This paper develops an agent-based real options model, which is capable of analyzing the investment and disinvestment decisions of heterogeneous competing firms under consideration of tradable output permits. A permit market is integrated into the model in which the firms can trade permits with...

In the Sahel region, agroforestry potentially increases crop yields, alongside restoring and retaining soils. Nonetheless, little is known about how diverse agroforestry systems perform across actual agricultural systems of smallholders in the region. We therefore investigate how smallholders'...