timing. Thus, an important source of both adaptation costs and future conservation uncertainty is the economic response of …

uncertainty about the timber production. Two types of hedging strategies with harvesting decisions are studied: a financial …

in exotic versus indigenous forest species. We discuss how investment irreversibility coupled with uncertainty (and the … decision. The twin features of investment irreversibility plus uncertainty are particularly relevant in relation to the new … issues facing investors are illustrated with reference to a recent study that explored the role of climate uncertainty for …