This paper examines the optimal location of a competitive firm in response to environmental costs imposed by the abatement investment and taxes when the cost of the environmental regulation varies spatially under uncertainty. It contributes to the literature by incorporating the spatial setting...

Risk and uncertainty in a water market will generate trading patterns that differ from those expected under conditions of perfect foresight. Although trades will occur based on differences in VMPs of water in both markets, they will also be generated by differences in risk. Some farmers will...

The Neoclassical theory of production establishes a dual relationship between the profit value function of a competitive firm and its underlying production technology. This relationship, usually referred to as the duality theory, has been widely used in empirical work to estimate production...

Fisheries management is complicated in nearly all cases by various types of uncertainty. Numerous economics and fisheries science publications prescribe adjustments to harvest strategies and regulations in the face of uncertainty. The conclusions and recommendations from this body of work are...

Costs and benefits in the distant future-such as those associated with global warming, long-lived infrastructure, hazardous and radioactive waste, and biodiversity-often have little value today when measured with conventional discount rates. We demonstrate that when the future path of this...

Using a simple analytical model incorporating benefits of a stock, costs of adjusting the stock, and uncertainty in costs, we uncover several important principles governing the choice of price-based policies (e.g., taxes) relative to quantity-based policies (e.g., tradable permits) for...

There is potential for over-provision of environmental harms and under-provision of environmental benefits associated with GM crops. As a result, strong public regulation is needed to ensure that full social values are considered. However, one reason for opposition to GM crops is a lack of...

This paper analyses a fisheries management strategy, marine reserves switching, in which a non-fishing area is created, removed, or rotated from one site to another according to economic criteria through time. Using a dynamic optimisation framework under uncertainty, with the different fish...

Risk and uncertainty in a water market will generate trading patterns that differ from those expected under conditions of perfect foresight. Although trades will occur based on differences in VMPs of water in both markets, they will also be generated by differences in risk. Some farmers will...

The objective of this paper is to study the problem of management of irrigation water. We analyse farmers' economic rules of tactical irrigation scheduling in a certain or uncertain environment under water scarcity. The optimal plans depend on uncertain weather conditions and expectations. We...