Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/46395
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dc.contributor.authorPolasky, Stephenen_US
dc.contributor.authorde Zeeuw, Aarten_US
dc.contributor.authorWagener, Florianen_US
dc.date.accessioned2010-11-25en_US
dc.date.accessioned2011-06-29T11:18:18Z-
dc.date.available2011-06-29T11:18:18Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/46395-
dc.description.abstractWe 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 in economics has focused on stock collapse with endogenous probabilities and reaches ambiguous conclusions on whether the potential for regime shift will increase or decrease intensity of resource use and level of resource stock. 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 in the sense of maintaining higher resource stock levels.en_US
dc.language.isoengen_US
dc.publisher|aCenter for Economic Studies and Ifo Institute (CESifo) |cMunichen_US
dc.relation.ispartofseries|aCESifo working paper: Resource and Environment Economics |x3237en_US
dc.subject.jelC61en_US
dc.subject.jelQ20en_US
dc.subject.jelO40en_US
dc.subject.jelE61en_US
dc.subject.ddc330en_US
dc.subject.keywordoptimal managementen_US
dc.subject.keywordgrowthen_US
dc.subject.keywordrenewable resourcesen_US
dc.subject.keywordregime shiftsen_US
dc.subject.stwSystemtransformationen_US
dc.subject.stwErneuerbare Ressourcenen_US
dc.subject.stwWirtschaftliche Anpassungen_US
dc.subject.stwWachstumstheorieen_US
dc.titleOptimal management with potential regime shiftsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn640576990en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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