In the past decade, innovations in hydraulic fracturing and horizontal drilling have fueled a boom in the production of natural gas (as well as oil) from geological formations - primarily deep shales - in which hydrocarbon production was previously unprofitable. Impacts on US fossil fuel...

Addressing global climate change is likely to require broad-based deployment of new infrastructure. This new infrastructure is likely to be both costly to build and difficult to reverse – suggesting the deployment of new infrastructure is an example of “investment under uncertainty” (Dixit...