Fisher [Resource Energy Econ. 22, 197-204 (2000)] offers a unifying framework for two concepts of (quasi-) option value suggested by Arrow, Fisher, Hanemann, and Henry (AFHH) on the one hand, and by Dixit and Pindyck (DP) on the other, and claims these two concepts to be equivalent. We show that...

Fisher (2000, this journal) offers a unifying framework for the concepts of quasi-option value, suggested by Arrow, Fisher, Hanemann, and Henry (AFHH), and the concept of real option value, suggested by Dixit and Pindyck (DP). He claims that the two concepts are equivalent. We argue that this...

Despite large uncertainties in the fertilization efficiency, natural iron fertilization studies and some of the purposeful iron enrichment studies have demonstrated that Southern Ocean iron fertilization can lead to a significant export of carbon from the sea surface to the ocean interior. From...

Reducing atmospheric carbon concentration by removing past emissions can extend our rapidly diminishing emission budgets corresponding to the target of limiting the temperature increase to 2 °C above preindustrial levels. Forestation measures to offset carbon emissions have already entered...

Staying within the 2° C temperature increase target for climate change requires for ambitious emission reduction targets for the 2012–2020 compliance period. Cost-efficiency is a crucial criterion for the achievement of such targets, requiring analyses of all possible options. Enhancing the...

We investigate the socially optimal intervention in the global carbon cycle. Limiting factors are (i) increasing atmospheric carbon concentration due to fossil fuel-related carbon emissions, and (ii) the inertia of the global carbon cycle itself. Accordingly, we explicitly include the largest...

Since 2005, the EU ETS has provided a market-based price signal for European carbon emissions, accompanied by increasing economic research related to this policy instrument. In this paper, we carry out a review of the empirical literature examining allowance price formation. A consensus has...