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  1. Optimal emission policy under the risk of irreversible pollution
    Author: Ayong le Kama, Alain; Pommeret, Aude; Prieur, Fabien
    Published: 2011
    Publisher:  Fondazione Eni Enrico Mattei, Milano

    We consider an optimal consumption and pollution problem that has two important features. Environmental damages due to economic activities may be irreversible and the level at which the degradation becomes irreversible is unknown. Particular... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 125 (2011,14)
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    No inter-library loan

     

    We consider an optimal consumption and pollution problem that has two important features. Environmental damages due to economic activities may be irreversible and the level at which the degradation becomes irreversible is unknown. Particular attention is paid to the situation where agents are relatively impatient and/or do not care a lot about the environment and/or Nature regenerates at low rate. We show that the optimal policy of the uncertain problem drives the economy in the long run toward a steady state while, when ignoring irreversibility, the economy follows a balanced growth path accompanied by a perpetual decrease in environmental quality and consumption, both asymptotically converging toward zero. Therefore, accounting for the risk of irreversibility induces more conservative decisions regarding consumption and polluting emissions. In general, however, we cannot rule out situations where the economy will optimally follow an irreversible path and consequently, will also be left, in the long run, with an irreversibly degraded environment. -- Optimal Control ; Irreversibility Threshold ; Uncertainty ; Optimal Reversible ; Irreversible Policy

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/53412
    Series: Array ; 14.2011
    Scope: Online-Ressource (PDF-Datei: 24 S., 621,95 KB), graph. Darst.
  2. Optimal emission-extraction policy in a world of scarcity and irreversibility
    Author: Prieur, Fabien; Tidball, Mabel; Withagen, Cees
    Published: 2011
    Publisher:  CESifo, München

    This paper extends the classical exhaustible-resource/stock-pollution model with the irreversibility of pollution decay. Within this framework, we answer the question how the potential irreversibility of pollution affects the extraction path. We... more

    Location:
    Staats- und Universitätsbibliothek Bremen
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    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63 (3512)
    Inter-library loan:
    No inter-library loan

     

    This paper extends the classical exhaustible-resource/stock-pollution model with the irreversibility of pollution decay. Within this framework, we answer the question how the potential irreversibility of pollution affects the extraction path. We investigate the conditions under which the economy will optimally adopt a reversible policy, and when it is optimal to enter the irreversible region. In the case of irreversibility it may be optimal to leave a positive amount of resource in the ground forever. As far the optimal extraction/emission policy is concerned, several types of solutions may arise, including solutions where the economy stays at the threshold for a while. Given that different programs may satisfy the first order conditions for optimality, we further investigate when each of these is optimal. The analysis is illustrated by means of a numerical example. To sum up, for any pollution level, we can identify a critical resource stock such that there exist multiple optima i.e. a reversible and an irreversible policy that yield exactly the same present value. For any resource stock below this critical value, the optimal policy is reversible whereas with large enough resource, irreversible policies outperform reversible programs. Finally, the comparison between irreversible policies reveals that it is never optimal for the economy to stay at the threshold for a while before entering the irreversible region. -- non-renewable resource ; irreversible pollution ; optimal policy

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/49491
    Series: Array ; 3512
    Subjects: Rohstoffpolitik; Umweltpolitik; Erschöpfbare Ressourcen; Ressourcenökonomik; Umweltökonomik; Umweltbelastung; Rohstoffvorkommen; Theorie
    Scope: Online-Ressource (PDF-Datei: 23 S., 811 KB), graph. Darst.
  3. Optimal emission-extraction policy in a world of scarcity and irreversibility
    Author: Prieur, Fabien; Tidball, Mabel; Withagen, Cees
    Published: 2011
    Publisher:  Oxford Centre for the Analysis of Resource Rich Economies, Oxford

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Research papers / Oxford Centre for the Analysis of Resource Rich Economies ; 77
    Subjects: Rohstoffpolitik; Umweltpolitik; Erschöpfbare Ressourcen; Ressourcenökonomik; Umweltökonomik; Umweltbelastung; Rohstoffvorkommen; Theorie
    Scope: Online-Ressource (PDF-Datei: 23 S., 836,04 KB), graph. Darst.