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Optimal accumulation of pollution: Existence of limit cycles for the social optimum and the competitive equilibrium

✍ Scribed by Franz Wirl


Book ID
104293646
Publisher
Elsevier Science
Year
2000
Tongue
English
Weight
119 KB
Volume
24
Category
Article
ISSN
0165-1889

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✦ Synopsis


This paper extends the recent investigation of Tahvonen and Withagen (1996, Journal of Economic Dynamics and Control 20, 1775}1795) for costly and thus sluggish instead of instantaneous reductions in emissions. In addition to the social optimum, the paper investigates the competitive equilibrium. This plausible extension allows to derive limit cycles as the outcome for both, the social optimum and a competitive equilibrium given rational expectations of the "rms.


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