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Irreversibilities and the optimal timing of environmental policy under Knightian uncertainty
Asano, Takao (contributor) - 2005
In this paper, we consider a problem in environmental policy design by applying optimal stopping rules. The purpose of this paper is to analyze the optimal timings at which the government should adopt environmental policies to deal with increases in greenhouse gas concentrations and to reduce...
Persistent link: https://www.econbiz.de/10003154571
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Insurance Demand for Disaster-Type Risks and the Separation of Attitudes Toward Risk and Ambiguity : An Experimental Study
Marielle, Brunette - 2011
support for the hypothesis that attitude to risk and attitude to ambiguity are two independent phenomena. In fact in this … experiment, decision-makers are both risk-seekers (i.e., the mean WTP for insurance is on average smaller than the expected value … of the loss) and ambiguity averse (i.e., the mean WTP for insurance is on average higher for an ambiguous risk than for a …
Persistent link: https://www.econbiz.de/10013127788
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Irreversibilities and the Optimal Timing of Environmental Policy Under Knightian Uncertainty
Asano, Takao - 2006
In this paper, we consider a problem in environmental policy design by applying optimal stopping rules. The purpose of this paper is to analyze the optimal timings at which the government should adopt environmental policies to deal with increases in greenhouse gas concentrations and to reduce...
Persistent link: https://www.econbiz.de/10012735092
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Contrasting Two Approaches in Real Options Valuation : Contingent Claims versus Dynamic Programming
Insley, Margaret C.; Wirjanto, Tony S. - 2013
:contingent claims (CC) with risk neutral valuation and dynamic programming (DP) using a constant risk adjusted discount rate … (such as futures prices) that allow the estimation of the market price of risk or convenience yield. Even when such data do … the prices of different sources of risk …
Persistent link: https://www.econbiz.de/10014219615
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Amenities and Risk in Forest Management
Couture, Stephane; Marielle, Brunette; Langlais, Eric - 2011
The objective of the paper is to analyze the risk management behavior of a non-industrial private forest owner under … regeneration process for physical practice) and the expected risk. We show, for example, that an increase in the expected risk has …
Persistent link: https://www.econbiz.de/10014209855
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Hedging Strategies in Forest Management
Brunette, Marielle; Couture, Stephane; Langlais, Eric - Laboratoire d'Économie Forestière, Département … - 2007
The paper focuses on the choice of forest management strategies for natural hazards by nonindustrial owners, when forest provides nontimber services. We introduce a basic two-period model where the private owner hedges against natural hazards on his/her forest thanks to financial strategies...
Persistent link: https://www.econbiz.de/10005466658
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Insurance Demand for Disaster-type Risks and the Separation of Attitudes toward Risk and Ambiguity: an Experimental Study
Brunette, Marielle; Cabantous, Laure; Couture, Stéphane; … - Laboratoire d'Économie Forestière, Département … - 2008
support for the hypothesis that attitude to risk and attitude to ambiguity are two independent phenomena. In fact in this … experiment, decision-makers are both risk-seekers (i.e., the mean WTP for insurance is on average smaller than the expected value … of the loss) and ambiguity averse (i.e., the mean WTP for insurance is on average higher for an ambiguous risk than for a …
Persistent link: https://www.econbiz.de/10005466665
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Incorporating Fire Risk into Optimal Decisions in Forestry Using a No-Arbitrage Approach
Insley, Margaret C. - 2018
This paper investigates the impact of including the risk of fire in an optimal tree harvesting model at the stand level … different assumptions about hedging the risk of fire. The assumption that fire risk is fully diversifiable is contrasted with … the assumption that it can be hedged with another asset. It is conjectured that the risk-neutral probability of fire …
Persistent link: https://www.econbiz.de/10012938380
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Permits vs. Offsets Under Investment Uncertainty
Koch, Nicolas - 2016
A global crediting mechanism would enable developing countries without binding emissions reduction targets to participate in the international carbon market. Linking the framework on Reducing Emissions from Deforestation and Forest Degradation (REDD) as an offset program to major cap-and-trade...
Persistent link: https://www.econbiz.de/10013002109
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The Role of Risk in Targeting Payments for Environmental Services
Alix‐Garcia, Jennifer; de Janvry, Alain; Sadoulet, … - 2005
This paper discusses the gain in efficiency from including deforestation risk as a targeting criterion in payments for … a payment that takes deforestation risk into account. We simulate the latter strategy both with and without a budget … constraint. Using observed past deforestation, we find that while risk-targeted payments are far more efficient, flat payments …
Persistent link: https://www.econbiz.de/10014061588