We analyze how the threat of a potential future regime shift affects optimal management. We use a simple general growth model to analyze four cases that involve combinations of stock collapse versus changes in system dynamics, and exogenous versus endogenous probabilities of regime shift. Prior...

We analyze how the threat of a potential future regime shift affects optimal management. We use a simple general growth model to analyze four cases that involve combinations of stock collapse versus changes in system dynamics, and exogenous versus endogenous probabilities of regime shift. Prior...

We model countries’ choice of greenhouse gas (GHG) emissions as a dynamic game. Emissions generate immediate benefits to the emitting country but also increase atmospheric GHG concentrations that negatively affect present and future welfare of all countries. Because there are no international...

Since 1999, China has spent RMB 50 billion (about US$7 billion) to implement the Grain for Green programme, the largest land retirement programme in the developing world. From 1999 to 2003, over 7.2 million hectares of agricultural land were retired under the programme. However, many farmers...