We investigate the optimal policy response to the possibility of abrupt, irreversible shifts in
system dynamics. The welfare cost of a tipping point emerges from the policymaker's …

Evidence suggests that several elements of the climate system could be tipped into a
different state by global warming, causing irreversible economic damages. To address their …

Growing concerns over climate change and the potential for large damages due to nonlinear
processes underscore the need for a meaningful sustainability assessment of an economy …

There are concerns that climate-related physical and political risks are not yet properly
reflected in asset prices. To address these concerns, we develop a dynamic asset pricing …

We study optimal climate policy in the presence of climate tipping points and solar
geoengineering. Solar geoengineering reduces temperatures without reducing greenhouse …

We model welfare-maximizing policy in an infinite-horizon setting when the probability of a
tipping point, the welfare change due to a tipping point, and knowledge about a tipping …

There are concerns that climate-related physical and political risks are not yet properly
reflected in asset prices. To address these concerns, we develop a dynamic asset pricing …

The purpose of this article is to contribute to the exploration of non-convex dynamics in
coupled human-nature systems. We study welfare issues associated with the management …

Nine planetary boundaries have been proposed, capturing essential biophysical processes
that sustain the Earth System and its biosphere in an accommodating state for humanity …

Growing concerns over climate change and the potential for large damages due to non-
linear processes underscore the need for meaningful sustainability assessment of an …