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Environmental Concern and Rational Production, Consumption and Rehabilitation

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Abstract

Utility from consumption might be spoiled by the degradation of the environment. The incorporation of a direct dependency of utility on the state of the environment through environmental concern and the incorporation of the effects of production pollution and rehabilitative investment on the environment into a lifetime utility maximization model imply that a minimal degree of impatience is necessary for an interior steady state to exist. This steady state is unique, approachable along a path with damped oscillations of consumption and rehabilitative investment, and characterized by a larger production than in the steady state without environmental concern.

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File URL: http://www.uow.edu.au/content/groups/public/@web/@commerce/@econ/documents/doc/uow045913.pdf
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Bibliographic Info

Paper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number wp08-10.

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Length: 16 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:uow:depec1:wp08-10

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Postal: School of Economics, University of Wollongong, Northfields Avenue, Wollongong NSW 2522 Australia
Phone: +612 4221-3659
Fax: +612 4221-3725
Web page: http://business.uow.edu.au/econ/index.html
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Keywords: Consumption; environmental investment; golden rule;

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  1. Axel Franzen, 2003. "Environmental Attitudes in International Comparison: An Analysis of the ISSP Surveys 1993 and 2000," Social Science Quarterly, Southwestern Social Science Association, vol. 84(2), pages 297-308.
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