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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
DOI: 10.1016/s0165-1889(98)00070-0

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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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