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EnglishEcological monsters' can be the legal outcome of rational choices made by three players: a firm, a policymaker and Nature. The firm asks the local policymaker for permission to undertake a real investment project in a stochastic framework, with real options and environmental externalities. The model consists of a non-cooperative game and its solution implies a bizarre outcome, both for the firm when it interrupts and abandons the investment project and for the policymaker when it is unable to avoid eco-monsters. Policy implications and partisan effects are explored.
| Titolo: | Tourism investments under uncertainty: an economic analysis of ‘eco-monsters’ |
| Autore/i: | CANDELA, GUIDO; CASTELLANI, MASSIMILIANO; MUSSONI, MAURIZIO |
| Autore/i Unibo: | |
| Anno: | 2009 |
| Rivista: | |
| Digital Object Identifier (DOI): | 10.5367/000000009789036639 |
| Abstract: | Ecological monsters' can be the legal outcome of rational choices made by three players: a firm, a policymaker and Nature. The firm asks the local policymaker for permission to undertake a real investment project in a stochastic framework, with real options and environmental externalities. The model consists of a non-cooperative game and its solution implies a bizarre outcome, both for the firm when it interrupts and abandons the investment project and for the policymaker when it is unable to avoid eco-monsters. Policy implications and partisan effects are explored. |
| Data prodotto definitivo in UGOV: | 2009-09-17 14:36:40 |
| Data stato definitivo: | 2015-12-29T12:41:39Z |
| Appare nelle tipologie: | 1.01 Articolo in rivista |
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http://hdl.handle.net/11585/77454
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