Seminars & webinars
3 May 2012

Regime Shifts and Uncertainty in Pollution Control


Where: Venice
Location:

Fondazione Eni Enrico Mattei
Isola di San Giorgio Maggiore
30124 Venice

***
Video-conference
at FEEM Milan

How to reach: Google map
Event's Timetable:


h. 12.00 Seminar
h. 13.00 Light Lunch

Information:

Seminars Office, seminars@feem.it

Speakers:

Aart de Zeeuw, Tilburg University

Abstract

Authors: Aart de Zeeuw and Amos Zemel

We develop a simple model of managing a system subject to pollution damage, such as climate change, under the risk of an abrupt and random jump in the damage function. The model allows the full dynamic characterization of the optimal emission policies under uncertainty. The results imply precautionary behavior which is in contrast with the ambiguous results reported in the literature on catastrophe models. The framework is used to analyze the adaptation vs. mitigation dilemma and provides a simple criterion to determine when adaptation activities should be undertaken.

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