In this paper, I present an iterative decision-making model in which three countries choose their consumptions of exhaustible resources across three periods. With this model, I investigate the significance of changing climate information and countries' interactions in the context of global climate policy. Since climate change depends on cumulative greenhouse gas emissions, permissible emissions can be regarded as exhaustible resource consumption under an effective climate policy. Through

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... tive static analysis and simulations, I show that the likelihoods of countries' participation in limiting emissions, their past decisions, and changing information have a significant influence on their near-term climate decisions. Moreover, my results demonstrate the value of early participation-in particular, an early and adequate response to new information. The insights from this study will be used for deciphering the results from my future research, which will engage one or more integrated assessment models.