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A closed form solution to Stollery's global warming problem with temperature in utility

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  • Bazhanov, Andrei

Abstract

Stollery (1998) studied a polluting oil extracting economy governed by the constant utility criterion. The pollution caused the growth of temperature, negatively affecting production and utility. Stollery provided a closed form solution for the case with the Cobb-Douglas production function and temperature affecting only production. This paper offers a closed form solution to a non-trivial example of this economy with utility affected by temperature.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 22406.

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Date of creation: 29 Apr 2010
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Handle: RePEc:pra:mprapa:22406

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Keywords: essential nonrenewable resource; polluting economy; sustainable development; special function representation;

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  1. Léonard,Daniel & Long,Ngo van, 1992. "Optimal Control Theory and Static Optimization in Economics," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521337465.
  2. Geir B. Asheim, 2005. "Intergenerational Ethics under Resource Constraints," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), Swiss Society of Economics and Statistics (SSES), vol. 141(III), pages 313-330, September.
  3. Antoine D'Autume & Katheline Schubert, 2008. "Hartwick's rule and maximin paths when the exhaustible resource has an amenity value," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00275765, HAL.
  4. Kirk Hamilton & Cees Withagen, 2007. "Savings growth and the path of utility," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 40(2), pages 703-713, May.
  5. John C. V. Pezzey, 2002. "Exact Measures of Income in a Hyperbolic Economy," Economics and Environment Network Working Papers, Australian National University, Economics and Environment Network 0203, Australian National University, Economics and Environment Network.
  6. Kenneth Stollery, 1998. "Constant Utility Paths and Irreversible Global Warming," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 31(3), pages 730-742, August.
  7. John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers, Queen's University, Department of Economics 220, Queen's University, Department of Economics.
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