Model uncertainty is inherent in the design of optimal environmental policy. We investigate the consequences in a …

. What additional economic cost of mitigation measures will this delay imply? At the same time, the uncertainty surrounding … this uncertainty cost? Is there a hedging strategy that decision makers can adopt to cope with delayed action and uncertain … computing the optimal abatement strategy in the presence of uncertainty about a global stabilisation target (which will be …

This paper looks at the risk dimension of water markets under uncertain water supply. We model market participants …` decisions under uncertainty and evaluate gains from trade under two different market arrangements. These differ in the … confidence that irrigators can place in the water market-clearing processes, and their chances of pursuing tactical responses to …

introduce relevant dynamic elements to the general problem of decisions under uncertainty. We analyze actions that may have … essential to establish the direction of the bias. We also use Epstein's framework to look at issues such as uncertainty about … cost of restoration and uncertainty about irreversibility. All of the results to this point are for models with just two …