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  • Photo du rédacteurHélène Dufour

Irreversible Adaptation and Knightian Climate Uncertainty

"We model a setting where a firm must choose when to adapt to climate-induced resource scarcity based on objective expectations of climate change (climate projections), and is influenced by both risk (annual variability in climate projections) and ambiguity (inability to assign probabilities to various climate projections)."


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