This book sets out to reframe the theory of real options so that it
can be used to support environmental investments for climate change
adaptation and mitigation. Climate change policy often involves
making decisions that concern extended time periods, and doing so
under considerable uncertainty. By expanding and broadening the
framework of real options, this book first introduces readers to
new ways of quantifying investment decisions that can much more
effectively address the shape and size of the uncertainty than
traditional approaches using Net Present Value. In turn, the second
part of the book applies this new theoretical framework to climate
change policy by presenting a number of examples, and by providing
a general perspective on investment decisions related to climate
change and how to prioritize them.
General
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