brings into focus a link between the investment and financing decisions of a firm which has an access to costly debt financing. Our analysis shows that lump-sum debt issuance costs play a prominent role in a determination of the optimal investment strategy. Faced with larger lump-sum...

We characterize sequential (preemption) and simultaneous (coordination) equilibria, as well as joint-value maximizing (cooperation) solutions, in a model of investment timing allowing for externalities in both flow pro...ts and investment costs. For two ex-ante symmetric ...rms, either...

In a real option model, we show that the standard analysis of vertical relationships transposes directly to investment timing. Thus, when a firm undertaking a project requires an outside supplier (e.g., an equipment manufacturer) to provide it with a discrete input to serve a growing but...