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The zero discounting and maximin optimal paths in a simple model of global warming

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Author Info
Antoine d'Autume () (Centre d'Economie de la Sorbonne - Paris School of Economics)
John M. Hartwick () (Queen's University)
Katheline Schubert () (Centre d'Economie de la Sorbonne - Paris School of Economics)

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Abstract

Following Stollery [1998], we extend the Solow, Dasgupta-Heal model to analyze the effects of global warning. The rise of temperature is caused by the use of fossil resources so that the temperature level can be linked to the remaining stock of these resources. The riise of temperature affects both productivity and utility. We characterize optimal solutions for the maximin and zero-discounting cases and present closed form solutions for the case where the production function and utility function are Cobb-Douglas, and the temperature level is an exponential function of the remaining stock of resources. We show that a greater weight of temperature in the preferences or a larger intertemporal elasticity of substitution both lead to postpone resource use.

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Publisher Info
Paper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number 09013.

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Length: 22 pages
Date of creation: Feb 2009
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Handle: RePEc:mse:cesdoc:09013

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Related research
Keywords: Maximin; zero-discounting; global warming.;

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Find related papers by JEL classification:
Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

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This page was last updated on 2009-11-23.

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