Climate change and the irreversibility effect - Combining expected utility and maximin

Environmental and Resource Economics

Volumn 25, Issue 4, 2003, Pages 417-434

  Lange, Andreas ^a  

^a CENTRE FOR EUROPEAN ECONOMIC RESEARCH ZEW   (Germany)

Author keywords

Irreversibility; Learning; MaxiMin; Uncertainty

Indexed keywords

PARTICULATE EMISSIONS; POLLUTION;

STOCK POLLUTANTS;

CLIMATE CHANGE;

CLIMATE CHANGE; DAMAGE; EMISSION; ENVIRONMENTAL ECONOMICS; LEARNING; POLLUTANT; UNCERTAINTY ANALYSIS;

EID: 0041353994     PISSN: 09246460     EISSN: None     Source Type: Journal    
DOI: 10.1023/A:1025054716419     Document Type: Article

References (18)

1. Aaheim, H. A. and C. Bretteville (2001), 'Decision-Making Frameworks for Climate Policy under Uncertainty', CICERO Working Paper 2001:2, University of Oslo.
2. Arrow, K. J. and A. C. Fisher (1974), 'Environmental Preservation, Uncertainty and Irreversibility', Quarterly Journal of Economics 88, 312-319.
3. Bretteville, C. (2002), 'Decision Criteria, Scientific Uncertainty, and the Global Warming Controversy', paper presented at the Second World Congress of Environmental and Resource Economists, June 27,2002, Monterey, CA, USA.
4. Camerer, C. and M. Weber (1992), 'Recent Developments in Modeling Preferences: Uncertainty and Ambiguity', Journal of Risk and Uncertainty 5, 325-370.
5. Chichilnisky, G. (2000), 'An Axiomatic Approach to Choice under Uncertainty with Catastrophic Risks', Resource and Energy Economics 22, 221-231.
6. Chichilnisky, G. and G. M. Heal (1993), 'Global Environmental Risks', Journal of Economic Perspectives 7, 65-86.
7. Ellsberg, D. (1961), 'Risk Ambiguity and the Savage Axioms', Quarterly Journal of Economics 75, 643-669.
8. Epstein, L. G. (1980), 'Decision Making and the Temporal Resolution of Uncertainty', International Economic Review 21, 269-283.
9. Epstein, L. G. und M. le Breton (1993), 'Dynamically Consistent Beliefs Must be Bayesian', Journal of Risk and Uncertainty 61, 1-22.
10. Gilboa, I. (1987), 'Expected Utility with Purely Subjective Non-Additive Probabilities', Journal of Mathematical Economics 16, 65-88.
11. Henry, C. (1974). 'Investment Decisions under Uncertainty: The Irreversibility Effect', American Economic Review 64, 1006-1012.
12. IPCC III (1996), Climate Change 1995 - Economic and Social Dimensions of Climate Change: Contributions of Working Group III to the Second Assessment Report of the IPCC, Bruce, J. P., H. Lee and E. F. Haites, eds. Cambridge: Cambridge University Press.
13. Karni, E. and Z. Safra (1989), 'Ascending Bid Auctions with Behaviorally Consistent Bidders', Annals of Operations Research 19, 435-446.
14. Machina, M. J. (1989), 'Dynamic Consistency and Non-Expected Utility Models of Choice under Uncertainty', Journal of Economic Literature 27, 1622-1668.
15. Morgan, M. G. and D. W. Keith (1995), 'Subjective Judgments by Climate Experts', Environmental Science and Technology 29, 468A-476A.
16. Schmeidler, D. (1989), 'Subjective Probability and Expected Utility Without Additivity', Econometrica 57, 571-587.
17. Ulph, A. and D. Ulph (1997), 'Global Warming, Irreversibility and Learning', The Economic Journal 107, 636-650.
18. Wakker, P. P. (1988), 'Nonexpected Utility as Aversion to Information', Journal of Behavioral Decision Making 1, 169-175.