Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/74016 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
Nota di Lavoro No. 28.2005
Verlag: 
Fondazione Eni Enrico Mattei (FEEM), Milano
Zusammenfassung: 
For a sequential, two-period decision problem with uncertainty and under broad conditions (non-finite sample set, endogenous risk, active learning and stochastic dynamics), a general sufficient condition is provided to compare the optimal initial decisions with or without information arrival in the second period. More generally the condition enables the comparison of optimal decisions related to different information structures. It also ties together and clarifies many conditions for the so-called irreversibility effect that are scattered in the environmental economics literature. A numerical illustration with an integrated assessment model of climate-change economics is provided.
Schlagwörter: 
Value of Information
Uncertainty
Irreversibility effect
Climate change
JEL: 
D62
D63
H23
Q29
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
602.56 kB





Publikationen in EconStor sind urheberrechtlich geschützt.