Data/hora: 14/06/2024 03:18:46

Provedor de dados: | 31
País: | United States
Título: | Policy Design as an Irreversible Investment Under Uncertainty: Norwegian Agriculture and the WTO
Autores: | Mittenzwei,   Klaus.
Data: | 2006-05-25
Ano: | 2002
Palavras-chave: | Option value; Policy reform; WTO; Norway; Uncertainty; International Relations/Trade; C61; D78.
Resumo: | This paper is concerned with the timing of an agricultural policy reform under uncertainty. The focus is on the opportunity cost of giving up the option to wait when implementing a policy reform. Including the option value in applied policy analysis can help explain why conventional analyses may find observed policies to be Pareto-inferior. Furthermore, it explains why otherwise profitable policy reforms may be delayed. The theoretical model is applied to Norwegian agricultural policy anticipating a prospective WTO agreement. It is argued that the option value should be incorporated into applied policy analysis when high uncertainty prevails.
Tipo: | Conference Paper or Presentation
Idioma: | Inglês

Identificador:

21575

http://purl.umn.edu/24875

Editor: | AgEcon Search

Relação:

European Association of Agricultural Economists&gt;2002 International Congress, August 28-31, 2002, Zaragoza, Spain

Contributed Paper

Formato:

16

application/pdf