We develop a simple model of managing a system subject to pollution damage under risk of an abrupt and random jump in …

negligible of fixed, or farmers are highly risk averse, the moral hazard problem can be eliminated. However, if monitoring costs … depend on monitoring effort and the degree of risk aversion is low, only a second-best solution can be obtained. Numerical … simulations suggest that optimal monitoring effort declines with increasing farmer risk aversion …

We develop a simple model of managing a system subject to pollution damage under risk of an abrupt and random jump in …

One of the unforeseen consequences of the WTO agreements has been controversy over risk. This volume explores aspects … of risk with special reference to the WTO, where national instruments to reduce risk may conflict with international … trade rules. The book is divided into sections dealing with: accounting for risk in trade agreements; risk and the WTO …