Environmental sustainability, nonlinear dynamics and chaos
AbstractThis paper studies the possibility of nonlinear dynamics in a simple overlapping generations model with the environment - the John-Pecchenino (1994) model. We show that if people's concerns towards greener preferences and the maintenance efficiency relative to degradation are not sufficiently high, cyclically or chaotically fluctuating equilibria are more likely to exist; moreover, under a specific condition, a complicated topological structure might emerge. Our short-run analysis complements John and Pecchenino's long-run analysis and our findings suggest that the associated transition towards an environmentally sustainable state is not trivial.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 14 (1999)
Issue (Month): 2 ()
Note: Received: September 10, 1996; revised version: October 2, 1997
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- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
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