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EXPLORING THE PROPERTIES OF QUASI-OPTION VALUE IN THE CONTEXT OF GLOBAL WARMING |
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| Authors: | Hal Cochrane |
| Abstract: | 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. |
| Keywords: | quasi-option value information value climate change |