... the literature on the optimal diversity of technologies when technological progress is uncertain and on the uncertainty of learning rates. Then we use an analytical model to demonstrate that, under the uncertainty of learning potential, the socially-optimal diversity of RES is larger than the outcome...

... or not intervention is worthwhile to identifying the relevant features of complex groundwater systems, designing better policies and facilitating their successful implementation. We survey developments in economic models relevant to groundwater management, focusing especially on the depiction of uncertainty...

...W. Douglass Shaw This survey paper presents the reader with the economics of risk and uncertainty, narrowly focusing on environmental and natural resources problems. Risk involves known, but uncertainty or ambiguity involves unknown, probabilities, or at least a lack of precision about them. Some...

... of conservation and finance that helps us to understand when, where, and even whether conservation activities should occur; portfolio theory has been harnessed to help guide conservation planning under uncertainty, and real options theory helps us understand whether to commit to conservation or to wait. We...

... that are far from realistic. During the past four decades the Faustmann model has been extended substantially. One important extension is the inclusion of non-timber benefits. Another is the recognition of uncertainty, especially the adoption of the adaptive optimization framework to determine the optimal time...

... and uncertainty as well-established and risk management tools as well developed, and to view the PP with some circumspection. Following a brief introduction to PP concepts, history, applications, and controversies, I review and critique the standard economic approach to decision-making and risk management (here...