Polasky, Alan Stephen; Zeeuw, Aart de; Wagener, Florian … - 2010
We analyze how the threat of a potential future regime shift affects optimal management. We use a simple general growth … versus endogenous probabilities of regime shift. Prior work has focused on stock collapse with endogenous probabilities and … reaches ambiguous conclusions about the effect of potential regime shift on optimal management. We show that all other cases …