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Investment Choice with Polluted Capital

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Author Info

  • Etner, J.
  • Jouvet, P.-A.

Abstract

This paper develops a two-sector overlapping generations model in which one sector produces an externality on the environmental quality and the other has no effect. We assume that environmental quality degradation results from production activity of one sector. Then, we characterize the dynamical system globally and establish sufficient conditions for the global uniqueness of a perfect-foresight equilibrium path in the case of a Cobb-Douglas production function and a CES utility function. We show that the existence and the stability of the steady stare depend on subtitution and income effect and on the degree of pollution.

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Bibliographic Info

Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Papiers d'Economie Mathématique et Applications with number 98.21.

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Length: 22 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:pariem:98.21

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Postal: France; Universite de Paris I - Pantheon- Sorbonne, 12 Place de Pantheon-75005 Paris, France
Phone: + 33 44 07 81 00
Fax: + 33 1 44 07 83 01
Web page: http://cermsem.univ-paris1.fr/
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Keywords: ENVIRONMENT ; CAPITAL ; ECONOMIC GROWTH;

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Cited by:
  1. Chevallier, Julien & Etner, Johanna & Jouvet, Pierre-André, 2011. "Bankable emission permits under uncertainty and optimal risk-management rules," Economics Papers from University Paris Dauphine 123456789/5385, Paris Dauphine University.

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