In situations characterized by true uncertainty and potential irreversibility, the safe minimum standard (SMS) approach is a decision rule to protect some critical natural resource-unless the social costs of doing so are somehow "intolerable." The SMS has been discussed widely, but actual case...

We investigate the effects of uncertainty and concomitant risk aversion as they impact the incentive structure and subsequent operation of an emissions permit market modeled after the U.S. S02 market. Our theoretical results suggest that uncertainty dulls incentives to achieve cost savings...

Evolving environmental laws have expanded the number of agents with legitimate environmental property rights. Injunctive remedies to increasingly contested exchanges affect the value of the right itself, and therefore the behavior of potentialt raders. Recent amendments to New Mexico Water Law...