Arbeitspapier
Optimal Management with Potential Regime Shifts
We analyze how the threat of a potential future regime shift affects optimal management. We use a simple general growth model to analyze four cases that involve combinations of stock collapse versus changes in system dynamics, and exogenous versus endogenous probabilities of regime shift. Prior work has focused on stock collapse with endogenous probabilities and reaches ambiguous conclusions about the effect of potential regime shift on optimal management. We show that all other cases yield unambiguous results. In particular, with endogenous probability of regime shift that affects system dynamics the potential for regime shift causes optimal management to become precautionary.
- Sprache
-
Englisch
- Erschienen in
-
Series: Tinbergen Institute Discussion Paper ; No. 10-111/1
- Klassifikation
-
Wirtschaft
Policy Objectives; Policy Designs and Consistency; Policy Coordination
Economic Growth and Aggregate Productivity: General
Renewable Resources and Conservation: General
Optimization Techniques; Programming Models; Dynamic Analysis
- Thema
-
optimal management
growth
renewable resources
regime shift
Systemtransformation
Erneuerbare Ressourcen
Wirtschaftliche Anpassung
Ressourcenökonomik
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Polasky, Stephen
de Zeeuw, Aart
Wagener, Florian
- Ereignis
-
Veröffentlichung
- (wer)
-
Tinbergen Institute
- (wo)
-
Amsterdam and Rotterdam
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Polasky, Stephen
- de Zeeuw, Aart
- Wagener, Florian
- Tinbergen Institute
Entstanden
- 2010
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