For reducing greenhouse gas emissions, intensity targets are attracting interest as a flexible mechanism that would better allow for economic growth than emissions caps. For the same expected emissions, however, the economic responses to unexpected productivity shocks differ. Using a real...

The margin of safety (MOS) approach is an increasingly prevalent tool for ensuring the integrity of market-based programs for providing ecosystem services. Over-crediting is reduced by setting aside mean estimates of uncertain services in favor of a more conservative estimate. Like many...

We demonstrate a density projection approximation method for solving resource management problems with imperfect state information. The method expands the set of partially-observed Markov decision process (POMDP) problems that can be solved with standard dynamic programming tools by addressing...

Adaptation to exogenous change occurs on both intensive and extensive margins. Whether and how one accounts for human adaptation directly affects estimates of the economic consequences of environmental change, estimates that are both critical in informing policy decisions and notoriously...

We characterize the optimal harvest of a renewable resource in a generalized stochastic spatially explicit model. Despite the complexity of the model, we are able to obtain sharp analytical results. We find that the optimal harvest rule in general depends upon dispersal patterns of the resource...