Avoiding chaos in Wonderland
AbstractWonderland, a compact, integrated economic, demographic and environmental model, is investigated using methods developed for studying critical phenomena. Simulation results show the parameter space separates into two phases, one of which contains the property of long term, sustainable development. By employing information contain in the phase diagram, an optimal strategy involving pollution taxes is developed as a means of moving a system initially in a unsustainable region of the phase diagram into a region of sustainability while ensuring minimal regret with respect to long-term economic growth.
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Bibliographic InfoArticle provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.
Volume (Year): 368 (2006)
Issue (Month): 1 ()
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Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/
Wonderland model; Critical phenomena; Complex systems; Sustainable development;
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American Economic Review,
American Economic Association, vol. 85(5), pages 1138-51, December.
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