Investment Decisions and Environmental Policy

9319808 Pindyck这个项目包括两部分。第一个目的是扩展研究者最近关于不确定性下不可逆投资决策的工作。第二部分涉及将第一部分中开发的思想和方法应用于不可逆性存在的环境政策的分析和设计。将开发模型，将经济的不确定性和生态的不确定性与采用环境政策所固有的两种不可逆性结合起来。第一种不可逆性是环境法规本身对社会造成的沉没成本。第二是沉没效益，其形式是避免了环境退化，这也是法规的结果。这项活动的目标是将这些模型应用于针对全球变暖问题的政策分析。＊＊＊

9319808 Pindyck This project consists of two parts. The purpose of the first is to extend the investigator's recent work on irreversible investment decisions under uncertainty. The second part involves applying the ideas and methods developed in the first part to the analysis and design of environmental policy in the presence of irreversibilities. Models will be developed that combine both economic uncertainty and ecological uncertainty with two kinds of irreversibilities that are often inherent in the adoption of an environmental policy. The first kind of irreversibility is the sunk cost to society resulting from the environmental regulations themselves. The second is the sunk benefit in the form of avoided environmental degradation that also results from the regulations. The goal of this activity is to apply the models to the analysis of policies directed at the problem of global warming. ***