Abstract Lunar collapse pits and possible caves have been suggested as ideal locations for the storage and protection of lunar water ice deposits, due to their potential to create permanently shadowed regions (PSRs) at high latitudes and ability to protect ice from destructive surface processes. However, the thermal environments of these features have not been investigated at high latitudes, and it remains unclear what effects pit latitude and geometry would have on interior temperatures and ice stability. We create a 3D thermal and volatile transport model and use it to characterize the thermal environments and volatile‐trapping potential within lunar collapse pits and caves. We model the thermal behavior of lunar pits as it varies with latitude for several different pit geometries. We then apply the thermal model results to the volatile transport model and calculate water loss rates to space given an initial ice deposit. The model shows that in general, high‐latitude pits make poor cold traps for ice because their enclosed geometry increases the ability of multiple‐scattered infrared radiation to elevate pit interior temperatures. Although, the enclosed geometry of a cave might help trap volatiles in theory, in practice ice stability within pits and caves is primarily controlled by temperature and not geometric effects. We find that ice loss rates are higher within pits and caves than within PSRs of craters at similar latitudes. Nevertheless, some specific situations arise where pits can act as effective cold traps, such as when pits lie within PSRs created by exterior topography.
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