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Optimal control of pollutants with delayed stock accumulation

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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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Bibliographic 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
Date of revision:
Handle: RePEc:eth:wpswif:08-91

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

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Cited by:
  1. Emmanuelle AUGERAUD-VERON & Marc LEANDRI, 2013. "Optimal pollution control with distributed delays," Cahiers du GREThA 2013-03, Groupe de Recherche en Economie Théorique et Appliquée.

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