@article{Clarke:161898,
      recid = {161898},
      author = {Clarke, Harry},
      title = {Classical Decision Rules and Adaption to Climate Change},
      journal = {Australian Journal of Agricultural and Resource Economics},
      address = {2008},
      number = {428-2016-27928},
      pages = {18},
      year = {2008},
      abstract = {One approach to rationalising policies for addressing  potentially catastrophic climate
change when such policies  may prove unnecessary is to suppose the policies provide  a
form of social insurance even in the presence of pure  uncertainty. Then, provided the
policies are effective,  such insurance can be justified as a precautionary or  minimax
response. Even if the policies are potentially  ineffective however, intervention can be
justified as an  attempt to minimise the regret experienced by future  generations. This
reasoning extends to justify ‘all  weather’ policies provided such policies always  reduce
policy costs. If, however, policy decisions provide  ‘all weather’ benefits in only certain
states of the world,  this rationale breaks down. Minimising regret can establish  a case
for ‘mixed’ policy responses provided adopting a  policy mix precludes the chance that
intervention will fail  altogether. Precautionary policies and policies which  minimise
regret are computed for a simple, dynamic,  adaptive climate change planning problem
and sufficient  conditions for policy maker pessimism provided.},
      url = {http://ageconsearch.umn.edu/record/161898},
      doi = {https://doi.org/10.22004/ag.econ.161898},
}