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Indeterminacy, bifurcations and chaos in an overlapping generations model with negative environmental externalities

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Author Info
Antoci, Angelo
Sodini, Mauro

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Abstract

We analyze an overlapping generations model where agent’s welfare depends on three goods: leisure, environmental quality and consumption of a private good. We assume that the production process of the private good depletes the natural resource and that the consumption of the private good alleviates the damages due to environmental deterioration. In such context, we show that individuals’ reactions to environmental deterioration may lead to complex dynamics, in particular to the rise of periodic orbits and chaos.

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File URL: http://mpra.ub.uni-muenchen.de/13750/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13750.

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Date of creation: Feb 2009
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Handle: RePEc:pra:mprapa:13750

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Related research
Keywords: Defensive environmental expenditures; overlapping generations models; indeterminacy; undesirable economic growth;

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Find related papers by JEL classification:
Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
D62 - Microeconomics - - Welfare Economics - - - Externalities
C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounting
O13 - Economic Development, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Cars H. Hommes & J. Barkley Rosser, 2001. "Consistent Expectations Equilibria and Complex Dynamics in Renewable Resource Markets," Tinbergen Institute Discussion Papers 01-013/1, Tinbergen Institute. [Downloadable!]
    Other versions:
  2. Antoci, Angelo & Galeotti, Marcello & Russu, Paolo, 2005. "Consumption of private goods as substitutes for environmental goods in an economic growth model," MPRA Paper 13664, University Library of Munich, Germany. [Downloadable!]
  3. Antoci, Angelo, 2009. "Environmental degradation as engine of undesirable economic growth via self-protection consumption choices," Ecological Economics, Elsevier, vol. 68(5), pages 1385-1397, March. [Downloadable!] (restricted)
  4. Bischi, Gian Italo & Lamantia, Fabio, 2007. "Harvesting dynamics in protected and unprotected areas," Journal of Economic Behavior & Organization, Elsevier, vol. 62(3), pages 348-370, March. [Downloadable!] (restricted)
  5. Jason Shogren & Thomas Crocker, 1991. "Cooperative and noncooperative protection against transferable and filterable externalities," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 1(2), pages 195-214, June. [Downloadable!] (restricted)
  6. Reichlin, Pietro, 1986. "Equilibrium cycles in an overlapping generations economy with production," Journal of Economic Theory, Elsevier, vol. 40(1), pages 89-102, October. [Downloadable!] (restricted)
  7. Bartolini, Stefano & Bonatti, Luigi, 2003. "Undesirable growth in a model with capital accumulation and environmental assets," Environment and Development Economics, Cambridge University Press, vol. 8(01), pages 11-30, February. [Downloadable!]
  8. Bird, Peter J. W. N., 1987. "The transferability and depletability of externalities," Journal of Environmental Economics and Management, Elsevier, vol. 14(1), pages 54-57, March. [Downloadable!] (restricted)
  9. Cazzavillan, Guido, 2001. "Indeterminacy and Endogenous Fluctuations with Arbitrarily Small Externalities," Journal of Economic Theory, Elsevier, vol. 101(1), pages 133-157, November. [Downloadable!] (restricted)
  10. Grandmont, Jean-Michel & Pintus, Patrick & de Vilder, Robin, 1998. "Capital-Labor Substitution and Competitive Nonlinear Endogenous Business Cycles," Journal of Economic Theory, Elsevier, vol. 80(1), pages 14-59, May. [Downloadable!] (restricted)
    Other versions:
  11. Cazzavillan, Guido & Lloyd-Braga, Teresa & Pintus, Patrick A., 1998. "Multiple Steady States and Endogenous Fluctuations with Increasing Returns to Scale in Production," Journal of Economic Theory, Elsevier, vol. 80(1), pages 60-107, May. [Downloadable!] (restricted)
    Other versions:
  12. Bartolini, Stefano & Bonatti, Luigi, 2002. "Environmental and social degradation as the engine of economic growth," Ecological Economics, Elsevier, vol. 43(1), pages 1-16, November. [Downloadable!] (restricted)
  13. Antoci, Angelo & Bartolini, Stefano, 1999. "Negative externalities as the engine of growth in an evolutionary context," MPRA Paper 13908, University Library of Munich, Germany. [Downloadable!]
  14. Barkley Rosser, J. Jr., 2001. "Complex ecologic-economic dynamics and environmental policy," Ecological Economics, Elsevier, vol. 37(1), pages 23-37, April. [Downloadable!] (restricted)
  15. John, A & Pecchenino, R, 1994. "An Overlapping Generations Model of Growth and the Environment," Economic Journal, Royal Economic Society, vol. 104(427), pages 1393-1410, November. [Downloadable!] (restricted)
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