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Optimal control of pollutants with delayed stock accumulation

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Author Info
Ralph Winkler () (CER-ETH - Center of Economic Research at ETH Zurich, Switzerland)

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Abstract

We study the optimal control of a pollutant that accumulates with a delay.We find that optimal paths are, in general, non-monotonic and oscillatory, but monotonic if the objective function is additively separable. Hence, using additively separable objective functions as an approximation to a general objective function may be a misspecification. With a numerical example we illustrate that an additively separable approximation performs considerably worse in delayed compared to instantaneous stock accumulation.

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Publisher Info
Paper provided by CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich in its series CER-ETH Economics working paper series with number 08/91.

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Length: 25 pages
Date of creation: Jul 2008
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Handle: RePEc:eth:wpswif:08-91

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Related research
Keywords: additively separable objective; approximated objective; delayed optimal control; optimal pollution control;

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Find related papers by JEL classification:
Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis

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  3. Ulrich Brandt-Pollmann & Ralph Winkler & Sebastian Sager & Ulf Moslener & Johannes Schlöder, 2008. "Numerical Solution of Optimal Control Problems with Constant Control Delays," Computational Economics, Springer, vol. 31(2), pages 181-206, March. [Downloadable!] (restricted)
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  4. Goeschl, Timo & Perino, Grischa, 2007. "Innovation without magic bullets: Stock pollution and R&D sequences," Journal of Environmental Economics and Management, Elsevier, vol. 54(2), pages 146-161, September. [Downloadable!] (restricted)
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  6. Boucekkine, Raouf & Licandro, Omar & Puch, Luis A. & del Rio, Fernando, 1999. "Vintage Capital and the Dynamics of the AK Model," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2000009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
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  7. El-Hodiri, Mohamed A & Loehman, Edna & Whinston, Andrew B, 1972. "An Optimal Growth Model with Time Lags," Econometrica, Econometric Society, vol. 40(6), pages 1137-46, November. [Downloadable!] (restricted)
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