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Consistency and Optimality in a Dynamic Game of Pollution Control I: Competition

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  • Batabyal, Amitrajeet A.

Abstract

I model the interaction between a regulator and polluting firms as a Stackelberg differential game in which the regulator leads. The firms create pollution, which results in a stock externality. I analyze the intertemporal effects of alternate pollution control measures in a competitive industry. The principal issue here concerns the dynamic inconsistency of the optimal solution. Inter alia, I compare the steady state levels of pollution under optimal and under time consistent policies.

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Bibliographic Info

Paper provided by Utah State University, Department of Economics in its series Working Papers with number 9529.

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Length: 29 pages
Date of creation: Nov 1995
Date of revision:
Publication status: forthcoming in Environmental and Resource Economics
Handle: RePEc:usu:wpaper:9529

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Keywords: environmental; regulation; tax; dynamic; game;

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References

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  1. Batabyal, Amitrajeet A., 1995. "Leading issues in domestic environmental regulation: A review essay," Ecological Economics, Elsevier, vol. 12(1), pages 23-39, January.
  2. Karp, Larry & Newbery, David M G, 1989. "Intertemporal Consistency Issues in Depletable Resources," CEPR Discussion Papers 346, C.E.P.R. Discussion Papers.
  3. Ploeg, F. van der & Zeeuw, A.J. de, 1990. "International aspects of pollution control," Discussion Paper 1990-65, Tilburg University, Center for Economic Research.
  4. Cropper, Maureen L & Oates, Wallace E, 1992. "Environmental Economics: A Survey," Journal of Economic Literature, American Economic Association, vol. 30(2), pages 675-740, June.
  5. Willem H. Buiter, 1984. "Policy evaluation and design for continuous time linear rational expectations models: some recent development," NBER Technical Working Papers 0034, National Bureau of Economic Research, Inc.
  6. Amitrajeet Batabyal, 1996. "Consistency and optimality in a dynamic game of pollution control II: Monopoly," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 8(3), pages 315-330, October.
  7. Karp, Larry, 1984. "Optimality and consistency in a differential game with non-renewable resources," Journal of Economic Dynamics and Control, Elsevier, vol. 8(1), pages 73-97, October.
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Cited by:
  1. George E. HALKOS & George PAPAGEORGIOU, 2010. "Differential Games in Non–Renewable Resources Extraction," Theoretical and Practical Research in Economic Fields, ASERS Publishing, vol. 0(2), pages 232 - 243, December.
  2. Halkos, George, 2010. "Dynamic regulations in non –renewable resources oligopolistic markets," MPRA Paper 24774, University Library of Munich, Germany.
  3. Halkos, George & Papageorgiou, George, 2012. "Simple taxation schemes on non–renewable resources extraction," MPRA Paper 40945, University Library of Munich, Germany.
  4. Amitrajeet Batabyal, 1996. "Consistency and optimality in a dynamic game of pollution control II: Monopoly," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 8(3), pages 315-330, October.
  5. Thomas Vallée, 1997. "Comparison of different Stackelberg solutions in a deterministic dynamic pollution control," Levine's Working Paper Archive 1406, David K. Levine.

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