In this paper the option value of waiting under scientific uncertainty will be derived using the difference between the geometric Brownian motion and the mean reverting process by applying contingent claim analysis. The results will be compared with those generated by either using a geometric...

La valutazione economica delle risorse naturali fornisce al decisore pubblico una base informativa ampia e condivisibile, in grado di orientarne efficacemente la decisione. Essa quindi può favorire il raggiungimento degli obiettivi di miglioramento e di integrazione ambientale che gli indirizzi...

This paper offers a critical review of natural resource valuation and points out the role of economic valuation in EU policy-making. First of all, we specify the meaning of the economic value of environmental amenities, illustrate the most reliable and often used economic valuation techniques,...

Elbert Dijkgraaf defended his PhD-thesis 'Regulating the Dutch Waste Market' at 5 november 2004. This thesis analyses whether the risen costs of waste collection and treatment can be diminished by changing policy instruments. The thesis shows that user fees are very effective in reducing the...

Estimates of the marginal damage costs of carbon dioxide emissions suggest that, although climate change is a problem and some emission reduction is justified, very stringent abatement does not pass the cost-benefit test. However, current estimates of the economic impact of climate change are...

The shale gas exploration and development is now a delicate and controversial subject. It is often assumed that unconventional exploration and extraction automatically brings prosperity for local, national and regional economies. In this paper, we argue that shale gas development requires a...

This paper concerns the development of a new decision support framework for the appraisal of transport infrastructure projects. In such appraisals there will often be a need for including both conventional transport impacts as well as criteria of a more strategic and/or sustainable character....

Intensifying competition for air transportation passengers has led airports to research optimal designs and determine the infrastructure expansion capacities of their terminals. As a result, many researchers have studied this subject from a variety of perspectives. In this study, we propose an...

Although China has implemented many air pollution control policies, its air pollution problems remain severe with rapid economic development. The strategy of controlling single pollutant in one period and adding another in the next period (i.e., gradual control strategy) adopted in China has...