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dc.contributor.authorPolasky, Stephenen
dc.contributor.authorde Zeeuw, Aarten
dc.contributor.authorWagener, Florianen
dc.date.accessioned2010-11-25-
dc.date.accessioned2011-06-29T11:18:18Z-
dc.date.available2011-06-29T11:18:18Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3237en
dc.subject.jelC61en
dc.subject.jelQ20en
dc.subject.jelO40en
dc.subject.jelE61en
dc.subject.ddc330en
dc.subject.keywordoptimal managementen
dc.subject.keywordgrowthen
dc.subject.keywordrenewable resourcesen
dc.subject.keywordregime shiftsen
dc.subject.stwSystemtransformationen
dc.subject.stwErneuerbare Ressourcenen
dc.subject.stwWirtschaftliche Anpassungen
dc.subject.stwWachstumstheorieen
dc.titleOptimal management with potential regime shifts-
dc.typeWorking Paperen
dc.identifier.ppn640576990en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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