Accounting for global warming risks: resource management under event uncertainty

Article Abstract:

An examination of the optimal management of atmospheric pollution is performed. This study focuses on the uncertainty surrounding the occurrence of undesirable events related to the greenhouse effect, which is the result of ignorance of the accurate pollution level needed to set off the event instead of the authentically stochastic nature of the processes involved. Results showed that uncertainty suggests the presence of an equilibrium interval within which the emission rate of the greenhouses gases should be maintained equal to the natural removal rate of these gases.

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Pollution control in an uncertain environment

Article Abstract:

An extension of an analysis undertaken by Clarke and Reed (1994) involving irreversible environmental conditions revealed that pollution created by irreversible events tends to be greater than those created by reversible events. It was also revealed that for recurrent events, the optimal state process is required to attain a unique steady state from any initial level.

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Optimal transition to backstop substitutes for nonrenewable resources

Article Abstract:

The standard theory of a resource exploitation postulates that the resource will be abandoned when its cost reaches that of the backstop resource at which time a transition to the backstop resource takes place at once. The optimal transition from a primary, nonrenewable resource to a backstop substitutes for a class of problems is analyzed.

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