This paper studies incentives to develop advanced pollution abatement technology when technology may spillover across agents and pollution abatement is a public good. We are motivated by a variety of pollution control issues where solutions require the development and implementation of new...

This paper analyses decision under uncertainty with catastrophic risks, and is motivated by problems emerging from global environmental risks. These are typically low-probability events with major irreversible consequences. For such risks, the Von Neumann Morgens-tern (NM) axioms for decision...