. The immediate challenges for this region's water resource management represent a test case for the long-run challenges … associated with global climate change. With an eye towards this eventuality, this paper describes a variety of water policy …

programs because all the return to quota is dependent upon these programs. The uncertainty of future regulatory action results … economic and environmental inefficiencies because of policy uncertainty. The theory on investment under uncertainty argues that … when future returns are uncertain, an opportunity to wait and see has some (quasi) option value. Under uncertainty …

long term investment with some uncertainty about outcomes being achieved. It is predominantly a public good investment as …

uncertainty; that is, when uncertainty cannot be modeled with known probability distributions. Under these circumstances, the … and an aggregate abatement standard in terms of maximizing the range of uncertainty under which the welfare loss from … price-based or quantity-based control is more robust to unstructured uncertainty. Hence, not only does the relative slopes …