We consider an ecosystem with two distinct equations of motion that are separated by a threshold value of the state variable. We find that increasing uncertainty (both uncertainty embedded in the natural system and uncertainty of the decisionmaker about the location of the threshold) can lead to...

Many natural systems have the potential to switch between alternative dynamic behaviors. We consider a system with two distinct equations of motion that are separated by a threshold value of the state variable. We show that utility maximization will give a decision making rule that is consistent...

We consider an ecosystem with two distinct equations of motion that are separated by a threshold value of the state variable. We find that increasing uncertainty (both uncertainty embedded in the natural system and uncertainty of the decisionmaker about the location of the threshold) can lead to...