The Cost of Ambiguity and Robustness in International Pollution Control


This paper examines robustness in international pollution control emerg- ing from the regulator��s concerns regarding possible misspeci��cation of the natural system that is used to model pollution dynamics. Cooperative and noncooperative robust policy rules are determined along with the cost in terms of value loss of being robust relative to conventional policy rules.Ambiguity, Robustness, Precaution, Di¤erential games, Open Loop and Feedback Nash equilibrium

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This paper was published in Research Papers in Economics.

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