Open AccessEXPLORING THE PROPERTIES OF QUASI‐OPTION VALUE IN THE CONTEXT OF GLOBAL WARMING
Author(s) -
Cochrane Hal
Publication year - 1990
Publication title -
natural resource modeling
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.28
H-Index - 32
eISSN - 1939-7445
pISSN - 0890-8575
DOI - 10.1111/j.1939-7445.1990.tb00214.x
Subject(s) - value (mathematics) , context (archaeology) , global warming , climate change , economics , computer science , econometrics , mathematical economics , mathematics , ecology , statistics , geography , archaeology , biology
This paper demonstrates the principles of sequential choice. A numerical simulation model based on the theoretical framework is utilized to illustrate the economics of climate change. The model is used to relate the value of information and quasi‐option value in situations where protective measures are nonbinary.