Foreclosure of Options in Sequential Resource Development Decisions

Walters CJ (1975). Foreclosure of Options in Sequential Resource Development Decisions. IIASA Research Report. IIASA, Laxenburg, Austria: RR-75-012

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Abstract

This paper analyzes a series of examples of renewable resource development that involve sequential loss of decision options even in the absence of irreversible physical change. It appears that this "pathological" decision behavior arises not because of quantitative errors in judging benefits and costs of investment, but rather because basic qualitative relationships are often overlooked. Systems analysis as it is usually applied may do little more than aggravate the problem; we need new ways of looking at relationships between dynamical natural systems and the sequential investment decisions involved in their development.

Item Type: Monograph (IIASA Research Report)
Research Programs: Resources and Environment Area (REN)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 01:41
Last Modified: 18 Nov 2016 17:05
URI: http://pure.iiasa.ac.at/248

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