composition of the optimal mix as both persuade the risk-averse social planner to invest more in mitigation. Overall, we identify …

derive a general analytic formula for the "risk premium" governing the resulting climate policy. The formula generalizes … making under uncertainty. It clarifies the distinct roles of risk aversion, prudence, characteristics of the damage … formulation, and future policy response. We show that an optimal response to uncertainty substantially reduces the risk premium. …

this wider approach in dealing with environmental commons, particularly with global environmental commons, discussing two …