The paper investigates a decision-making process involving both risk and ambiguity. Differently from existing papers [Basili, M., Chateauneuf, A., Fontini, F., 2005. Choices under ambiguity with familiar and unfamiliar outcomes, Theory and Decision 58, 195-207; Chichilnisky, G., 2000. Axiomatic...

Real investments involving irreversibility and ambiguity embed a positive quasi-option value under ambiguity (q.o.v.a.), which modifies the evaluation of an investment decision involving depletion of natural resources by increasing the value of delaying. Q.o.v.a. depends on the specific...

The paper considers the use of a non-edible plant, Jatropha Curcas (JC), for the production of biofuel as a substitute for traditional fossil fuel. The whole production chain is analyzed; energy and environmental balances are reported. The investment value in biofuel from JC is also studied, and...