An option-pricing model is developed to rank investments that might improve water quality. The model presumes that two … option-pricing model provides a criterion for determining when it is optimal to adopt the investment with the highest option … value. Option value, in this model, measures the expected present value in reduced damage, relative to doing nothing. If the …

An intergenerational model of resource development is constructed to examine the concepts of option and existence value …

. Fishing is managed under a regime of regulated open access. In the deterministic model, it is possible to determine the steady …-state equilibrium and to assess its local stability. In the stochastic model a steady state does not exist, but a stable joint …