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Solving Infinite Horizon Growth Models with an Environmental Sector

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Author Info
Kelly, David L
Kolstad, Charles D

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Abstract

This paper concerns computational models in environmental economics and policy, particularly so-called integrated assessment models. For the most part, such models are simply extensions of standard neoclassical growth models, extended by including the environment and pollution generation. We review the structure of integrated assessment models, distinguishing between finite horizon and infinite horizon models, both deterministic and stochastic. We present a new solution algorithm for infinite horizon integrated assessment models, relying on a neural net approximation of the value function within an iterative version of the Bellman equation. Copyright 2001 by Kluwer Academic Publishers

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Article provided by Springer in its journal Computational Economics.

Volume (Year): 18 (2001)
Issue (Month): 2 (October)
Pages: 217-31
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Handle: RePEc:kap:compec:v:18:y:2001:i:2:p:217-31

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Web page: http://www.springerlink.com/link.asp?id=100248

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  1. Kolstad, Charles D., 1996. "Learning and Stock Effects in Environmental Regulation: The Case of Greenhouse Gas Emissions," Journal of Environmental Economics and Management, Elsevier, vol. 31(1), pages 1-18, July. [Downloadable!] (restricted)
  2. Kelly, David L. & Kolstad, Charles D., 2001. "Malthus and Climate Change: Betting on a Stable Population," Journal of Environmental Economics and Management, Elsevier, vol. 41(2), pages 135-161, March. [Downloadable!] (restricted)
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  3. den Haan, Wouter J & Marcet, Albert, 1990. "Solving the Stochastic Growth Model by Parameterizing Expectations," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(1), pages 31-34, January.
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  4. Gary D. Hansen & Thomas J. Sargent, 1987. "Straight Time and Overtime in Equilibrium," UCLA Economics Working Papers 455, UCLA Department of Economics. [Downloadable!]
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  5. Hansen, Gary D., 1985. "Indivisible labor and the business cycle," Journal of Monetary Economics, Elsevier, vol. 16(3), pages 309-327, November. [Downloadable!] (restricted)
  6. Peck, Stephen C. & Teisberg, Thomas J., 1993. "Global warming uncertainties and the value of information: an analysis using CETA," Resource and Energy Economics, Elsevier, vol. 15(1), pages 71-97, March. [Downloadable!] (restricted)
  7. Nordhaus, William D & Yang, Zili, 1996. "A Regional Dynamic General-Equilibrium Model of Alternative Climate-Change Strategies," American Economic Review, American Economic Association, vol. 86(4), pages 741-65, September. [Downloadable!] (restricted)
  8. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November. [Downloadable!] (restricted)
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  9. Christiano, Lawrence J, 1987. "Is Consumption Insufficiently Sensitive to Innovations in Income?," American Economic Review, American Economic Association, vol. 77(2), pages 337-41, May. [Downloadable!] (restricted)
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  10. Charles D. Kolstad David L. Kelly Michael E. Schlesinger Natalia G. Andronova, . "Learning About Climate Sensitivity from the Instrumental Record," University of California Santa Barbara - Department of Economics 32-98, California Santa Barbara - Department of Economics. [Downloadable!]
  11. Lawrence J. Christiano & Martin Eichenbaum, 1990. "Current real business cycle theories and aggregate labor market fluctuations," Discussion Paper / Institute for Empirical Macroeconomics 24, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  12. Christiano, Lawrence J., 1988. "Why does inventory investment fluctuate so much?," Journal of Monetary Economics, Elsevier, vol. 21(2-3), pages 247-280. [Downloadable!] (restricted)
  13. Kelly, David L. & Kolstad, Charles D., 1999. "Bayesian learning, growth, and pollution," Journal of Economic Dynamics and Control, Elsevier, vol. 23(4), pages 491-518, February. [Downloadable!] (restricted)
  14. Manne, Alan & Mendelsohn, Robert & Richels, Richard, 1995. "MERGE : A model for evaluating regional and global effects of GHG reduction policies," Energy Policy, Elsevier, vol. 23(1), pages 17-34, January. [Downloadable!] (restricted)
  15. Grossman, Gene M & Krueger, Alan B, 1995. "Economic Growth and the Environment," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 353-77, May. [Downloadable!] (restricted)
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