Irreversibility, Option Demand and Environmental Preservation
The purpose of this article is to analyze the government’s choice between preservation and irreversible development when there is a willingness to pay for retaining the option to use the environmental site. Extending the model used by & , I show that in the context of uncertainty about future benefits, the government would choose to preserve the land when there is an option demand to refrain from using it.
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Environmental Management and Sustainable Development ISSN 2164-7682
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